Earnings

Horace Mann reports that P&C premiums written fell by 5.2% in Q3, as new business volume remains below historical levels due to the pandemic.

The Boston insurer cut the underlying loss ratio in its Global Risk Solutions by 6.5 points, which was more than offset by the jump in cats.

Investments in the InRe Fund suffered volatility, leading to net realized and unrealized losses of $285.2mn.

David Einhorn, the hedge fund reinsurer’s chairman, said the results "do not reflect the significant progress" Greenlight has made in revamping its underwriting and operations.

The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.

The (re)insurer’s combined ratio spiked to 152% after taking $132mn in losses from the European floods and $100mn in claims from Hurricane Ida.

The company was also hit with a $162mn reserve charge, which included an $111mn increase in old asbestos and environmental claims, though net written premiums increased by 17% to $11bn overall.

The insurer is currently seeing ‘a steady flow’ of M&A opportunities in the market but would strike a deal only for double-digit returns over time.

The insurer said its plan was to fully transition the book to the fund.

With its costly exit from its Uber book in the rearview mirror, James River is now looking to drive its casualty reinsurance portfolio in a better direction.

The co-CEO said that rate increases at the company averaged about 10% in the quarter and were higher for casualty and professional lines.

The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.