Stocks
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business. -
The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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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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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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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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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
