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The auto InsurTech’s accident period loss ratio grew to 78.1% during the quarter, up from 56.9% at the same point last year. -
Specialty primary business also delivered better underwriting profits, as BHSI grew 36%.
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Inside P&C’s news team runs you through the key developments from the past week.
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Erie Indemnity Company’s combined ratios for both personal and commercial lines swelled in the fourth quarter as its service area was hit hard by tornadoes in December and inflation pushed auto costs higher.
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The (re)insurer completed a $450mn redemption from hedge fund exposures, to be deployed in cash and fixed income, with an additional $100mn redemption in January 2022.
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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%.
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Universal Insurance Holdings reported a wider operating loss for the fourth quarter as adverse reserve development offset rising premium driven by rate increases.
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The Boston-based company reported increased severity from both personal and commercial auto lines, reflecting broad industry trends.
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The InsurTech’s net loss doubled to $70.3mn during the fourth quarter of 2021 from a $33.9mn loss in Q4 2020 as its loss ratio jumped 22 points to 98%.
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The InsurTech’s auto policies-in-force shrunk 7% to $354mn from Q3, driven by its workforce termination and underwriting remediation.
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The firm said its results reflect its aim to return to profitability in 2022.
