Insurers
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The executive expressed disappointment with the 2020 results but spoke optimistically about strategic actions UFG was taking. -
Catastrophe losses were higher in the fourth quarter and more than doubled for the full year in 2020.
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Roche raised concerns about the "reemergence of social inflation".
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Auto frequency benefits contributed to a 5.9-point fall in the loss ratio at its personal lines division.
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Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.
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Former JLT executive Micah Woolstenhulme is leading UFG’s reinsurance expansion.
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UFG reported an adjusted operating loss of $1.37 per share in Q3 compared with $0.40 per diluted share for the same period last year.
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The Worcester-based insurance group reported operating earnings of $2.46, beating analysts’ consensus of $2.18.
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The quarter is the second in a row the regional carrier has reported elevated cat figures.
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Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.
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The decision is thought to be the first ruling on summary judgment against the insurance industry.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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