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The CEO guided that the broker will be on the lower end of its expected M&A range for the year. -
The Canadian carrier booked $182mn cat losses that contributed 3.8 points in the CoR, reflecting the impact of weather conditions.
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During the quarter, organic growth increased by two points to 16% for the first quarter compared to 14% in Q1 2021.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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The insurer has seen claims frequency decline but is still cautious in translating it to reserving and pricing.
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The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.
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The executive said favorable market conditions that the E&S sector has enjoyed for several years should last throughout 2022 and likely beyond.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.
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The firm said its State Farm partnership was set to launch in Q4 as the tech team was entering into testing phase, following the delay announced last quarter.
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The insurer maintained its cautious stance on fully accepting a lower claim frequency trend.
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The InsurTech increased premiums per customer by 21.8% from a year ago, and its customer count was up by 37.2% year-on-year to 1.5 million.
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