Results
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag. -
The rise in ceded reinsurance premiums written impacted net premiums written.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The firm said it expects Capital Partners to continue to grow.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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The firm expects pricing and terms and conditions to hold.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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The carrier has completed its 2024-25 reinsurance renewal.
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The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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