-
Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May. -
M&S, which still faces disruption from the attacks, had coverage lead by Allianz.
-
P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
-
Tornadoes have killed at least 32 people in three states.
-
The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
-
The platform could help reduce claims-cash holding times by 10 weeks.
-
The company has settled, or is in the settlement stage, for 80% of the exposure.
-
The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
-
The revision is significantly lower than the $4.5bn October estimate.
-
The new CEO said recent purchases were designed to protect earnings volatility.
-
Soft conditions have led to “less acute" underwriting discipline, sources said.
-
The carrier’s share price dropped 3.6% on its Q1 results.
