Alleghany
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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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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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A $40mn underwriting loss driven by Covid-19 claims led Alleghany’s earnings to fall by 40% from last year.
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Alleghany reported an underwriting loss after its reinsurance segment took a $153mn charge tied to Covid-19-related losses. Underlying margins at TransRe and RSUI improved overall.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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Alleghany reported an operating loss of $5.87/sh on Wednesday, a deterioration from last year’s operating loss of $4.35/sh.
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The government-run flood insurance provider secured $1.33bn in reinsurance coverage for 2020.
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A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
