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California wildfires account for $40bn of the insured loss tally in H1. -
The carrier also announced an increased share-buyback programme.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The carrier said most lines remained well priced despite increased competition.
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Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
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With roughly 200 employees, the South American operations generated over EUR130mn in 2024 GWP.
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The company also purchased $15mn of SCS parametric coverage.
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The specialty reinsurer also saw several bad investments hit the books.
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The broker said that there could be a flattening of rate decreases in the hull market in 2026.
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A limited number of broking staff are also leaving the business, including downstream head Dan Nicholls.
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Stephane Flaquet replaces George Marcotte, who has been interim COO since September 2024.
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The executive has spent more than three decades in insurance.
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