Earnings

Despite the looming uncertainty for other companies, Heritage's A rating was recently affirmed by Demotech on August 1.

The New York-based insurance conglomerate recorded a loss ratio of 60.6%, 0.3 points down from the previous year, while its core LR improved 0.9 points to 60.8%.

The company is taking rate to offset rising costs, foresees return to CoR in “mid-90s” over next two years.

Loss cost trends have been approximately 5% for AFG’s specialty P&C businesses, excluding workers' compensation, and approximately 3% overall throughout 2022.

The executive was speaking during the company’s Q2 2022 earnings call, after it reported a 107.9% headline combined ratio for the period, marking a 12.2-point deterioration YoY.

In Q2, Selective's headline combined ratio deteriorated 5.7 points to 95.5%, driven by higher catastrophe losses and lower favorable casualty reserve development.

The executive reiterated SiriusPoint’s intentions to continue with strategic partnerships, pointing to the firm’s “robust pipeline of deal activity”.

The firm’s specialty pivot seems to be paying off in premium growth and value creation.

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The company’s top line grew 9.6% to $2.1bn, but the speed of growth was smaller compared to Q1.

The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.

The company's net written premiums grew 11.5% to $11.5bn, compared to 10.2% in the first quarter.