Results
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Hallmark’s earnings per share were $0.52 over the quarter, compared to a loss per share of $3.55 in Q1 2020.
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In its earnings statement, the carrier described the Texas freeze as an “extreme stress test” for its operations and financial model.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at April 1.
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SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.
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The business reported a negative investment return of 0.3%, up from a negative return of 4.6% a year earlier.
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The pivot to profitable growth will be a topic to watch as investors patiently wait for this execution to deliver real margin improvement.
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The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.
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The CEO of general insurance says AIG achieved average rate increases of 41% for cyber business at Q1.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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The carrier’s income from partnerships and other investments grew by more than eightfold year on year to $838mn.
