Results
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The insurer reported a combined ratio of 283.5%, sharply worse than the 147.9% in Q2 2020. -
The carrier benefited from a shrinking of large losses and strong investment returns.
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The carrier made recoveries on only one disaster event in the past year.
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The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation.
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The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
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The Florida insurer’s combined ratio rose to an unprofitable 105.2% on higher weather losses and an increase in ceded premium.
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The insurer kept prior-year reserves for Irma stable and said its “transition” plan was underway.
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The carrier could not yet discern whether Q3 flooding losses will hit the $2.4bn programme, however.
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There was a 13 percentage point spread in performance amongst index participants, the highest in the past year.
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Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
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The firm’s co-CEO Richie Whitt said the firm might also consider growing its retro portfolio.
