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Mapfre Re swings to EUR29.4mn Q1 loss

Spanish (re)insurer Mapfre has published detailed first-quarter figures showing its reinsurance unit made a EUR29.4mn ($31.8mn) loss following claims related to the Puerto Rico earthquake in January. 

The combined ratio at the unit swelled 17.1 points to 109.3 percent. The data comes after Mapfre said earlier this month that first-quarter group profit fell more than 32 percent to EUR127mn, mainly because of losses associated with the Puerto Rico earthquake.  

Catastrophe claims: Of the total EUR53.9mn claims related to the Puerto Rico quake, EUR24.8mn fell to Mapfre Re and EUR7.6mn to Global Risks, which has been restructured into a type of in-house MGA. Mapfre said claims frequency and severity increased in general in the first quarter. 

Return on equity: The reinsurance return on equity fell to a negative 1.4 percent from a positive 3.4 percent. 

Group: As previously disclosed, the group combined ratio rose 4.1 points to 100 percent, while the return on equity dropped 0.4 points to 6.8 percent.  

Covid-19: Mapfre said that pandemic-related claims at its Spanish unit totalled EUR27.4mn for the month of April. US motor insurance rebates in April and May will cost it around $33mn. It said the Covid-19-related lockdown was partly responsible for a 4.7 percent decline in group-wide Q1 premium to EUR6.1bn. 

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