Results
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The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals. -
The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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Fairfax has sold a 14% stake in the carrier to Canadian pension fund Omers for $375mn.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
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Lancashire Capital Management delivered an 80% uplift In the reinsurer’s share of profits from its retro-focused portfolio.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
