Results
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Covid-19-related catastrophe losses at TransRe contributed to a Q1 underwriting loss.
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The carrier took a separate EUR220mn charge connected to Covid-19 losses. -
The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
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The firm's general insurance CEO highlighted that various reinsurance programmes were expected to cover the firm's gross losses.
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Losses stemmed largely from February hail, tornado and wind events in the southeastern US.
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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Alternative capital could provide higher levels of support in the coming months, CUO Edi Schmid said.
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The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
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The group’s Covid loss represents 2.9 percent of shareholders’ equity at year-end 2019 as it swerved contingency claims.
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The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
