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Winter Storm heavily weighs on the Q1 estimates, offsetting the expectations of improving underlying margins. -
Catastrophe losses more than doubled to $360.8mn, which included $181.2mn of Covid-19 losses.
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Corrections to historical numbers push the net loss down to $58.7mn.
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Co-CEO Patrick Haveron warns longer tail investments will require further “seasoning”.
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The Texan specialty insurer pared back its operating loss in the fourth quarter to $9.9mn.
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CEO Patel likened the InsurTech to “sending a man to the moon”, as the Floridian remained in profit despite $10mn of losses from Eta.
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Short-tail underwriting earnings almost double, while long-tail slips into the red.
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Dividend payments to policyholders have risen by $3.1bn to $7.2bn for the period.
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This year we will see more focus on growth, broker pushback against rates and plenty of noise surrounding the Aon-Willis merger.
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The InsurTech grew customer count by 6.4% QoQ and said that growth in premiums per customer accelerated for the third straight quarter.
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The company launched in 18 states last year and plans to enter 11 new markets in 2021.
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Covid-19 claims of $964mn weighed on the reinsurance unit’s result for the full-year.
