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Natural catastrophe claims remained consistent compared with the prior year. -
The carrier posted its H1 results earlier today, beating analyst consensus.
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The loss was driven by nat cats and reserve adjustments in US casualty.
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The carrier also announced an increased share-buyback programme.
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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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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 company has also expanded its relationships with US and UK MGAs.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Cat portfolios generally grew, but casualty approaches varied.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
