Results
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Pre-tax cat losses were $78mn, or 5.8 points on the Q3 CoR, compared to last year’s $42mn, or 3.2 points. -
The carrier estimated its net Helene and Milton losses at under EUR200mn.
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The CEO noted, however, that the UK retail market remains a big business growing well.
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Over the period, the Spanish carrier’s reinsurance segment expanded profit by almost 10% year on year.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The broker said Europeans are pushing hard for rate or attachment point relief.
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The broker expanded margins and grew earnings per share by 17% during the quarter.
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More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.
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The investor backed two further underwriting agencies after the reporting period.
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The reinsurer said three Canadian loss events in the quarter will lead to similar claim expenditure as Hurricane Helene.
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Prior to the event, clients were expecting a “very competitive market environment”.
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