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Cat activity was a “modest” $175mn for Q4, but still up year over year. -
Cat losses rose to $175mn, fueled by Hurricane Milton and higher Helene estimated losses.
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The P&C industry had a rude awakening as fresh claims data came rolling in post-pandemic.
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The year-to-date CoR was down 9.5 points to 102.8% compared to 2023.
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After one good year, giving back margin now will be “inexcusable”, the executive said.
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Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Following the closing of the deal, Aviad Pinkovezky will be named First Connect CEO.
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Heritage’s Q3 combined ratio improved 10.2 points to 100.6% driven by lower losses and expenses.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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D&O and D&F are also facing increased competition, but property remains price adequate.
