Stocks
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period. -
Financial authorities must ‘massively expand’ risk-sharing pools.
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The fund’s high risk, high return strategy will aim to replicate performance of the cat bond market.
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The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
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The sale represents a 4% stake in the UK motor insurer, according to Jefferies.
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The carrier launched a share buyback and announced portfolio rebalancing actions.
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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
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The deal marks a return for Spencer Re founder and Taussig CEO Joseph Taussig.
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‘We are not shrinking to greatness,’ said Allianz Global Corporate & Speciality CEO Joachim Müller.
