Results
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There is a high likelihood the property claim will be subrogated.
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The carrier increased its top line by 35% to $1.1bn.
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The carrier’s Q1 P&C re combined ratio is around 75%.
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The US casualty market was “challenging”, the executive said.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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The carrier reported a combined ratio of 89.6% for the year.
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The market also outperformed various indices including the MSCI World.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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This year’s analysis of profitability and volatility also includes an alternate view over five years.
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In a departure from 2022 trends, fourth-quartile firms grew the slowest of all syndicates in 2023 at 8.1%.
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Ariel and Blenheim were among eight syndicates moving into top underwriting quartile in 2023.
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The syndicate’s total recognized gains were up to £61mn, from £28mn in 2022.
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