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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago. -
The new CEO said recent purchases were designed to protect earnings volatility.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The carrier’s share price dropped 3.6% on its Q1 results.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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The final month of the year saw an unusually high number of claims.
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The firm expects to replace the volume with Innovations-channel business.
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The (re)insurer used alternative capital in the reinsurance coverage.
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Hamilton also expects rising demand and stable supply for 1 June renewals.
