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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total. -
The broker touted new business growth of 12.8%, improved cross-selling and stable rates at 7% from Q4.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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The deal will inflict a $225mn reserve charge on The Hartford for Q1.
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The personal carrier reported highest MoM PIF growth in 60 months in direct auto.
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The preannouncement follows announcements from Bermuda (re)insurers Axis Capital and RenaissanceRe on Wednesday.
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Truist open to M&A opportunities in the coming year.
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The intermediary said that rate increases were “comparable or slightly up” versus prior periods in Q1.
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Reinsurance recoveries and subrogation payouts helped to minimize retained cat losses to $466mn, post-tax.
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The Brit owner anticipates a “solid” operating income despite the US winter storms.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
