Results
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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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The syndicate reported a combined ratio of 101.2% in 2023.
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Growth in property income was offset by a reduced share of finpro business.
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The syndicate's GWP increased from £51.6mn in 2022 to £141.9mn.
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
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Work is still to be done on the investor proposition, expenses, and navigating a waning pricing cycle.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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CFC noted that growth moderated amid increased competition in cyber.
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The syndicate reported profit up 44.7% to $153mn for the year.
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The executive said Aviva and Fidelis had endorsed the market’s turnaround.
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Atrium reserved £264.5mn for potential claims resulting from leased aircraft in Russia.
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The syndicate recorded GWP of £705.1mn in 2023.
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Active underwriter Smelt said competitors’ ‘blanket’ approaches are creating opportunity.
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The underwriting loss came in at £88mn, as reserve strengthening reached £189mn.
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Combined ratios have improved as prices rise and investments return to profit.
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The syndicate’s GWP reached £1.44bn in 2023, a 7% increase on 2022.
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Primary casualty, aviation and motor classes were outliers in a bumper year for the market.
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The Lloyd’s CFO said returns needed to remain high due to investor fatigue.
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Pro-forma income hit $1.9bn for the year, alongside pro-forma Ebitda of $695mn.
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The carrier reported an undiscounted combined ratio of 76.2% for the year.
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The unit’s combined ratio worsened by 1.6 points.
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The Goldman-backed consolidator branched out into MGAs this year.
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The MGU is exploring additional third-party capital relationships.
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Hard-won profitability has given carriers room to salt away reserves.
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Marine and energy results normalised after a ‘staggeringly good’ 2022.
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