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The specialty insurer’s combined ratio dropped 54 points driven by improved underwriting results. -
The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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The better underwriting print came as the company continues to cuts its commercial auto exposure and despite being hit with $40mn in cat losses.
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The (re)insurer remains committed to cutting volatility and adjusting its risk profile by moving to specialty segments and repricing businesses where margins are inadequate.
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The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
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Horace Mann reports that P&C premiums written fell by 5.2% in Q3, as new business volume remains below historical levels due to the pandemic.
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The Boston insurer cut the underlying loss ratio in its Global Risk Solutions by 6.5 points, which was more than offset by the jump in cats.
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Investments in the InRe Fund suffered volatility, leading to net realized and unrealized losses of $285.2mn.
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David Einhorn, the hedge fund reinsurer’s chairman, said the results "do not reflect the significant progress" Greenlight has made in revamping its underwriting and operations.
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The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
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The (re)insurer’s combined ratio spiked to 152% after taking $132mn in losses from the European floods and $100mn in claims from Hurricane Ida.
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The company was also hit with a $162mn reserve charge, which included an $111mn increase in old asbestos and environmental claims, though net written premiums increased by 17% to $11bn overall.
