Berkley missed analyst estimates as underwriting income fell, primarily as a result of a $67mn charge the company took in anticipation of losses stemming from Covid-19.
Early reporters eased the tension with strong Q1 operating trends and some optimistic commentary on BI exposures. That said, the level of uncertainty remains high and unchanged by new disclosures.
Reinsurance renewal largely completed without interruption; reinsurers achieve rate improvements on loss-impacted programs, limited fallout from covid-19; June renewal onward expected to be a different story
