RLI
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Of the ~$40mn Ian loss net of reinsurance, $33mn impacted RLI’s property business and $7mn its casualty unit for some package policies. -
Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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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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The insurer’s results are in line with other carriers, but they are ahead of the curve on adjusting loss costs.
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Commercial insurers surprised with continued positive results despite economic conditions.
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The specialty carrier said hurricane season will have to play out before any market easing takes place, especially in the Southeast.
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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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GWP growth slowed to about 17% on the year, versus the 22% increase in Q1 2022.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The specialty players are better placed than the commercial lines cohort with pricing and growth outperforming the broader market.
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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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