Treaty Reinsurance
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Markel beats second quarter operating earnings expectations by 2.7 percent as favourable reserve development drops by $38.9mn. -
Shares in the company edge down despite consensus-beating quarterly earnings figures.
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Mercury and NatGen highlight challenges of companies dependent on reinsurance facing higher implied cost of capital.
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The homeowners’ ceding commission was cut from 42.5% to 36% following significant losses.
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The Bermudian (re)insurer’s earnings of $0.77 per share beat consensus a consensus estimate of $0.67.
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Chief executive confirms “sizeable rate increases in each layer”.
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The combined claims are likely to cost the market in excess of $1bn.
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The renewal reflects significant repricing for the quota share following several cat losses in the period.
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The public offering follows a move by the Brazilian government to divest its stake in the reinsurer.
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The executive will head up the unit following Angelo Colombo’s departure to Swiss Re.
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The former Fidelis specialty chairman will report to CEO David Ibeson in the newly created position.
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The promotion splits leadership of the business with current president and CEO deMenocal.
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