Earnings

United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.

The firm posts quarterly results amid worsening loss-cost trends, and its stock jumps.

IGI has reported third-quarter core operating income of $15.4mn, a 140.6% increase year on year, as net earned premiums grew and claims and expenses fell.

InsurTech Kin Insurance reported an 89.8% adjusted loss ratio for the third quarter, marking a 17.6 point improvement over same quarter last year, the company said.

The carrier will put its Maison Insurance operations into run-off.

Are this quarter’s positive results a sign of change for the company or a temporary blip?

Net cat losses were down, but other weather losses rose by 56% to $35.5mn.

Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.

AIG’s CEO Peter Zaffino said Friday the insurer’s life & retirement IPO plans are progressing, but may be pushed back to 2Q 2022.

The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.

Progressive races for rate, with Allstate slightly slower to account for a recent acquisition and restructuring.

The conglomerate posted $604.6mn in Hurricane Ida and European floods losses.