Trading Statement - Q1 2021
CHL is today presenting its trading statement for the three months ended31 March 2021.
Key highlights:
- Successful initial quarter of trading with strong broker and client support;
- Estimated ultimate premiums written of$199.1 million versus approximately $160.0 million announced in our14 January 2021 trading
statement; - Gross premiums written of$82.6 million;
- Estimated loss from Winter Storm Uri is minimal with a net incurred loss of$6.0 million, including the impact of reinstatement premiums;
- Industry-leading investment managers appointed to manage our invested assets;
- Continued build-out of underwriting portfolio and development of teams and technology.
"There appears to be rating discipline in primary markets that is not necessarily born out of capital constraints, but from the results the market has experienced over the last few years and the perceived need for fundamental improvement in pricing. We expect to see this trend continuing. We are well positioned, with our legacy-free balance sheet, to take advantage of these attractive market conditions."
Neil Eckert Group Executive Chairman
"We continue to make good progress and remain on track across all operational areas of the Group.
Trevor Carvey Group Chief Executive Officer
Our underwriting teams moved straight on from 1 January business and have continued to enjoy outstanding support and approval from both brokers and customers alike.
The dual forces of rate and market sentiment are still pushing strongly in our classes, which further strengthens our opinion - expressed at the time of the IPO - that the rising tide would be lifting many boats across the industry."
Underwriting activities:
Given the start-up nature of the business and the higher proportion of quota share business in our book, we are presenting both estimated ultimate and gross premiums written:
|
Segment |
Estimated ultimate premiums written $m |
Percentage of total |
Gross premiums written $m |
Percentage of total |
|
Property |
85.7 |
43% |
44.2 |
54% |
|
Casualty |
60.6 |
30% |
15.9 |
19% |
|
Specialty |
52.8 |
27% |
22.5 |
27% |
|
Total |
199.1 |
|
82.6 |
|