Earnings

The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.

The InsurTech slimmed its net loss to $65.8mn during the quarter, compared to $74.8mn in Q1 2022, as it grew both GWP and premium per customer.

The InsurTech slashed its operating loss by 59% year on year to $29.8mn, as gross loss ratio narrowed by 12.6 points to 71.5%.

The commentary follows AFG’s Q1 2023 earnings announcement on Tuesday, in which the carrier reported a 5.2-point deterioration in its P&C operations combined ratio to 89.2%.

Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favor of property cat reinsurance.

In March, there were 280,000 civil lawsuits filed in Florida industry-wide, up nearly 130% since the all-time high of May 2021.

E&S increases in high single to low-double digits and property rose by 45% in Q1.

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The cat losses outweighed the Q1 $15mn reserve charge that resulted from lower-than-estimated losses and loss adjustment expenses in the homeowners’ business.

The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.

The Hanover’s ex-cat CoR rose to 91.7% in the first quarter, up from 89.8% a year earlier as the company posted lower reserve releases.