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The home insurance group’s GWP swelled 66% to $120.6mn from the prior year period. -
HCI is waiting for the right moment to maximize its chances in Florida.
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Burton told analysts that the January 2022 renewals marked the end of the carrier’s portfolio turnaround that had begun in 2017.
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The IGI president said the carrier would continue to diversify and grow amid “healthy” market conditions.
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Cayman Islands-based Greenlight Re's Q4 results were boosted by $11.5mn of favorable prior-year development and premium increases at its Lloyd’s and financial lines businesses.
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Losses and loss adjusted expenses at the Florida-based firm rose to $63mn from $40mn in Q4 2020.
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The legacy acquirer reported in its full-year earnings that rising interest rates decreased the fair value of its investment portfolio by $1.2bn.
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The company will continue to exit non-Florida markets and focus on the local homeowners' sector with increased rates.
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IGI’s combined ratio improved by 13 points to 83.8%.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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The broker closed six partner acquisitions in Q4
