Property and casualty insurer Global Indemnity has reported a net loss of $15.2 million for the third quarter, against an income of $6.7 million in the same period last year.
Global Indemnity recorded a combined ratio of 107.2% (Loss Ratio 69.2% and Expense Ratio 38.0%) as against its 95.2% (Loss Ratio 55.2% and Expense Ratio 40.0%) for the third quarter of 2019.
The accident year casualty loss ratio increased 3.4 points to 58.3% in 2020 as compared to 54.9% in 2019 primarily as a result of an increase in the Reinsurance Operations’ casualty loss ratio due to the addition of a new casualty reinsurance treaty.
The Company’s accident year property loss ratio increased by 27.0 points to 90.3% in 2020 from 63.3% in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims including the impact of Hurricane Laura and the Midwest Derecho.
This increase was partially offset by reductions in frequency and severity on non-catastrophe claims.
Gross written premiums and net earned premiums decreased 26.9% and 22.9% for Q3, as compared to the same period in 2019.
Global Indemnity says this decrease in gross written premiums as well as the decrease in net earned premiums was primarily due to the non-renewal of property catastrophe treaties. The increase in net earned premiums