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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year. -
The broker has experienced a resurgence in growth under new leadership and strategy.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.
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The carrier will now share the next $900mn with reinsurance for a catastrophe event, while in 2022 it retained the first $100mn and shared the next $800mn.
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While executives remained upbeat about property rates through 2023, commentary surrounding casualty rates were a bit more cautious, especially on the public D&O space.
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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 firm’s underlying CoR increased 2.2 points to 87.8% as the insurer saw a margin deterioration in all three of its P&C segments – commercial, personal lines and E&S.
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The company’s rate increase in Q4 was 18% for its national accounts property portfolio, clocking in six points higher than Q3.
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CEO Dino Robusto hailed “strong underwriting profitability” and voiced optimism about opportunities in 2023.
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The firm’s results and guidance show resilience in the face of economic headwinds.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
