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Net investment income surged more than threefold to $673mn. -
The specialty insurer now expects AM Best to demote the company’s financial strength rating to A- as a result of the losses.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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Net written premiums at the carrier were down 0.4% in the quarter to $950mn.
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The US-focused specialty insurer dropped its core loss ratio by almost two points as it delivered its best underlying underwriting result since 2016.
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Dino Robusto says the carrier continues to review data affected by the attack and to determine what notifications it must make, if any.
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The Iowa-headquartered group says that losses from the event exceed its $20mn reinsurance retention.
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The carrier improved its underlying combined ratio by 1.8 points as higher earned premiums helped the company lower its expense ratio.
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Aon’s Friday release concluded the first-quarter broker earnings season on a high note with the record-breaking profit and highest brokerage organic growth since 2003.
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Premiums within the primary insurance group surged by 19% to $2.9bn.
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Kemper Insurance reported a 46% year-on-year dip in operating profits for the first quarter of 2021, as natural catastrophe claims weighed on the company’s results.
