Results
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The reinsurer’s solvency ratio currently stands at 269%.
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The carrier has also recruited Swiss Re’s Thorsten Steinmann.
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Property, PV and energy lines are driving the carrier’s growth, offsetting long-tail declines
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The 'particularly strong' result is due to minimal cat loss activity.
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For the 2022 year of account, the updated forecast remains unchanged.
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The result was a profitability turnaround of £300mn.
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The syndicate improved its net loss ratio by 15.9pp to 54.2%.
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The carrier said it had also experienced a healthy start to 2024.
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The company posted a record group profit of EUR6.9bn.
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The Lloyd’s chief of markets argued that unmet demand and latent risk will keep rates increasing.
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The carrier reported $1.2bn profit and 71% CoR for 2023.
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CFO said rate discipline needed to remain to offset prior-year losses.
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