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The carrier booked unfavorable prior accident year reserve development of 3.4 points, driven primarily by its personal auto products related to recently passed legislation in Florida.
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The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.
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United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.
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For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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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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The non-life underwriting profit for the quarter came to $368mn compared with $313mn in the prior-year period.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier also booked unfavorable prior accident year reserve development of 3.5 points.
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The company’s LR stood flat despite challenging trends in the auto market, which is seeing higher frequency and severity as inflation picks up.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.