Results
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The overall $96mn year-on-year increase in ceded losses was mostly driven by higher storm activity, UPC said.
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Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses. -
The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
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RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
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The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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Parent Axa reiterates its target of EUR1.2bn of earnings at the unit this year as it unveils an ADC deal with Enstar.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
