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The firm said the conflict gave rise to uncertainty but at this stage losses appeared manageable. -
The loss of the carrier’s Russian operations is set to create “modest margin headwinds” for the business.
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The firm reported strong quarterly earnings, with a core operating ROE of 11.3%, but margin improvement will depend on loss cost trends and broader economic forces.
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The company posted adjusted diluted earnings per share of $2.66, ahead of analyst consensus of $2.50.
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In Q1, the insurance division's NWP rose 19.2% while the reinsurance unit's NWP decreased 9.5% year-on-year.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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The (re)insurer revealed it has “limited exposure” to the Ukraine-Russia conflict and did not make a loss provision due to the degree of uncertainty.
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Root implemented 18 rate increases year-to-date with a weighted average rate of roughly 19%.
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The firm recorded a third consecutive margin improvement in the first quarter of 2022 as its core loss ratio narrowed by 2.7 points to 49.3%.
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The call came after Markel reported Q1 results that included 21% growth and a 5 point reduction in the combined ratio.
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CEO Evan Greenberg noted that experts have seen “certain changes of patterns” in cyber attacks but did not give details.
