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The preannouncement follows announcements from Bermuda (re)insurers Axis Capital and RenaissanceRe on Wednesday. -
Truist open to M&A opportunities in the coming year.
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The intermediary said that rate increases were “comparable or slightly up” versus prior periods in Q1.
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Reinsurance recoveries and subrogation payouts helped to minimize retained cat losses to $466mn, post-tax.
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The Brit owner anticipates a “solid” operating income despite the US winter storms.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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Winter Storm heavily weighs on the Q1 estimates, offsetting the expectations of improving underlying margins.
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Catastrophe losses more than doubled to $360.8mn, which included $181.2mn of Covid-19 losses.
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Corrections to historical numbers push the net loss down to $58.7mn.
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Co-CEO Patrick Haveron warns longer tail investments will require further “seasoning”.
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The Texan specialty insurer pared back its operating loss in the fourth quarter to $9.9mn.
