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Lemonade will lean more into growing its renter's book in 2023 than it has in the past while it waits to see the rate impacts in other books.
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CFO Rob Bateman said that loss ratio improvements and adjustments around cost structure will work to bring the cash burn down.
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The improvement was driven by higher earned premium and lower employee-related costs, as well as more favorable cat-loss development.
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The AIG 200 project has officially ended, with the goals met ahead of schedule and under-budget, but there is still work to do to close the gap with competitors.
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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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R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
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Embedded partner Carvana accounted for 41% of new writings in Q4 2022, plateauing from 38% in Q3 2022 and 27% in Q2 2022.
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The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.
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The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.
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During the quarter, real rates were up around 7% in the aggregate, compared to 8% in Q3 2022, according to management comments during the company’s conference call.
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Executives were speaking after Fairfax reported a headline combined ratio of 90.9%, an increase of 2.8 points year over year.
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The increase in GWP was driven by higher new and renewal business writings and higher final audit premiums, the company said.