Results
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively. -
Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.
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The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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CEO Laurent Rousseau said the firm would step up actions to reduce performance volatility.
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The reinsurer booked a 104% combined ratio in Q1 on higher than expected cat losses and Ukraine claims, with P&C retro ceded premium up 37%.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
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The reinsurer has grown its renewing cat treaty book by 23% year to date.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
