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The agency attributed the decision to a material deterioration in the company’s surplus position, as a result of challenging personal property insurance conditions in Florida. -
The carrier reported a Q4 consolidated loss ratio of 39.4%, down one point on the year as claims frequency declined while severity stabilized towards the end of the year.
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2022 statutory data is now available, and results show winners and losers
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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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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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The company posted its first net investment gain in a year, driven by $45.5mn of gains in its bonds portfolio and $26.4mn from short-term investments.
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United Insurance Holdings said it had fully exhausted its personal lines reinsurance cover on the event, rendering its personal lines carrier insolvent.
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Inside P&C’s news team runs you through the key highlights of the week.
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