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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.

The firm generated total fees of $40mn including quota share commissions.

The insurance trade body has called on governments to increase actions to mitigate risks.

The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.

The firm’s 2020 edition cat bond has also lost $3.2mn.

CEO Mumenthaler emphasised cat as a “core competence” for the carrier.

The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.

The start-up Bermudian reinsurer has focused initially more on quota share.

The firm said reinsurance unit Axa XL was now operating in “business as usual mode” following an extensive re-underwriting of its portfolio.

The firm said its results reflect its aim to return to profitability in 2022.

Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.

Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1.1 renewals.