Mapfre
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The carrier will aim for a combined ratio of 95%-96%.
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The move followed efficiency considerations and the current state of the Chilean market.
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Mapfre recorded a net result of EUR677mn, a 20% increase on the year prior.
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The carrier also made several other senior leadership changes across many of its business units.
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The reinsurance segment of the carrier expanded premium by almost 10%.
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The reinsurance unit’s combined ratio improved to 95.8% from 96.4% in June 2022.
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The carrier booked a net impact from the Turkish earthquake of EUR77mn.
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As part of her new position, the executive will join Mapfre’s senior management committee, effective 1 April.
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For the year, Mapfre Re’s combined ratio improved to 96.8% compared to 97.1% in 2021, despite the impact of cat events.
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The company will fund the raise from surpluses following bancassurance exits.
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The reinsurance unit was impacted by almost EUR60mn of claims relating to droughts in South America.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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The carrier’s reinsurance segment reported a combined ratio of 98.1%, a 3.5-point deterioration from the prior-year period.
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A report from Mapfre and other stakeholders including Mundi Ventures said there remains a $6tn opportunity to unlock in the sector.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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The carrier’s reinsurance unit reported a slight improvement in the Q1 combined ratio at 94.1%, down from 95.1% the year previous.
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The insurer hopes to achieve net-zero in eight countries by 2024 and across the whole group by 2030.
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Under new ESG policies, the Spanish carrier will no longer invest in coal, gas or oil companies lacking energy-transition plans.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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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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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.
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The Spanish carrier predicts Hagibis and Faxai together will cost the industry more than $20bn.
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The reinsurance business’ financial strength and issuer credit ratings rise to A+ as the ratings agency also upgrades group debt.
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Higher non-catastrophe claims stemming from the firm’s Global Risks portfolio were blamed for an 18 percent decline in the reinsurance unit’s nine-month earnings.
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The facultative portfolio includes power, property and renewable energy.
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The software gives contract certainty from the instant a treaty is agreed.
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The abandoned accounts last year accounted for about $44mn of business.
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Large losses at the reinsurance unit of the Spanish carrier crimp overall first-half earnings.
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Aegis and Atrium also part of pilot group that will get 2020 business plan approval.
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Commercial real estate investor Capital Crossing said Mapfre paid only $2.6mn after it reported damage to 228 insured locations.
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The company made the announcement as it outlined plans to boost its top line by 33% in the coming years.
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The (re)insurer has appointed BNP Paribas to advise on the approach.
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Japanese cat losses push reinsurance earnings lower.
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