Q4-2021 Earnings Report
Q4-2021 Results
Core earnings improved dramatically from last year's -$58m loss to nearly break-even.
Q4-20 Change
We labeled 2021 a
transition year because
we significantly increased
our reinsurance spend to
de-risk and de-leverage
our portfolio.
Ceded premiums hurt Q4
results, but our lower risk
retention and operating
leverage combined with
improving underwriting
metrics now have us
better positioned for the
long-term.
Core income (loss)
Gross expense ratio
per diluted share (CEPS)
Q4-21
$
(1,027) $ (58,094) -98.2%
$
(0.02) $ (1.35)
Included the following items
Net current year catastrophe loss & LAE incurred
$
12,515 $
107,618
Net (favorable) unfavorable reserve development
Total items
$
(3,488) $
(621)
$
9,027 $
106,997
Core income (loss) excluding named windstorms
CEPS excluding named windstorm
$
(1,027) $
3,298 -131.1%
$
(0.02) $
0.08
Gross underlying loss & LAE ratio
22.4%
21.5%
0.9 pts
21.3%
27.2%
(5.9) pts
Net loss & LAE ratio
58.9%
92.6%
Net expense ratio
50.2%
49.5%
Combined ratio
109.1%
142.1%
(33.0) pts
Net current year catastrophe loss & LAE incurred
-8.6%
-53.9%
Net favorable (unfavorable) reserve development
Underlying combined ratio
2.4%
102.9%
0.3%
88.5%
14.4 pts
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