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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1. -
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.
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The days of 30%+ growth are probably behind the firm, he said.
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PartnerRe’s non-life division reported a Q4 underwriting result of $21mn, recovering from a loss of $188mn in the prior-year period.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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The firm said supply and demand was becoming more in balance than at 1 January renewals.
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Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.
