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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%. -
Universal Insurance Holdings reported a wider operating loss for the fourth quarter as adverse reserve development offset rising premium driven by rate increases.
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The Boston-based company reported increased severity from both personal and commercial auto lines, reflecting broad industry trends.
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The InsurTech’s net loss doubled to $70.3mn during the fourth quarter of 2021 from a $33.9mn loss in Q4 2020 as its loss ratio jumped 22 points to 98%.
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The InsurTech’s auto policies-in-force shrunk 7% to $354mn from Q3, driven by its workforce termination and underwriting remediation.
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The firm said its results reflect its aim to return to profitability in 2022.
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The firm reported upbeat quarterly earnings, but the best move remains a sale.
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The overall combined ratio for (re)insurance operations narrowed by 9.9 points to 89%, driven by lower cat losses.
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The company said the unfavorable prior period development was due to “a handful of older large losses for which we under-reserved”.
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Root’s chief product officer, Hemal Shah, notified the company of his intention to resign, effective March 18 in a fresh executive departure.
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Argo’s underwriting loss widened to $109mn in Q4 2021 from $33.7mn the year before, driven by a $132mn reserve charge.
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