Intact Financial
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The Insurance Insider US news team runs you through the earnings results for the day.
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Scott Reinke joins the specialty insurer’s transactional surety team from Arch.
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Insurance Insider US runs you through the earnings results for the day.
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She will have responsibility for Intact’s Quebec, West, Ontario and Atlantic divisions.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO said Intact has done in-depth climate modeling “peril-by-peril, province-by-province” covering the next 15 years.
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The Inside P&C news team runs you through the earnings results for the day.
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The new number, an update from the C$570mn ($419mn) estimate reported on August 31, reflects non-weather events.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under Intact's catastrophe treaties.
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The executive said he was prepared to accept volatility rather than passing margin to reinsurers.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The UK&I segment’s combined ratio improved to 94.6% from 104% in Q4 as it focused on more profitable business in personal lines and sought rate increases for commercial lines.
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The executive noted that Intact has exited C$500mn of business, with a CoR over 110% in the UK&I segment.
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Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.
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Management said there are early signs that inflationary pressures – which have pushed severity in personal auto in recent months – are easing.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The carrier’s operating direct written premium ticked down 0.1% to $5.4bn year-on-year, compared with a growth rate of 35% in Q2.
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Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.
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COO Patrick Barbeau added that Intact saw part prices increase, with inflation in part costs in the high teens.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Canadian carrier booked $182mn cat losses that contributed 3.8 points in the CoR, reflecting the impact of weather conditions.