Specialty Lines
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Former Kemper CFO Frank Sodaro will take over the top financial role at the Chicago-based carrier.
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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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Protests have been raging for a week, with notable damage to police stations, buses and bus stations.
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Adjusted net income jumped 56.5% to $19.3mn in Q1.
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Gross premiums written were down in the quarter by 14%, to $224mn.
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The specialty insurer now expects AM Best to demote the company’s financial strength rating to A- as a result of the losses.
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Gross written premiums jumped 6% in Q1 to $1.6bn.
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The US-focused specialty insurer dropped its core loss ratio by almost two points as it delivered its best underlying underwriting result since 2016.
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“We really haven't observed any material signs of market hardening,” the executive tells analysts.
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Rate increases in the niche market segment remained in the double digits, but the pace of gains was slower than in prior periods.
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The ratings agency notes that direct premiums written in the class of business also fell by 2.6% last year.
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The company grew NPW by 1.4%, boosting its financial indemnity and property writings, as it scaled back in workers’ comp and general liability.
