Results
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The carrier experienced a benign Q1 for catastrophic loss activity. -
Large losses came to EUR52mn with low retro recoveries.
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Cession ratios declined at three of the four publicly listed Floridians.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company plans to reduce its quota share to 20% from 40%.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
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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.
