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The carrier believes the rising casualty claims count will continue post-Covid-19. -
Parent BGC Partners says its recently renamed insurance brokerage unit turned a profit on an adjusted basis.
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Partnerships, LLC and other investment income contributed $494mn to the carrier’s pre-tax result.
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The broker attributed the rise in profits to increased productivity and growth at its corporate agencies and operating franchises.
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The Pennsylvania-headquartered carrier’s results were in part aided by a reduction in large fire losses.
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The specialty reinsurer also had $11mn in Covid-19 claims and $7mn in catastrophe losses.
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The underwriting loss narrowed to $8mn, from $142mn last year, as reserves developed favorably and core margins improved.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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Michael Kehoe says the carrier is still anticipating a catch-up period for claims in the future.
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The executive says power outages will likely result in further losses.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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Earned premiums at the Virginia carrier were up 42% on the year.
