Earnings

SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.

The business reported a negative investment return of 0.3%, up from a negative return of 4.6% a year earlier.

The pivot to profitable growth will be a topic to watch as investors patiently wait for this execution to deliver real margin improvement.

The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.

The CEO of general insurance says AIG achieved average rate increases of 41% for cyber business at Q1.

This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.

The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.

The Bermudian booked a $4.6mn loss from Winter Storm Uri.

The carrier’s income from partnerships and other investments grew by more than eightfold year on year to $838mn.

Allstate will keep the brand going while putting advertising dollars behind its core direct business.

Underlying margins at all three of Alleghany’s insurance business improved, but $80mn in catastrophe losses led underwriting profits at RSUI to fall.

The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.