Earnings

The company will continue to exit non-Florida markets and focus on the local homeowners' sector with increased rates.

IGI’s combined ratio improved by 13 points to 83.8%.

The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.

The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.

The broker closed six partner acquisitions in Q4

The legacy carrier has made huge gains through its hedge fund strategy through 2020.

The reserve charge reported in quarterly earnings may have opened the door for activists.

The insurer also failed to file its annual report on time last year.

The company closed six partner acquisitions in Q4, which brought in around $133.7mn in revenue for the 12-month period pre-acquisition.

While vehicle miles traveled dipped in January, likely due to the Omicron variant, the auto insurer said February’s preliminary results indicate a rebound and frequency is expected to rise.

CEO Frank D’Orazio said in an investor call that the company had entered a deal with Fortitude to protect against further reserve volatility.

The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.