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CEO Prem Watsa also said his company would prioritize using its capital to grow its P&C business to seize on firm market conditions. -
The firm posted positive quarterly earnings results, but it's too soon view this this as a new trendline.
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The company's margins improved during Q4 with its combined ratio decreasing to 88.1% from 95.5%, thanks mostly to better margins at Brit, Crum & Forster and Allied World.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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Co-CEO Carl Lindner said his company has made “some adjustments” in staff compensation in response to higher inflation rates.
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The exit of key Florida insurers could spur rate increases.
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The P&C segment’s fourth quarter combined ratio dropped 10.8 points to 80.8%, compared to 91.6% last year.
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Gross premiums leaped by 25%, to $3.43bn, from a 26% surge in reinsurance and 21% growth in insurance.
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The (re)insurer’s GWP surged 32%, helped by strong gains in both its insurance and reinsurance divisions.
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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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Assurant posted a 48% jump in operating income for Q4 2021 driven by growth in its auto and mobile coverage units.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
