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This year is predicted to be an above-average season, like 2024. -
Markel International has also hired senior underwriter Keely Madden.
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The carrier benefited from top-line growth and lower adverse PYD.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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Specialty reinsurance has experienced high competition for talent.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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More players are looking to the class in a bid for top-line growth.
