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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.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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The carrier’s income from partnerships and other investments grew by more than eightfold year on year to $838mn.
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Allstate will keep the brand going while putting advertising dollars behind its core direct business.
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Underlying margins at all three of Alleghany’s insurance business improved, but $80mn in catastrophe losses led underwriting profits at RSUI to fall.
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The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.
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Higher underlying losses also cost the Floridian insurer, but it managed to deliver prior-year reserve releases.
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The carrier made an operating loss of $94.3mn over the three-month period.
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Gross premiums written were down in the quarter by 14%, to $224mn.
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United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
