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Overall, the firm reported a $6.8mn reserve charge, down from $170.1mn unfavorable development from Q1 2021. -
The firm has a similar market share to peers in states with high fatalities and new vehicle registrations.
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CFO Kirk Lusk also disclosed that the 74% of the company's TIV is now outside of Florida, up from 69% as of Q1 2021.
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Inside P&C’s news team runs you through the key developments from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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TransRe booked Q1 $35mn cat losses associated with the ongoing conflict between Russia and Ukraine.
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The firm anticipates renewal rates to rise between 5% and 7% in its specialty P&C operations overall and 6%-8% excluding workers’ comp.
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Selective Insurance's rate increases buck the industry trend of moderation as they continue to rise into Q2.
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Kin also reported an adjusted loss ratio of 60.4%, a 25.2-point improvement on the same period last year.
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Shapiro noted that the Allstate brand incurred severity for property damage is expected to increase about 11% in 2022, compared to the year before.
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