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Reinsurance made up 12% of the syndicate’s 2024 GWP. -
Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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Standfirst: The syndicate reported a strong turnaround despite exposure to major claims.
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Plus, the latest people moves and all the top news of the week.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.
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Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries.
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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.
