Australasia
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The carrier’s profit grew 34% for the year to A$1.35bn. -
The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The broker noted a “significant variation” in renewal outcomes.
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In April, the loss modeller pegged losses at A$2.57bn.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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The storm made landfall in Queensland, Australia at the beginning of March.
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The process for the legacy book is believed to be in the late stages.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.
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Both carriers have extensive reinsurance coverage.
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