Results
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Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries. -
Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
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The executive said the market would be updated on progress in late April.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Reinsurance and property remained the primary drivers of premium growth.
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The Corporation’s CFO hailed profitable growth but warned syndicates to maintain discipline.
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Hurricane Milton was the largest group loss event at EUR290mn for the year.
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The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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CEO Andrew Carrier says the business has strong “forward momentum”.
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Gard acquired Codan’s global marine and energy portfolio during 2024.
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The property and specialty insurer reported underwriting profits of $131mn ($170mn).
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The syndicate reported an undiscounted net combined operating ratio of 77.9%.
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