Results
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The Floridian has strengthened reserves for attritional homeowner losses amid continuing impacts from assignment of benefits issues.
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Greg Hendrick has been replaced by Chubb’s Scott Gunter.
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Large cat and man-made losses for the year amounted to $2.3bn. -
The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The (re)insurer should benefit from profit commission later in the year, chief executive officer Darren Redhead said.
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Third-party investors recorded a $2.6mn underwriting profit for the year.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
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The company is keeping a near-A$300mn capital gain on hand as it plans for flexibility around its reinsurance renewal.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The firm's cat excess-of-loss book rose 7.8 percent.
