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Floridians had a hard quarter, but they are fighting to regain stability after Ian.
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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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The executive added that the company's expected retention from a second event is estimated at $31.8mn.
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The company reported a 56.8% improvement YoY in its operating losses along with a 33% decline in auto policies in force.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021.
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Management said there are early signs that inflationary pressures – which have pushed severity in personal auto in recent months – are easing.
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The chief executive added that his company will continue to take a conservative approach to reserving, as the process remains less consistent amid Covid’s enduring impact on closing patterns.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.
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The carrier’s operating direct written premium ticked down 0.1% to $5.4bn year-on-year, compared with a growth rate of 35% in Q2.