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The reinsurer’s CFO cited a 1.5% net price reduction year to date. -
Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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The undiscounted combined operating ratio worsened slightly to 96.6%.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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The new CEO said recent purchases were designed to protect earnings volatility.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The carrier’s share price dropped 3.6% on its Q1 results.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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