Intact Financial
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Management said there are early signs that inflationary pressures – which have pushed severity in personal auto in recent months – are easing. -
Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The carrier’s operating direct written premium ticked down 0.1% to $5.4bn year-on-year, compared with a growth rate of 35% in Q2.
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Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.
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COO Patrick Barbeau added that Intact saw part prices increase, with inflation in part costs in the high teens.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Canadian carrier booked $182mn cat losses that contributed 3.8 points in the CoR, reflecting the impact of weather conditions.
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The Canadian insurer is staying ahead of inflationary pressures on loss costs by balancing rate increases with a one-time pandemic relief.
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The insurer’s income benefitted from its acquisition of RSA’s Canadian, UK and international operations.
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The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.
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