Results
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The London-listed carrier expects 110% combined ratio for 2020 as it lifted cyber loss assumptions. -
The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.
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The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.
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The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
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The carrier’s year-to-date pandemic losses in P&C re hit EUR2.1bn.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
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The performance of the P&C reinsurance segment was underpinned by a large increase in catastrophe losses.
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The reinsurer bolsters P&C re Covid-19 reserving by EUR100mn in the third quarter, taking the total to EUR700mn.
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Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
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The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
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The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
