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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS. -
The reinsurer has grown its renewing cat treaty book by 23% year to date.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
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The reinsurer revealed its Ukraine loss charge excludes aviation.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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The Dutch pension adviser hopes to scale the vehicle to $2bn-$2.5bn over time, as it reported a slightly negative ILS return for 2021 and revealed Integral ILS allocation.
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Fee income rocketed by 88% as capital surpassed $900mn.
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Insurers have paid out $580mn to policyholders already.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Reduced capacity and inflation have driven up prices over April.
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The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.
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The result comes as the firm prepares to sell its reinsurance unit as it has slashed catastrophe reinsurance premium.
