Results
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The Bermudian recorded a $3.6mn YoY decrease in cat losses.
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The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.
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The CEO said the carrier had identified several areas in its portfolio as having room to grow.
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The carrier shifted away from quota share in a bid to control cat volatility.
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The carrier said it remains on track to hit a mid-80s combined ratio at the end of FY 2024.
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The carrier said rating in the London market came in ahead of expectations.
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The GWP gain was driven by an 11.2% increase in the insurance top line and 11.8% in reinsurance.
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The Bermudian has been reducing exposure in Florida for almost a decade.
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