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The executive noted that the quarter marked the 21st quarter of rate increases.
The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.
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Analysis
More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
Despite a cooling economy, cost of living pressures are keeping wage inflation and mid-pay employee pressures on base.
Specialty reinsurers clamped down on Ukraine coverage at 1.1, with the one-year anniversary of the invasion threatening claims.
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CEO Nick Cook said the company also plans to invest in an international MGA strategy and a capital advisory unit, with 149 hires budgeted this year.
Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.
The Canopius MGA has reached $130mn of premium, but is moving to secure third-party support to scale up further.
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