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The carriers were in arbitration with UnipolRe and Gen Re. -
Aside from the one-year view, 2023 remixes the track record.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The manager’s conservative strategy posted returns of 7.61%.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
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A so-called atmospheric river effect is behind the severe weather.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The fund manager operations booked management fees of $31mn.
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