Mapfre
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries. -
The carrier’s reinsurance unit upped profits by 53%, with reduced expenses benefiting the combined ratio.
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Empresas Publicas de Medellin will receive a $633mn payment in January 2022, in addition to a previously made $350mn payment, according to reports.
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Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.
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The carrier’s reinsurance unit benefited from reduced frequency of cat losses in the second quarter.
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The composite insurer has seen top-line growth in Spain and Latin America.
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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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