Q1 reveals higher cats, Ogden charges and claims inflation

The first quarter earnings season has been characterised by a
higher number of moving pieces than normal, as one-off Ogden
charges and unexpectedly high cat losses at the end of the
reporting period combined with recurrent reserve challenges
These elements all contributed to a mixed bag of beats and
misses for early reporters as analysts were taken by surprise by
higher cat loss ratios or elevated underlying loss ratios, offset
by better-than-expected expense ratios.
Loss ratios were pressured f