Swiss Re
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The Allianz CFO says a portfolio review could lead to shrinkage at the big-ticket specialty unit. -
The underperforming division is working to reduce annual gross premiums written by $900mn.
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General aviation and space are the latest sectors to be targeted in the division’s overhaul.
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CUO Schmid reveals the carrier made more use of retro support to manage its cat expansion.
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The carrier outlined remedial work on its primary P&C unit after reporting a divisional loss of $403mn in the first half.
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The carrier said Japanese cedants reacted “in a reasonable way” after historic Jebi losses.
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A $100mn inter-group adverse development cover for the primary P&C unit featured among the first-half remedial actions.
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The (re)insurer predicts its primary division will return to profitability in 2021, with a combined ratio of 98 percent.
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The executive will head up the unit following Angelo Colombo’s departure to Swiss Re.
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The decision jeopardises an additional $1bn share buyback, although the reinsurer still plans to eventually deconsolidate the business.
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Garick Zillgitt and Justin Magee will be vice presidents of primary general liability and excess casualty respectively.
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The firm cuts its earnings forecasts for parent Swiss Re.
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