Commercial Lines
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Competition is intensifying, with increased London market appetite one of the drivers.
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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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The pivot to profitable growth will be a topic to watch as investors patiently wait for this execution to deliver real margin improvement.
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The CEO of general insurance says AIG achieved average rate increases of 41% for cyber business at Q1.
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The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.
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Chubb discipline, Hartford reluctance and investor lassitude combine to impede a transaction.
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CEO Evan Greenberg said his company had moved along from The Hartford.
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Caroline Krass has held several senior roles within the federal government, including having previously served as general counsel for the CIA.
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Chubb could choose to grow organically but a merger might help it leapfrog in its SME capabilities.
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Headline underwriting income fell by 20% in the quarter, after catastrophe losses cost $700mn, up from $237mn the year before.
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The workers’ comp specialist opened the year with strong results but continued skepticism on the turn.
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Cat losses had added 30 points to the carrier’s combined ratio on average over recent years.
