Results

The insurer grew its top line by 41% in the first half of 2021.

The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.

The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.

The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.

The firm is working on an ESG consortium to add to the third-party capital division from next year.

The reinsurer posted intakes to its Medici and Upsilon funds.

Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.

Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.

The more cat bond focussed vehicle added just under $300mn in the half-year.

UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.

In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.

The investment house made a blended 0.7% underwriting return via its holdings in Elementum funds and 7% cash yield from its ownership stake in the firm.