Results

Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.

The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.

The insurer said its plan was to fully transition the book to the fund.

Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.

The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.

The insurer’s reinsurance and ILS business is “performing strongly,” said outgoing CEO Bronek Masojada.

The Florida carrier saw development from hurricanes Irma and Sally.

The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.

The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.

The executive said there was a strong case for meaningful rate increases in reinsurance.

Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.

The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.