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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The Bermudian’s underwriting profit and combined ratio worsened due to an increase in claims.
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The carrier currently offers excess and surplus lines products in Carolina and Florida.
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The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company expects to turn adjusted Ebidta positive by the end of 2024 with cash of at least $400mn.
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The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.
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Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.
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Heritage’s net current accident-year catastrophe losses in the quarter went down 8% to $27.5mn from $29.8mn in Q4 2021.
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The firm said the loss is related to replacement coverage costs from policies that were placed in 2022 but were underwritten by an unsatisfactory carrier.
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Those two lines, along with transactional E&S and captives, generated gross written premium growth of over 35% in the fourth quarter of 2022.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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