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Higher rates and reserve releases connected to Hurricane Ian boosted results. -
The Florida insurer recognised a major increase in Ian losses in Q4, rendering its personal lines carrier insolvent.
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The asset manager said this year’s conditions were the most attractive in ILS history.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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The manager’s life & alternative credit segment invested in the reverse mortgage specialist.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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The Chicago-based InsurTech placed its debut cat bond in April 2022 in a private deal.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
