Risk losses

The company aims to make its services more recognisable

The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.

The carrier also cited increasing continental cyber losses as a factor in continued market hardening.

The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.

The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.

Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.

The energy market is being watched closely due to its potential to produce large risk losses.

Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.

The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.

Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.

Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.

The recommendations include establishing side pockets as quickly as possible after an event, prominently disclosing side-pocket performance and being transparent on processes and fees.