Results
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Early reporters emphasised an ongoing demand for structural change. -
The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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The insurance group reduced premiums ceded to strategic partners but upped them to reinsurers.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
