Mapfre
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The operation was roiled a year earlier by Puerto Rico earthquake claims.
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The Spanish carrier’s targets imply a 2.4-point increase in the return on equity.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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The UK auto insurer expects to return most of the proceeds to shareholders.
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The division makes progress on its loss ratio and expenses at the end of a nine-month period in which large losses rose 82%.
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The EUR22.3mn loss follows a EUR29.4mn loss in the first quarter.
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The Spanish insurer is working with investment companies Abante and Altamar.
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The reinsurance unit took almost half the group’s EUR53.8mn in Q1 claims related to the Puerto Rico earthquake.
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Almost $60mn of losses from January’s earthquake in Puerto Rico weigh on the results.
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The company revised its goals in the period ending 2021 after reinsurance losses.
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Chilean riot losses of about EUR20mn and almost EUR107mn in Japanese typhoon claims weigh on the final months of the year.
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The carrier’s CFO pledges tighter risk selection following December’s profit warning, but no major pullbacks.
