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The firm reported upbeat quarterly earnings, but the best move remains a sale. -
The overall combined ratio for (re)insurance operations narrowed by 9.9 points to 89%, driven by lower cat losses.
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The company said the unfavorable prior period development was due to “a handful of older large losses for which we under-reserved”.
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Root’s chief product officer, Hemal Shah, notified the company of his intention to resign, effective March 18 in a fresh executive departure.
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Argo’s underwriting loss widened to $109mn in Q4 2021 from $33.7mn the year before, driven by a $132mn reserve charge.
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The company also announced the appointment of Prudential’s Billy Greer to its board of directors
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Argo’s Q4 2021 loss ratio jumped to 87.1% from 69.8% a year ago, despite cat losses dropping to $6.8mn from over $50mn in Q4 2020.
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Specialty insurer ProAssurance returned to profit during 4Q 2021, as the company’s combined ratio improved to 96.5% from 105.8% a year prior.
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The insurer’s Q4 loss ratio decreased to 72.2% from 74.9% and its expense ratio declined to 24.8% from 30.9% a year earlier.
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The firm posted positive quarterly earnings – is this the beginning of a trend?
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Kinsale Capital Group posted a combined ratio of 75.5% and an expense ratio of 21.4% for Q4 2021.
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The segment reported cat losses of $305mn, or 7.7% of NEP.
