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Soft conditions have led to “less acute" underwriting discipline, sources said. -
The market has broadened its risk appetite and infrastructure over the years.
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The carrier’s share price dropped 3.6% on its Q1 results.
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The executive said secular heightened risk trends would fuel the carrier’s primary expansion.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The firm expects to replace the volume with Innovations-channel business.
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Cat losses for the quarter added 3.2 points to the carrier's combined ratio.
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Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.
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The carrier reported a below-budget cat experience, despite the California wildfires.
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The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
