Results
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021. -
The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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The firm generated total fees of $40mn including quota share commissions.
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The carrier recorded $224mn of natural catastrophe losses.
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The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.
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TransRe cut its property book by more than 25% but replaced it with casualty growth.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
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The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.
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The firm said its results reflect its aim to return to profitability in 2022.
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The carrier took a net EUR838mn of cat losses in the full year.
