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The syndicate expects £5.8mn-£8.6mn in California wildfire claims. -
The executive said the market would be updated on progress in late April.
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The MGA’s GWP hit $4.6bn as the CEO labelled aviation all-risks rates “woefully inadequate”.
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The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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The insurance industry has experienced mounting losses from severe convective storms.
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These events can also no longer be considered secondary perils, executives said.
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Almost 300,000 people have been left without power from the storm.
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CEO Alex Maloney said the LA fires might prompt some carriers to go more “risk-off”.
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Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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CEO Andreas Berger addressed Swiss Re’s primary aviation exit.
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The carrier’s CoR improved across P&C, including at commercial lines-focused Axa XL.
