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Privately held Kaufman saw gains across Burns & Wilcox and other units; adding more than 250 to headcount in 2021. -
The results were bolstered by strong sales in the auto unit, expansion of its mobile phone coverage, as well as lower cat losses and reduced corporate losses.
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The insurer’s income benefitted from its acquisition of RSA’s Canadian, UK and international operations.
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Financial results in the fourth quarter were impacted by senior staff departures and lost business.
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The White Mountains-owned carrier benefited from reserve releases from Hurricane Ida losses in Q4.
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CEO Carl Hess said the results did not fully reflect the near and long-term potential of the firm.
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Improved expense and loss ratios helped to cut the combined ratio.
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The deal with National Indemnity provided up to $300mn in limit for more than $100mn in adverse development above the $1.8bn of loss reserves Navigators had at the end of 2018.
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During 2021, the New Jersey-headquartered carrier appointed over 100 new agencies, increasing its total agency count to approximately 1,430 and its total storefronts to approximately 2,500.
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The insurer said transforming portfolio to mostly six-month policies will help it enact price corrections in the auto LOB more quickly than in the past.
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Shares in the broker are up by 4% after it comfortably beat analyst earning expectations.
