Results
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The marine carrier reported a ‘benign’ P&I claims environment.
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The CEO said Scor is still on track to hit a full-year 87% combined ratio.
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CFO John Dacey said the carrier had concluded it was not the “best owner” for iptiQ after a strategic review.
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The carrier reported rate increases of 5% across its P&C portfolio.
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P&C re and CorSo reported improved net profits and combined ratios for the quarter.
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The carrier is confident of “clearly exceeding” its group net-income forecast of EUR1.7bn for the year.
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Property and specialty led the carrier’s expansion, with growth in casualty more modest.
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Premium income was down due to lower volume in financial lines and alternative risk transfer.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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At group level, Hannover Re's operating income grew by 15% to EUR558.1mn.
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The carrier said nat-cat claims were running in line with plan assumptions.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company’s results come less than two months after announcing its Lloyd’s syndicate.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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The bridge collapse added 9.8 points to the consolidated quarterly CoR.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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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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This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
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Property rates remain adequate, although price increases are tailing off.
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The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines.
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The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.
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There was no material development on long-tail casualty lines across all years, he said.
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The company plans to grow exposure for June 1 and July 1 renewals.
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The reinsurance segment's loss ratio reflected 3 points for the event.
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The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.
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The carrier confirmed a combined-ratio guidance in the “low 80s” for the year.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The broker announced yesterday it had completed its $13bn acquisition of NFP.
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The group expects that its full-year forecast can be "exceeded significantly”.
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The executive said expansion was driven by retention and new business.
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The carrier’s reinsurance segment doubled its net result to EUR67mn.
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CEO Carl Hess hailed a “solid” first quarter of results.
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There is a high likelihood the property claim will be subrogated.
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The carrier increased its top line by 35% to $1.1bn.
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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.