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Montpelier cuts back on property cat

27 April 2012

Short-tail specialist Montpelier Re saw property cat premiums written by its Lloyd's Syndicate 5151 reduce from $26mn to $8.1mn for the first quarter as the underwriter delivered an overall combined ratio of only 59 per cent.

In the same period in 2011, the reinsurer reported a loss of $104.3mn on a combined ratio of 178.8 percent, as the impact of record global losses during the quarter from earthquakes in Japan and New Zealand dented the firm's underwriting performance. Net investment...

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