Results
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The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022. -
Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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The combined ratio improved overall despite the marked increase in catastrophe claims.
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The follow-only syndicate Smart Tracker is set to grow to $200mn in 2021.
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The carrier maintains its 2021 profit forecast amid 8.5% 1 January premium growth.
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The $296mn of reported cat losses were down 31% year on year.
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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.
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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
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The carrier’s combined ratio increased to 109.6% last quarter, up over 2 points year on year.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
