CNA
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Commercial auto and medmal had slight unfavorable developments in 2023.
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Underwriting and investment income rose for P&C business.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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CNA continued to push for rate in lines of business affected by social inflation in Q3, as CEO Dino Robusto said the carrier was “pleased that there is an increasing awareness for this need in the marketplace”.
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The carrier reported better investment returns, improvements in underlying P&C performance and lower cat losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This resulted in a rate decline of 1% in the company’s specialty business, compared to a 7% increase in the prior-year period.
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The Inside P&C news team runs you through the earnings results for the day.
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CNA said in a filing with the SEC that the $1.8mn will be paid in two installments, in addition to certain health and welfare benefits.
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The firm reported flat reserve developments from its specialty and commercial P&C units in Q1, while a year ago the specialty segment posted a $10mn release.
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The company’s rate increase in Q4 was 18% for its national accounts property portfolio, clocking in six points higher than Q3.
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CEO Dino Robusto hailed “strong underwriting profitability” and voiced optimism about opportunities in 2023.
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The executive will oversee the insurer’s management liability, financial institutions, and healthcare businesses.
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The executive added that the carrier already has some of its professional liability programs in surplus lines.
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The carrier reported Q3 cat losses of $114mn and an improved loss ratio of 64.6%.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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Before his stint at Axa XL, Bryan Stevenson worked for five years at Old Republic’s construction practice as SVP.
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Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.
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CNA Financial CEO Dino Robusto said on an earnings call that right now, the carrier aims to take advantage of current pricing conditions.
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The biggest growth driver was commercial lines, which was up 25% for the second quarter.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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CEO Dino Robusto said P&C earned rate in total was 9%+, up from aggregate loss cost trends of between 5.5% and 6%.
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The executive is responsible for business including financial lines, healthcare, surety and warranty.
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The insurer reported total P&C rate increases of 8% for the third straight quarter, down from the 13% gains in last year’s fourth quarter.
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Improved expense and loss ratios helped to cut the combined ratio.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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Larry Haefner has been serving as CNA’s interim CFO since September, after the carrier said in August its former permanent CFO Al Miralles would leave the company for a position in the technology sector.
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CEO Dino Robusto predicts favorable market conditions into 2022.
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The Chicago insurer improved its Q3 combined ratio to 100%, reported 8% rate increases and grew GWP by 10%.
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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 newcomers are finding it more difficult to disrupt the sector than they had expected.
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The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
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In his new role, Dieter Korte will be responsible for profitability, growth and strategic direction of CNA's middle-market business.
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Texas-based InsurTech Overhaul has entered a strategic partnership with commercial P&C insurer CNA to mitigate cargo-theft risk within the trucking industry by way of Overhaul’s TruckShield technology.
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Miralles will leave the company in September and will transition to a career in technology.
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Michael Costonis will assume the new position of global head of marketing, strategy and innovation.
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The company added a new property quota share treaty at June 1, which reduced net written premiums in the quarter by $122mn.
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Gross written premiums grew 8%, despite ‘transactional limitations’ at the beginning of the quarter tied to the March cyber intrusion.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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The figure CNA paid is almost 10 times the $4.4mn that Colonial Pipeline paid following the ransomware attack it incurred earlier this month.
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Policyholders are homing in on loose policy wordings to convince courts that insurers have acted in bad faith.
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Dino Robusto says the carrier continues to review data affected by the attack and to determine what notifications it must make, if any.
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The carrier improved its underlying combined ratio by 1.8 points as higher earned premiums helped the company lower its expense ratio.
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The carrier’s forensic investigators say the incident has been contained.
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The insurer said the attack impacted certain CNA systems, including corporate email.
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The CEO notes the insurer achieved rate hikes of about 40% on aging services risks during the quarter.