$TIG reports Q4 2022 earnings of $173.5M, targets Altaris transaction in the future.
Mar 9th 2023, 9:40 pm
Analyst Summary: Trean Insurance Group announced its Q4 and full-year 2022 results, reporting adjusted net income of $173.5 million for Q4 2022, a 32% increase from the same period the prior year. Despite this, return on equity was negative for Q4 2022, primarily due to a non-cash goodwill impairment charge of $91.1 million. Trean's underwriting income was $11.3 million in Q4 2022, representing an increase from $8.2 million in the same period the previous year, and net earned premiums increased by 44%. The company holds $587.3 million worth of cash and invested assets as of December 31, 2022. The pending transaction with Altaris, announced on December 16, 2022, means the company will not be providing guidance on its financial outlook for the first quarter of 2023 or the full year 2023. Trean is licensed to write business across 49 states and the District of Columbia. Trean CEO, Andrew O'Brien, stated "While we faced challenges in 2022, our strong underlying performance throughout the year provides further confidence in our strategy." Forward-looking statements were included in the release but should be considered with caution due to the COVID-19 pandemic and other risks and uncertainties.