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The Bermudian carrier reported GWP of just over $4.3bn in 2022, a 10% increase on the year prior.
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The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.
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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
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The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.
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The main drivers were severe weather and tornado events in the US, with a majority of claims caused by wind and hail.
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The increased catastrophe losses were driven by severe wind and hailstorms in multiple states.
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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An early look suggests a mixed bag for carriers, as an extended pricing cycle competes with loss cost inflation and cat activity.
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Industry reserve releases mask adverse development trends, particularly in personal lines.
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The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.