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The P&C segment’s fourth quarter combined ratio dropped 10.8 points to 80.8%, compared to 91.6% last year. -
Gross premiums leaped by 25%, to $3.43bn, from a 26% surge in reinsurance and 21% growth in insurance.
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The (re)insurer’s GWP surged 32%, helped by strong gains in both its insurance and reinsurance divisions.
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The Canadian insurer is staying ahead of inflationary pressures on loss costs by balancing rate increases with a one-time pandemic relief.
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Assurant posted a 48% jump in operating income for Q4 2021 driven by growth in its auto and mobile coverage units.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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Privately held Kaufman saw gains across Burns & Wilcox and other units; adding more than 250 to headcount in 2021.
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The results were bolstered by strong sales in the auto unit, expansion of its mobile phone coverage, as well as lower cat losses and reduced corporate losses.
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The insurer’s income benefitted from its acquisition of RSA’s Canadian, UK and international operations.
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Financial results in the fourth quarter were impacted by senior staff departures and lost business.
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The White Mountains-owned carrier benefited from reserve releases from Hurricane Ida losses in Q4.
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CEO Carl Hess said the results did not fully reflect the near and long-term potential of the firm.
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