RE/INSURERS TRIM COR TWO POINTS IN Q1: GALLAGHER RE

Global re/insurers reported “exceptionally strong” underwriting results in the first quarter of the year driven by favourable rates, lower catastrophe losses and premium growth. But falling equity markets dragged the sector’s return on equity (RoE) down five percentage points. Re/insurers tracked by Gallagher Re booked an average combined ratio of 94% in the quarter compared with 96% in the first three months of 2021. This improvement was supported by 11% growth in first-quarter premiums, continued net prior-year favourable development and lower weather-related losses, albeit modestly offset by higher attritional losses, the broker said. Nearly every company tracked by Gallagher Re posted a sub-100% combined ratio. The war in Ukraine was not a significant driver of overall first-quarter results, although some companies established reserves for claims exposure. “Looking ahead, we will continue to monitor these exposures as claims emergence becomes clearer,” Gallagher Re said.