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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
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Q1 earnings at United Fire Group included a 94.5% drop in operating EPS to $0.05 and a 9.6pt increase in the firm’s combined ratio to 105.2%.
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The company released its Q1 results which included a 158% decline in operating EPS to $(0.18) and a 7.5pt increase in its combined to 107.2%.
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UPC investors breathed a sigh of relief as the Floridian returned to underwriting profitability after reserve development turned favorable and underlying results improved.
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CEO John Forney says the renewal will be done with manageable price increases.
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Positive underwriting income in the property segment outweighed the loss in casualty and specialty lines.
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A previously reported Covid-19 loss of $150mn dampened underwriting profitability, though the remaining underwriting results were roughly in line with the year before.
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Two of the largest carriers’ Q1 calls highlighted significant declines in miles driven and accident frequency, in line with our previous findings. -
The results were impacted by an unrealised investment loss of $612.6mn.
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The hedge fund reinsurer reported a slight underwriting gain and a sharp reduction in written premiums, overshadowed by a $35mn investment loss in the David Einhorn-managed portfolio.
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FedNat’s underwriting results improved, but were still negative.
