Results

Fee income nearly doubled to $32.6mn.

Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.

The syndicate’s net earned premium halves to £34mn.

Covid-19 and nat cat losses take a higher toll on the ILS firm’s MGA unit.

Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.

Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.

The Fosun-owned carrier’s underwriting margin improves by 3.4 points to 11.2%.

The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.

Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.

CEO Patel likened the InsurTech to “sending a man to the moon”, as the Floridian remained in profit despite $10mn of losses from Eta.

Short-tail underwriting earnings almost double, while long-tail slips into the red.

The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.