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The company's GWP growth slowed further in the fourth quarter of 2022, increasing roughly 7.4% year-over-year to $7.0bn.
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In its press release, CEO Mike Kehoe noted that the company capitalized “favorable E&S market conditions while maintaining underwriting and expense discipline”.
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The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.
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Pricing, which includes rate plus exposure, was up 6% for both North America and international.
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North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.
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The carrier also booked unfavorable prior accident year reserve development of 6.5 points, driven primarily by its personal auto products.
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The carrier cited inflation, repair and part costs, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity.
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The Bermudian increased its cat load to $100mn-$120mn in Q1 2023, compared to around $80mn a quarter for 2022.
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Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.