Alleghany
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Outgoing Alleghany president and CEO Weston inks a deal for $50,000-a-month consulting deal to last through 2022.
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In a letter to shareholders, the CEO said underpriced property risks are mostly in the reinsurance industry.
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The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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“We think hard about culture in all of our companies, and that is our main competitive advantage,” the outgoing CEO said on a podcast.
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The executive said that pricing for the coverage was "terribly set" after reported industry losses came in "stunningly large".
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Underlying margins at all three of Alleghany’s insurance business improved, but $80mn in catastrophe losses led underwriting profits at RSUI to fall.
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Former GenRe CEO Joseph Brandon takes over as president in March before becoming CEO at year-end.
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Alleghany’s combined ratio improved 15 points to 98.9% over the period, driven by a 13.5% fall in the carrier’s loss ratio.
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The Odyssey business expands its surety operations through the purchase of the privately held group.
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TransRe’s third-quarter top line increased by 11%, aided by growth in its casualty and other segment.
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