Bermuda
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Meanwhile, gross written premiums grew 8.6% year on year to $985mn. -
We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The reduction was due to impacts from investments and less favourable PYD.
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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.
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The remediation process is on track for completion in the fourth quarter.
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The quarter’s performance was also affected by the Washington, DC aviation disaster.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
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The days of 30%+ growth are probably behind the firm, he said.
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PartnerRe’s non-life division reported a Q4 underwriting result of $21mn, recovering from a loss of $188mn in the prior-year period.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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