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The company’s gross written premiums totaled $83.2mn in Q1 2023, marking a 54% increase year on year. -
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Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21.
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The carrier expects NA crop volumes to decrease in 2023 year-over-year due to commodity price developments.
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The company experienced unfavorable reserve development of 2.6 points during the quarter, with 85% attributed to auto and 20% to commercial auto.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
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The (re)insurer’s losses were driven by various cat events, including the earthquake in Turkey and flooding in New Zealand from Cyclone Gabrielle, both in February.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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