Results
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The insurer said the overall break-up and sale strategy that represented a $175mn gain was equivalent to 180% of American Reliable’s book value. -
The industry net loss and LAE ratios decreased 7.3 points year-over-year, while expense ratios improved by 5.9 points.
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The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.
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The carrier also reported GWP of just over $2.3bn for the first half of the year.
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A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.
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This compared with a $11.4bn loss in the first half of 2021, the report said.
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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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The broker’s revenue rebound was offset by reductions of business in Colombia and Ecuador.
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P&C carriers in the region are navigating economic headwinds and market volatility while the economy has not fully recovered from the Covid-19’s aftermath.
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The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
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The combined ratio improvement was driven by an increase in net premiums earned, favorable development of net loss reserves from prior accident years and current devaluation.
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