Earnings

Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.

New business was up by 25% in the quarter and Ebitda margins expanded by 380 bps.

UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.

The personal lines giant's results are showing a reversion to pre-pandemic trends.

Progressive’s combined ratio for the month deteriorates by 60 basis points.

The US P&C industry’s underwriting results showed sharp improvement in 2020 despite the uncertainties created by the pandemic and higher catastrophe losses, according to AM Best.

Brokers’ first-quarter performance was highly positive, but the real rewards are still to come.

Continued capital depletion could result in additional pressure on management teams with regard to executing their original business plans.

Positive prior-year reserve development added $4.3mn during the period, cutting 5.3 points off the combined ratio.

Hallmark’s earnings per share were $0.52 over the quarter, compared to a loss per share of $3.55 in Q1 2020.

In its earnings statement, the carrier described the Texas freeze as an “extreme stress test” for its operations and financial model.

The carrier recorded average rate rises of 9% for P&C accounts renewing at April 1.