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Catastrophe losses climbed higher, totaling $16mn, but underwriting income still grew by 75% to nearly $30mn. -
Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The pricing disclosures from both carriers indicated rate moderation for the first time in many quarters.
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The CEO says WR Berkley is benefitting also from a continued reduction in appetite by standard insurers.
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Catastrophe losses were halved from the year before, premium volumes continued to surge, and underlying underwriting margins expanded.
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The CEO says the carrier remains optimistic about rates in the class of business.
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Catastrophe claims spiked to $835mn, compared with $333mn a year ago.
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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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.
