All divisions except aviation, increased their GWP - property and casualty reinsurance particularly by 39% with 8% rate increases.

Ukraine

"..with respect to potential exposure to losses in our political violence, aviation war and marine insurance classes, as well as our aviation and specialty reinsurance classes....We estimate that our ultimate net losses incurred within Ukraine are in the range of $20 million to $30 million."

"This continues to be a complex and evolving situation and we will give an update at the announcement of our half year results in July. While we continue to analyse our potential exposure scenarios in Russia, we consider that any potential losses would be within our risk tolerances, and would not impact our ability to deliver on our ambitious growth plans for 2022."

In the presentation slides for analysts, they state "Loss estimates for Ukraine and potential losses in Russia continue to be assessed as the conflict and implications of sanctions evolve." and the Group stated it "will take a period of time to come through".

Investments

As experienced elsewhere in the London market, negative returns applied to the investment portfolio following the increase in interest rates and volatility triggered by the Ukraine conflict.

Comment - This was amongst the first Bermudian and London (re)insurance carriers to mention how the invasion of Ukraine might affect them and the CEO's comments were encouraging which led to an immediate uptick in their share price. Management expects further growth this year in the attractive rating environment.