ILS

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.

The call came after Markel reported Q1 results that included 21% growth and a 5 point reduction in the combined ratio.

Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.

Sources fear that the issue will be buried after the coming legislative elections in November.

Negotiations were dragged out by decisions being referred for sign-off at senior levels.

Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.

The business acts as a transformer, allowing traditional asset managers the chance to participate on collateralised (re)insurance transactions.

CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer.

The executive had previously been the head of third-party capital at Axis.

Reinsurance recoveries and subrogation payouts helped to minimize retained cat losses to $466mn, post-tax.

The executive says the carrier made strides last year in its underwriting and is well positioned for growth.