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Two of the verdicts were around $15mn and two were between $40mn and $45mn.
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To seize the market opportunity, the company plans to raise non-convertible debt with closure expected in Q2 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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HCI was modelling a decrease in claim frequency of about 15% to 20% and in litigation frequency of about 3%.
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The specialist’s ex-cat LR improved 2.4 points to 61.1% benefitted by the continued run-off of exited lines and the shift in the mix of business.
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The specialty P&C segment’s underlying loss reflected claims severity trends, largely from prior accident years, which adversely impacted the calendar year loss ratio.
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Adjusted Ebitda for the quarter increased to $6.7mn compared to -$6.0mn in the prior year period.
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Hippo’s gross loss ratio remained unchanged at 76% and its net loss ratio rose 23 points to 273% as the InsurTech was hit by catastrophic events in Q1, mainly in California.
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New sidecar Outrigger Re posted a combined ratio of 21% and gross written premiums of $44mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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However, the carrier reiterated its prior guidance of a return to underwriting profitability In H2 2023 with a 2024 financial target of achieving 10%+ in full year RoE.
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The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.