Results
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The new retro fund launched with $98.9mn after an extended development phase. -
The reinsurer had previously signalled it would grow its net reinsurance portfolio after deploying less third-party capital.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
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The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
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The carrier said July flooding in Europe and South African unrest would bring losses in the mid-triple-digit million range for Q3.
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It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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Darren Redhead, head of Lancashire Capital Management, said he thought an uplift in industry ILS capacity was “a bit of a one-off" due to Covid-19 releases.
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The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.
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CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.
