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The reinsurer pegged the market loss at $40bn. -
The carrier pegged its LA wildfire losses at EUR140mn.
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He said that “everyone’s looking for growth”, as the firm has moderated its top line projections.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
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Returns on capacity reduced, forecast at 4.4%-14.4%, have settled at 4.6%.
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Plus, the latest people moves and all the top news of the week.
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The combined ratio improved by 0.5 points to 75.7%.
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The company also announced a EUR2bn share buyback.
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Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
