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Buffett said Berkshire's financial strength allows its insurance subsidiaries to “follow valuable and enduring investment strategies” unavailable to competitors.
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The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.
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The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.
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The carrier’s loss ratio for its casualty reinsurance business declined to 74.5% from 380.7% in the prior-year period.
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The carrier raised rates on average of 19% across the segment in 2022, with larger increases in Florida and hail-prone states such as Colorado and Oklahoma.
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The deterioration was driven by increased cost inflation in property and physical damage claims, which began to accelerate in the second half of 2021 and continued through 2022.
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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company posted its first net investment gain in a year, driven by $45.5mn of gains in its bonds portfolio and $26.4mn from short-term investments.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.