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Cat losses included $17.5mn from the CA wildfires and other events. -
The executive was previously a top US casualty broker.
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Space pricing experienced double-digit increases after the 2023 capacity retreat.
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Jonathan Mesagaes will report to John Hyland, head of underwriting and marine.
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The appointment follows the recent exits of CUO Chatterjee and SVP Dharma-Wardana.
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Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The reduction was due to impacts from investments and less favourable PYD.
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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.
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The remediation process is on track for completion in the fourth quarter.
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The quarter’s performance was also affected by the Washington, DC aviation disaster.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
