IGI
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The firm has experienced cumulative property rate increases of over 15%m while its treaty business is seeing rate rises of over 26%. -
The company’s underwriting result in Q3 was also driven by higher premiums earned, which increased to nearly $109mn from over $96mn in Q3 last year.
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The MGA platform was launched by former Barbican executives in late 2021.
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The Q2 underwriting improvement was also driven by a higher favorable reserve development of $15.5mn compared with $5.5mn a year earlier.
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The move is part of a succession plan put in place on the company’s flotation in 2020.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
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The (re)insurer’s losses were driven by various cat events, including the earthquake in Turkey and flooding in New Zealand from Cyclone Gabrielle, both in February.
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The Bermudian’s underwriting profit and combined ratio worsened due to an increase in claims.
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