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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. -
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.
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Net investment income surged more than threefold to $673mn.
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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.
