Mapfre
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The reinsurance unit took almost half the group’s EUR53.8mn in Q1 claims related to the Puerto Rico earthquake. -
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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