Earnings

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.

Management said there are early signs that inflationary pressures – which have pushed severity in personal auto in recent months – are easing.

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.

Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.

Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.

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%.

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.

The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.

Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.

The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.

The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.

The insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.