Stocks
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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The firm’s wind-down was 85 percent complete as of 31 March, a financial report shows.
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All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19. -
The pension scheme made low single digit returns on ILS holdings with Aeolus and Nephila in 2019.
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The carrier says it has sufficient capital to meet expected liabilities from Covid-19.
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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
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Renewals could help cat bond spreads return to pre-Covid levels, the broker added.
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The company will also cut the salaries of about 70 percent of its workforce by 20 percent in a bid to save jobs.
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The company previously pegged losses from the pandemic at between $20bn and $40bn.
