Reinsurance
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The firm said supply and demand was becoming more in balance than at 1 January renewals. -
Lucy Clarke said the broking business was resilient in the face of macro challenges.
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The only major product line to see rate increases was casualty.
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Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.
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In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.
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The property segment experienced a 113.5-point impact from the California wildfires.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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Insolvencies caused by the tariffs could also cause increased losses
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The combined business volume of the two firms is CHF20.1bn.
