Results
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The firm ‘felt very good about consolidating programmes’, at 1 January. -
The reinsurer said Q1 large loss events included Oz floods, European storms and a sunken ship.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses.
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Fee income rocketed by 88% as capital surpassed $900mn.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Reduced capacity and inflation have driven up prices over April.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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The result comes as the firm prepares to sell its reinsurance unit as it has slashed catastrophe reinsurance premium.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
