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R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re. -
Embedded partner Carvana accounted for 41% of new writings in Q4 2022, plateauing from 38% in Q3 2022 and 27% in Q2 2022.
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The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.
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The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.
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During the quarter, real rates were up around 7% in the aggregate, compared to 8% in Q3 2022, according to management comments during the company’s conference call.
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Executives were speaking after Fairfax reported a headline combined ratio of 90.9%, an increase of 2.8 points year over year.
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The increase in GWP was driven by higher new and renewal business writings and higher final audit premiums, the company said.
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The company's GWP growth slowed further in the fourth quarter of 2022, increasing roughly 7.4% year-over-year to $7.0bn.
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In its press release, CEO Mike Kehoe noted that the company capitalized “favorable E&S market conditions while maintaining underwriting and expense discipline”.
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The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.
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Pricing, which includes rate plus exposure, was up 6% for both North America and international.
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