Results
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The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally. -
The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
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The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
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Nephila was one of the fastest-improving syndicates and moved into the third quartile for combined ratio performance, while Arcus slipped into the fourth quartile.
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The insurer racked up $915mn of qualifying cat losses after winter storms.
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Primary unit Ergo was among the positive drivers that eclipsed above-average, Texas-storm-driven major losses within P&C re.
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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The French carrier grew its top line by 14.3% at the April renewals.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
