Inside P&C’s morning summary of the key stories to get you up to speed fast.

The non-life underwriting profit for the quarter came to $368mn compared with $313mn in the prior-year period.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Let’s get you up to speed on some of the key highlights of the week.

Need to Know

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

The company posted its first net investment gain in a year, driven by $45.5mn of gains in its bonds portfolio and $26.4mn from short-term investments.

Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.

Canopius also added Jade Weaver, former management and professional lines underwriter at Argo, to its Bermuda team.

Inside P&C breaks down some of the key themes and commentary from commercial, personal and specialty line carriers, as well as brokers, during the season so far.

Analysis of Argo’s valuation suggests this is a rich multiple when accounting for potential reserving noise.

The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.

Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.

Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.

Inside P&C’s morning summary of the key stories to get you up to speed fast.