Munich Re
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn. -
Last summer’s hail loss has crept significantly for many Italian cedants.
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The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
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Hard-won profitability has given carriers room to salt away reserves.
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Opportunities for profitable growth remain in 2024, the agency said.
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It also highlighted loss deterioration on its 2015-2018 casualty books.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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The binder has a line size of $2mn and will enable the MGA to write international property risks in a number of international territories.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
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Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.
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