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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season. -
The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
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Plus, the latest people moves and all the top news of the week.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The MGA’s GWP hit $4.6bn as the CEO labelled aviation all-risks rates “woefully inadequate”.
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Sources warned some property XoL books are already running 50% loss ratios.
