Results
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The CEO said he is “optimistic” about the future of the commercial space.
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The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.
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Expense ratios modestly increase for commercial but continue to decline for personal lines.
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An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The company plans to reduce its quota share to 20% from 40%.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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During Q1, the firm’s E&S GWP dropped 6.6% to $213.7mn.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Yesterday, the carrier reported its Q1 CoR improved 2.3 points to 111.6%, reflecting a better CAY loss ratio.
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New leaders of these reinsurers have started strong, but Axis still has work to do.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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Long-run loss cost trends in the US are at 6.5% as a result.
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The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.
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AIG sees improvement from tightened underwriting, though value creation has yet to catch up.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The action comes in addition to a $55mn unfavorable development in GL in Q4 2023.
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Roche said the company's deliberate efforts to limit exposure in the Midwest offset loss trends.
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The specialty insurer reported 27.2% Q1 top-line growth and a lower CoR of 89.6%.
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The exits represent less than 2% of the company’s insurance segment operations annually.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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The carrier reported an E&S property slowdown but “massive” submission activity in casualty.
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The Insurance Insider US news team runs you through the earnings results for the day.
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North America commercial lines' adjusted NWP grew 4% YoY on higher rates and new business.
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The Bermudian has been reducing exposure in Florida for almost a decade.
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This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
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The Insurance Insider US news team runs you through the earnings results for the day.
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There was no material development on long-tail casualty lines across all years, he said.
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The company plans to grow exposure for June 1 and July 1 renewals.
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Industry results look good despite recent GDP/CPI numbers, but there is still cause for concern.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company reported 25.5% increase in GWP, down from the 40% growth in prior years.
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This was offset by a $108mn reserve charge for years 2021 and prior.
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The carrier has completed its 2024-25 reinsurance renewal.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The broker announced yesterday it had completed its $13bn acquisition of NFP.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The executive said expansion was driven by retention and new business.
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CEO Carl Hess hailed a “solid” first quarter of results.
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There is a high likelihood the property claim will be subrogated.
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The CEO said Q1 was “one of the best quarters” for casualty pricing.
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Focus on reserves to continue as gap between cautious reservists and others emerges.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Reinsurers will try to put pressure on insurers for casualty and liability lines, as they did in property.
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Cat rates meanwhile are seeing downward pressure from 'pricing fatigue’ and limit expansion.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Early results suggest another strong quarter with a variety of driving forces.
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The US casualty market was “challenging”, the executive said.
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Property rate increases decelerated to 3% in the quarter.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
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The HNW carrier will launch in Canada this year, starting with Ontario.
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The insurer is currently transitioning Corvus' ‘profitable’ $200mn book of business.
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Underlying improvement was driven by a decrease in the personal lines core CoR.
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Light cat losses, reserve development, and pricing trends are key topics in Q1.
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The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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The MGU is exploring additional third-party capital relationships.
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The homeowners' CoR fell over 32 points sequentially to 75.8%.
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Losses in the NY habitational book drove the shortfall.
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Property, PV and energy lines are driving the carrier’s growth, offsetting long-tail declines
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Premium inflation holds, as loss-cost inflation trends continue to moderate.
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The Insurance Insider news team runs you through the earnings results for the day.
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The carrier said it had also experienced a healthy start to 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Commercial lines difficulties continue to weigh down industry results.
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Estimates were revised from $845mn to $740mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The InsurTech will push for its services segments as main growth drivers.
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Increased cat losses in property offset auto improvements.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company’s board continues evaluating strategic options, including a full sale.
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GL reserves continue adverse development trend for 2015-2019 accident years.
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The carrier’s sales process is ongoing, and it will provide an update “in due course”.
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Workers' comp saw an ongoing significant increase in losses.
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The company reported 24% top line growth in Q4 2023.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier also plans to ramp up media spend.
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Root’s improved results make it an attractive acquisition, not a comeback story.
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He praised 2023 insurance results as other sectors were a “disappointment”.
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Geico reported lower frequency, higher severity and increased favorable development.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Zurich NA's operating profit grew to $2.65bn in 2023 from $2bn the prior year.
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The company posted favorable development in the last quarter of 2023.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The firm’s Q4 GWP grew over 21% fueled by surety, transactional E&S and captives.
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The carrier will prioritise underwriting profits over growth in 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.
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A review of commercial lines loss picks for AIG vs the industry
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General liability represented the largest share of Kinsale’s reserves.
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The activist investor has accused Fairfax of “pulling levers” to produce “paper profits”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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CEO Grandisson described Arch as "bullish" in its prospects for 2024.
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Two events comprised approximately 80% of the losses.
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The Insurance Insider US news team runs you through the earnings results for the day.
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For 2016 and 2017, in particular, the loss picks were raised to 91% and 96%, respectively.
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Its property cat aggregate cover renewed with improved coverage.
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The homeowners’ CoR worsened 39 points sequentially to 107.9%.
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Insurance Insider US runs you through the earnings results for the day.
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NA commercial lines Q4 CoR increased 0.7 points to 85.1%.
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Auto-related CPI values continue to drop, while premium inflation hits new highs
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Is this a temporary spike or the start of a multi-quarter trend?
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The fronting company has been expanding its surety business in the US.
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The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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Insurance Insider US runs you through the earnings results for the day.
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Treaty costs were slightly lower than for 2023 in risk-adjusted terms.
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Umbrella was "modestly profitable" in 2023, despite challenges in 2022.
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Insurance Insider US runs you through the earnings results for the day.
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The CEO said winning back clients had “validated” the broker’s approach.
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Commercial carrier earnings continue to show mixed prior-year development.
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Risk and broking was driven by new business, client retention and rates.
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Commercial auto and medmal had slight unfavorable developments in 2023.
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The growth positives of last year are showing signs of fading.
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Underwriting and investment income rose for P&C business.
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Commercial property pricing rose 11%, while personal auto grew 21.9%.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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The $55mn hit is about 3% of the carrier’s general liability net reserves.
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Insurance Insider US runs you through the earnings results for the day.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
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The firm will still be prepared for ‘modest changes’.
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Insurance Insider US runs you through the earnings results for the day.
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The initial plan was to renew $2.7bn of the acquired book.
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High frequency and severity have been more acute in exposure with wheels.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer recorded lower cat losses and higher favorable development.
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Broker earnings reflect shifting tailwinds, with margins revealing the real winners.
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Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.
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In Q3, RPS recorded 7% organic growth, marking a deceleration from 10% in Q2 and 8% in Q1.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
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The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
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The carrier said it expects to maintain CoR expectations as it takes a selective approach to casualty lines.
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The specialty carrier’s top-line growth accelerated throughout 2023.
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The firm does not expect reserve developments for its auto operations in Q4.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.
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More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
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The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
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The transaction would have been one of the largest the market has seen for years.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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Strong results from Travelers without the anticipated reserving woes might be more reflective of the franchise than the overall industry trend.
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Brown & Brown Q4 organic growth slows to 7.7% on programs deceleration
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Shares rose to over $213 at one point – from their previous close of $198.35 – after this morning’s Q4 results, which included an 8.7 point combined ratio (CoR) improvement driven by a rebound in personal lines.
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The carrier also renewed the 20% quota share with Fidelis, maintaining the same loss ratio cap the parties agreed in 2023.
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The personal insurance segment’s CoR slashed to 86.8% from 105.3% in the prior year quarter, as the contribution of cat losses declined by 7.3 points to 2%.
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The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
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Reserves, loss cost inflation, and pricing trends would be front and center in what will be an overall good quarterly earnings season due to the lack of large losses.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.
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Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
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Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.
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The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.
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A quick roundup of this week’s biggest stories.
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The firm has experienced cumulative property rate increases of over 15%, while its treaty business is seeing rate rises of over 26%.
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Inside P&C’s news team runs you through the earnings results for the day.
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The Inside P&C news team runs you through the earnings results for the day.
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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 positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.
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Around 65% of the carrier’s claims costs were related to medical expenses, which the company attributed to increased costs for care of injured workers driven by healthcare wage inflation and medical advancements.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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The Inside P&C news team runs you through the earnings results for the day.
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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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The CEO said Intact has done in-depth climate modeling “peril-by-peril, province-by-province” covering the next 15 years.
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The 0.75x book value of the recently announced casualty re sale reflected analysis of similar industry deals over roughly 15 years, the executive said.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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The Inside P&C news team runs you through the earnings results for the day.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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CEO Robinson said Skyward continues to see “strong submission activity” as business flow rose over 20% year-on-year.
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Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
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The Inside P&C news team runs you through the earnings results for the day.
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The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.
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Lower losses reflected higher average premiums per auto policy, increased reserve releases and lower claims frequency, which were partially offset by higher severity.
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“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.
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In Q3, inorganic growth added over four percentage points to the brokerage’s top line, as multiples remain “pretty consistent”.
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The Inside P&C news team runs you through the earnings results for the day.
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Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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Its Q3 cat losses of $196mn primarily resulted from severe convective storms in the region, and drove the overall combined ratio to come at 104.4%.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.
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The Inside P&C news team runs you through the earnings results for the day.
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The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.
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The Inside P&C news team runs you through the earnings results for the day.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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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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As the market hardens, Kemper plans to “open the filters and see what comes through” as another quarter of rate earns in, CEO Joseph Lacher told analysts on Monday.
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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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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.
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The loss was well within the company’s net retention. Losses from other weather events during the quarter added up to another $10mn-$15mn.
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The carrier’s Spectrum property business grew 13%, general property in the middle market segment was up 13% as well, and large property grew 16%.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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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 company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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Strong pricing and stable loss costs yield solid results for the early reporters, but social inflation could turn the tables during the course of this earnings season.
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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 carrier grew NWP in Q3 by 8.4% to roughly $11.7bn, as NA commercial P&C lines rose 8.7% to over $5.1bn and personal lines increased 9.6% year-on-year to over $1.5bn.
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On the company’s Q3 earnings call, COO Jennifer Klobnak said the E&S property division grew 39%, including via a 42% rate increase.
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The Brown & Brown CEO noted that property cat remains "the most challenging" line, while workers' comp decreases have continued to slow.
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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 company also continues to be “very mindful” of medical cost trends, which CEO Berkley noted were shifting very quickly after a benign period.
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The Inside P&C news team runs you through the earnings results for the day.
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The company expects a net loss of between $140mn-$150mn for the quarter and a net operating loss in the range of $25mn-$35mn.
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The Inside P&C news team runs you through the earnings results for the day.
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Concern around prior-year loss development and social inflation is impacting the market.
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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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Adjusted earnings per share increased by 33% and the group also reported margin expansion.
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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 carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.
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CFO Frey noted that there was “nothing terribly significant in this quarter” with regards to the company’s view of loss trends.
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Catastrophe losses of $850mn were primarily the result of “numerous” severe wind and hail storms in multiple states, the company said.
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Pricing, reserves and uneven catastrophe losses will be the theme this quarter.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Program management arm Accredited, which is in advanced sale discussions, posted profits of $28.6mn.
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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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Nearly half of the cat losses incurred during the month of August were attributable to Idalia.
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The ratings agency said there had been no capital inflows through new company formations.
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AIG has been course-correcting since 2008, but recent efforts including AIG 200 seem to have finally set it in the right direction.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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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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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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Insurance's GWP decline was driven by a couple of programs that were underperforming, while reinsurance's deceleration was driven by a deliberate slowdown in the mortgage book.
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Net income increased to $219mn over the period, up from $48mn in the same period last year, while underwriting income increased by 33% to $208mn.
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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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For July, Progressive’s underlying combined ratio improved 4.7 from last month to 87.9%, driven by significant rate hikes and more selective underwriting and risk selection policies.
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IGI Q2 CoR falls 1.4 pts to 73.5% as higher earned premiums offset increased net losses
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The Inside P&C news team runs you through the earnings results for the day.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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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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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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Aggregate pricing for GRS North America increased 12.1% with a rate hike of 9.6%, exceeding loss cost trends of 8.4%. Competition retaining quality accounts partially offset these increases.
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NA commercial rates accelerated 9% in Q2 as property pricing rose 18% and auto pricing went up 9%.
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The Inside P&C news team runs you through the earnings results for the day.
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Skyward saw 15%-20% risk-adjusted rate increases during its property cat renewals as its attachment point rose to $12mn from $10mn the year before.
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Executives were speaking after the company reported that its Q2 CoR decreased 4.3 points to 95.1% as Florida policies declined 15.8% from the prior year.
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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 company had assumed 200,000 policies by the end of Q2 and will now “resume growth to a higher number in the future”, Patel told analysts.
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The Inside P&C news team runs you through the earnings results for the day.
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CEO Joseph Brown said that the firm is still engaged in conversations to sell a portion of its insurance operations or the entire company.
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In Q2, 80% of Hippo’s cat losses were caused by five major wind and hail events in Colorado and Texas.
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The program accounted for approximately 7% of company-wide gross written premiums and 2% of net earned premiums over the last four quarters.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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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 segment will now be a non-core part of the business and will no longer be reflected in future reporting, Lacher told analysts on the carrier’s Q2 earnings call on Monday.
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The Inside P&C news team runs you through the earnings results for the day.
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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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Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.
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The COO noted that despite being able to get rate in excess of inflation, particularly social inflation, the carrier is watching casualty lines “very closely”.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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The legacy carrier reported unrealised losses of more than $345mn for 2022, up from $78mn the year prior.
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The executive said he was prepared to accept volatility rather than passing margin to reinsurers.
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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 company has yet to see the standard market meaningfully impact rate or flow in the aggregate.
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The Inside P&C news team runs you through the earnings results for the day.
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These changes include increasing all payroll deductibles to specific minimum levels by coverage A limit, adding wind and hail deductibles in multiple states and transitioning to an ACV schedule for roofs as the standard offering.
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After launching in West Virginia and Maine in early 2024, the New Jersey-based firm will target expansion in the western half of the country.
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This is manifesting itself in sharp rate gains in the specialty insurer’s property book, while public D&O continues to decline at alarming rates.
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The InsurTech formed a new Cayman Island-domiciled risk bearing entity Lemonade Re, where it plans to hold some of the retained risk.
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In the quarter, Root saw its auto policies in force shrink 31.5% to 203,840, though they were up slightly from 199,685 policies in Q1 2023.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.
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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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In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.
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Market conditions remain “vibrant” with substantial rate increases in property business.
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AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group ahead of the wind season.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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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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AIG grew GI NWP in NA by 17% to nearly $4bn as both commercial lines and personal lines NWP rose 17% to over $3.4bn and $563mn, respectively.
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Personal auto loss severity rose about 12% year-over-year. The carrier also experienced a “modest” year-over-year increase in frequency of about 1%.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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CinFin lead the outperformers, while Aon and The Hartford's shares dropped sharply.
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Overall, the executive said the company feels “really good and bullish” about the personal lines business for both its HNW and middle market books.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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“The broad E&S market is quite attractive today, and we’ve got a good level of confidence going forward,” CEO Michael Kehoe said.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
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Inside P&C’s news team runs you through the key highlights of the week.
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The growth figure represented a 1-point deceleration from the previous quarter.
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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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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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The Inside P&C news team runs you through the earnings results for the day.
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CFO Morin said Arch was able to deploy more capacity, resulting in a significant premium growth for property lines.
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The broker said that key hires – including Lucy Clarke – would pay off in improved results.
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The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.
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Early Q2 results show a sizeable performance gap across segments, from brokers’ continued organic growth to personal lines carriers’ rocky results.
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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 broker said it experienced headwinds from prior-year book sales, inflation and investment costs.
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The Inside P&C news team runs you through the earnings results for the day.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
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The insurer reported that the NA personal lines reserve release recorded in Q2 was primarily related to its auto portfolio.
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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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The firm posted a total of $400mn in P&C pre-tax cat losses, up from $291mn, while reserve releases were $200mn, down from $247mn.
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The January decision affected the company’s ability to offer primary-only policies and it subsequently did not believe the business model was viable long term.
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Still, the slowdown doesn't mean that a good business won't trade at high multiples, and the marketplace remains competitive for high-quality acquisitions, executives noted.
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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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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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Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Apart from public D&O and workers' comp, the specialty lines insurer is seeing “very strong submission growth”.
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The Inside P&C news team runs you through the earnings results for the day.
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After the $1.5bn cat loss, CFO Dan Frey said Q2 was the second largest ever cat amount the insurer has seen for a second quarter with six events over the $100mn mark.
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Global property cat rates were up 30% during the quarter.
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Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
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The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 2022.
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The results represent a return to double-digit expansion following three quarters of single-digit growth.
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Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
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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 company added that prior and current accident year increases were related to a higher ultimate severity on previously closed claims in its property damage coverages.
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Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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The carrier experienced a downturn in investment performance during 2022.
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Antares Re recorded GWP of $854.5mn for 2022, of which $728mn was written in Europe.
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The legacy carrier reported significant unrealised investment losses.
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Inside P&C’s news team runs you through the key highlights of the week.
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The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity.
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The broker reported double-digit growth across US, international and global reinsurance operations.
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An uneven loss environment in personal lines calls for a cautious reading of reserves.
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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 carrier’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
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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 company booked another 4.6 points of adverse reserve development during the quarter, with 85% attributed to personal auto and 20% to commercial auto.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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The company did not provide prior-year period figures as it usually discloses its results on a semiannual basis.
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The company’s gross written premiums totaled $83.2mn in Q1 2023, marking a 54% increase year on year.
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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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Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21.
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The carrier expects NA crop volumes to decrease in 2023 year-over-year due to commodity price developments.
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The company experienced unfavorable reserve development of 2.6 points during the quarter, with 85% attributed to auto and 20% to commercial auto.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
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The (re)insurer’s losses were driven by various cat events, including the earthquake in Turkey and flooding in New Zealand from Cyclone Gabrielle, both in February.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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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 conglomerate said its cat losses for the first quarter this year were driven by exposure to the recent earthquake in Turkey.
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Personal auto rates increased 9% in the first quarter, and Intact remains confident it can maintain a sub-95% CoR for the segment in the foreseeable future.
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The quarterly performance was driven by the global retail market unit which reported $892mn in catastrophe losses during the quarter.
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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 UK&I segment’s combined ratio improved to 94.6% from 104% in Q4 as it focused on more profitable business in personal lines and sought rate increases for commercial lines.
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Skyward’s surety book grew over 50% in Q1 after the company invested in a new surety platform with industry analytics.
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Two of the verdicts were around $15mn and two were between $40mn and $45mn.
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To seize the market opportunity, the company plans to raise non-convertible debt with closure expected in Q2 2023.
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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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HCI was modelling a decrease in claim frequency of about 15% to 20% and in litigation frequency of about 3%.
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The specialist’s ex-cat LR improved 2.4 points to 61.1% benefitted by the continued run-off of exited lines and the shift in the mix of business.
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The specialty P&C segment’s underlying loss reflected claims severity trends, largely from prior accident years, which adversely impacted the calendar year loss ratio.
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Adjusted Ebitda for the quarter increased to $6.7mn compared to -$6.0mn in the prior year period.
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Hippo’s gross loss ratio remained unchanged at 76% and its net loss ratio rose 23 points to 273% as the InsurTech was hit by catastrophic events in Q1, mainly in California.
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New sidecar Outrigger Re posted a combined ratio of 21% and gross written premiums of $44mn.
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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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However, the carrier reiterated its prior guidance of a return to underwriting profitability In H2 2023 with a 2024 financial target of achieving 10%+ in full year RoE.
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The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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Q1 earnings calls reinforced existing trends for rates even as they threw up surprises for cat losses.
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The carrier also reported lower claims frequencies, offset by increases in claims severities.
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Beginning in Q3, AIG will act as a fronting partner for AFG during a transitional period of the transaction.
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The carrier reported a Q1 2023 combined ratio of 94.5%, which improved 35 points year on year, driven by lower weather 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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Executives were speaking after the broker reported Q4 earnings, in which organic growth accelerated 2.6 points sequentially but slowed 7.2 points year-on-year to 12.9%.
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The firm’s North America operations recorded $116mn of cat losses in Q1 while the international division reported $148mn losses.
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The company’s net current accident year weather losses totaled $12.8mn, down from $63.8mn in Q1 2022.
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The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
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The firm reported $55.3mn cat losses in Q1, of which $35.1mn were recorded in the standard commercial lines segment and $14.6mn in personal lines.
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The company is seeing high single-digit loss cost trends, so the carrier will file for rate ‘even in states where we at target’.
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While SiriusPoint CEO Scott Egan said the committee of independent directors will examine any acquisition proposals, he added that there’s “no assurance” any deal will be executed.
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The company’s reinsurance structure is “almost entirely renewing at 1 July”, Bixby said.
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The carrier attributed its results to strong investment returns.
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The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends.
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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 Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.
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The InsurTech slimmed its net loss to $65.8mn during the quarter, compared to $74.8mn in Q1 2022, as it grew both GWP and premium per customer.
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The InsurTech slashed its operating loss by 59% year on year to $29.8mn, as gross loss ratio narrowed by 12.6 points to 71.5%.
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The commentary follows AFG’s Q1 2023 earnings announcement on Tuesday, in which the carrier reported a 5.2-point deterioration in its P&C operations combined ratio to 89.2%.
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Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favor of property cat reinsurance.
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In March, there were 280,000 civil lawsuits filed in Florida industry-wide, up nearly 130% since the all-time high of May 2021.
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E&S increases in high single to low-double digits and property rose by 45% in Q1.
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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 cat losses outweighed the Q1 $15mn reserve charge that resulted from lower-than-estimated losses and loss adjustment expenses in the homeowners’ business.
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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.
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The Hanover’s ex-cat CoR rose to 91.7% in the first quarter, up from 89.8% a year earlier as the company posted lower reserve releases.
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Progressive booked a $621.2mn adverse development, compared with a $190.8mn reserve charge in Q1 2022.
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Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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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 events were widespread, but each was under $100mn in size.
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The company posted a 1.2-point increase in its loss ratio to 58.6%, as the firm saw less-favorable reserve releases and slightly higher cat losses during the quarter.
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The company achieved renewal written price increases of 10% in the first quarter and expects increases to accelerate into the high teens later this year.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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Inside P&C’s news team runs you through the key highlights of the week.
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Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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The carrier booked $185mn in catastrophe losses from winter storms, as well as tornado, wind and hail events across several regions of the US, in line with its preliminary disclosure.
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Overall, the carrier reported a combined ratio of 100.7% for the quarter, which was 10.8 points higher than the prior year period.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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Arch plans to “take advantage” of these favorable market conditions, and may expand PML to 10%-12% of shareholders’ equity by July 1, from the current 8.1%.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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This may slow premium growth but ensure sustainability long term, according to its insurance president.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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The broker reported new business and increased retention in aerospace, financial solutions and natural resources.
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Markel also disclosed that its Q1 2022 underwriting results included $35mn of losses attributed to the Russia-Ukraine conflict.
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The decrease was also driven by non-renewals of some marine business in Q1 as well as declines in some specialty lines including liability, and accident and health.
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The company also reported top-line growth of 25.8%, with gross premiums written during the quarter totaling $4.8bn.
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Pricing in NA commercial P&C increased 11.2%, including changes in rate and exposure of 6.4% and 4.5% respectively, while loss cost trends rose 6.7%.
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D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
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Pre-tax and after-tax catastrophe losses were $458mn and $382mn, respectively, compared to $333mn and $290mn in the prior year period.
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“In a business that’s $2bn+ of revenue, the impact of Florida today vs 15 years ago is much different,” president and CEO J Powell Brown said on a conference call.
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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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Competitor Marsh McLennan also reported a reacceleration of organic growth in the first quarter to 9%, coming above the 7% reported in Q4 2022.
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The cat losses are expected to add 15 points to Horace Mann’s Q1 combined ratio, compared to a pre-tax loss of $7.3mn or 4.8 points in Q1 2022.
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The specialty insurer booked $47.9mn of cat losses – or 1.9 points on its CoR – in Q1 and one point of unfavorable reserve development mostly related to property cat losses.
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Management was speaking after RLI reported a Q1 combined ratio of 77.9% for Q1 2023, unchanged compared to the prior-year quarter, as top line growth accelerated sequentially to 15.6%.
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The broker expects the restructure to result in savings of $300mn by 2024.
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John Howard, CEO and chairman of Truist Insurance Holdings, noted that the response to its minority sale to Stone Point had been “very positive”.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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Organic growth fell 90 basis points from 5.6% in Q4 2022 due to carrier capacity constraints and slower growth in wholesale.
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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 Bermudian carrier reported GWP of just over $4.3bn in 2022, a 10% increase on the year prior.
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The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.
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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
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The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.
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The main drivers were severe weather and tornado events in the US, with a majority of claims caused by wind and hail.
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The increased catastrophe losses were driven by severe wind and hailstorms in multiple states.
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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 carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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An early look suggests a mixed bag for carriers, as an extended pricing cycle competes with loss cost inflation and cat activity.
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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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Industry reserve releases mask adverse development trends, particularly in personal lines.
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The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.
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The carrier booked unfavorable prior accident year reserve development of 3.4 points, driven primarily by its personal auto products related to recently passed legislation in Florida.
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The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.
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United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.
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For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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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 non-life underwriting profit for the quarter came to $368mn compared with $313mn in the prior-year period.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier also booked unfavorable prior accident year reserve development of 3.5 points.
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The company’s LR stood flat despite challenging trends in the auto market, which is seeing higher frequency and severity as inflation picks up.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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The carrier reported a Q4 consolidated loss ratio of 39.4%, down one point on the year as claims frequency declined while severity stabilized towards the end of the year.
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Property cat rates went up 50% while aviation, PVT and marine saw rises of around 25%+ during January renewals.
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2022 statutory data is now available, and results show winners and losers
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Hedge fund reinsurer Greenlight Re posted a 57.2% loss ratio for the fourth quarter, marking a 1.6-point improvement from the prior-year period.
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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 Bermudian’s underwriting profit and combined ratio worsened due to an increase in claims.
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The carrier currently offers excess and surplus lines products in Carolina and Florida.
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The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company expects to turn adjusted Ebidta positive by the end of 2024 with cash of at least $400mn.
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The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.
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Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.
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Heritage’s net current accident-year catastrophe losses in the quarter went down 8% to $27.5mn from $29.8mn in Q4 2021.
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The firm said the loss is related to replacement coverage costs from policies that were placed in 2022 but were underwritten by an unsatisfactory carrier.
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Those two lines, along with transactional E&S and captives, generated gross written premium growth of over 35% in the fourth quarter of 2022.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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The broker earlier reported that its Q4 organic growth decelerated 3.4 points sequentially and 5.1 points year-on-year to 10.3%, amid an overall public broker market slowdown.
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The carrier’s Q4 underwriting results benefited from a shift in the mix of its portfolio, continued run-off of some exited businesses and lower catastrophe losses.
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This marked a 5.1-point slowdown compared to the prior-year period.
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Management spoke with analysts after the carrier released its 10-K and the CEO’s shareholder letter.
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The firm booked a Q4 $5mn reserve release that represented a favorable effect on its results of 2%, down from 6.7% in Q4 2021.
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Despite the suspension of the casualty reinsurance business, CFO Sarah Doran told analysts that she expects the company’s total gross premium to grow in 2023.
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Buffett said Berkshire's financial strength allows its insurance subsidiaries to “follow valuable and enduring investment strategies” unavailable to competitors.
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The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.
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The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.
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The carrier’s loss ratio for its casualty reinsurance business declined to 74.5% from 380.7% in the prior-year period.
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The carrier raised rates on average of 19% across the segment in 2022, with larger increases in Florida and hail-prone states such as Colorado and Oklahoma.
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The deterioration was driven by increased cost inflation in property and physical damage claims, which began to accelerate in the second half of 2021 and continued through 2022.
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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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Inside P&C’s news team runs you through the key highlights of the week.
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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.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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Lemonade will lean more into growing its renter's book in 2023 than it has in the past while it waits to see the rate impacts in other books.
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CFO Rob Bateman said that loss ratio improvements and adjustments around cost structure will work to bring the cash burn down.
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The improvement was driven by higher earned premium and lower employee-related costs, as well as more favorable cat-loss development.
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The AIG 200 project has officially ended, with the goals met ahead of schedule and under-budget, but there is still work to do to close the gap with competitors.
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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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R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
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Embedded partner Carvana accounted for 41% of new writings in Q4 2022, plateauing from 38% in Q3 2022 and 27% in Q2 2022.
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The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.
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The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.
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During the quarter, real rates were up around 7% in the aggregate, compared to 8% in Q3 2022, according to management comments during the company’s conference call.
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Executives were speaking after Fairfax reported a headline combined ratio of 90.9%, an increase of 2.8 points year over year.
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The increase in GWP was driven by higher new and renewal business writings and higher final audit premiums, the company said.
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The company's GWP growth slowed further in the fourth quarter of 2022, increasing roughly 7.4% year-over-year to $7.0bn.
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In its press release, CEO Mike Kehoe noted that the company capitalized “favorable E&S market conditions while maintaining underwriting and expense discipline”.
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The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.
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Pricing, which includes rate plus exposure, was up 6% for both North America and international.
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North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.
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The carrier also booked unfavorable prior accident year reserve development of 6.5 points, driven primarily by its personal auto products.
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The carrier cited inflation, repair and part costs, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity.
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The Bermudian increased its cat load to $100mn-$120mn in Q1 2023, compared to around $80mn a quarter for 2022.
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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.
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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.
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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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Zurich NA’s P&C CoR decreased to 91.3% in 2022 from 92.4% in 2021 while the group’s CoR remained at 94.3%.
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The executive said the broker stopped receiving client proposals whilst it was set to be taken over.
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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.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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The broker has experienced a resurgence in growth under new leadership and strategy.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.
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The carrier will now share the next $900mn with reinsurance for a catastrophe event, while in 2022 it retained the first $100mn and shared the next $800mn.
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While executives remained upbeat about property rates through 2023, commentary surrounding casualty rates were a bit more cautious, especially on the public D&O space.
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The firm’s underlying CoR increased 2.2 points to 87.8% as the insurer saw a margin deterioration in all three of its P&C segments – commercial, personal lines and E&S.
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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 firm’s results and guidance show resilience in the face of economic headwinds.
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The carrier also increased its casualty loss cost assumption to 6% from 5.5%, driven by increased economic and social inflation.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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The broker’s president also noted a stabilization in primary pricing outside of property.
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Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
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CEO Joe Lacher projected that the company will be profitable in the first half of the year and produce an underwriting profit in the second half.
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Net losses from Winter Storm Elliott included $151mn in commercial lines and $16mn in personal lines.
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The company booked pre-tax net cat losses of $45.7mn, which included $46.1mn of net losses from Winter Storm Elliott.
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Public D&O and higher excess liability are two areas where the company is “not quite getting” to where it wants to be in terms of rates, co-CEO Carl Lindner said.
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On an earnings call Markel’s president of insurance Jeremy Noble spoke to analysts, who are watching loss cost trends closely as rate rises taper.
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Part of the company's plan to improve auto insurance margins is to file for greater rate increases in 2023, along with lowering operating expenses and advertising spend.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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The property and transportation division’s CoR deteriorated 9.5 points to 90% in the fourth quarter, driven by its crop insurance operations.
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The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.
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The firm recorded a $282mn reserve charge in the quarter, of which $180mn was related to an increase in personal auto claim frequency attributable to prior accident years.
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The firm’s personal lines segment booked an ex-cat CoR of 98.9% (up from 92.1%), driven primarily by inflation and supply chain delays.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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The CEO also told analysts there is currently no M&A on the table for Chubb.
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The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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The Elliott losses were offset by less severe storms and favorable loss reserve development on previous catastrophe events, primarily ones that occurred in 2022.
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Axis has reported good results as it heightens its focus on specialty business, but it remains to be seen if it can close the value creation gap.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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Operating EPS for the quarter jumped 13.7% from Q4 2021 to $1.16, beating analyst consensus of $1.10 per share.
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Gallagher’s adjusted earnings per share climbed 18.5% to $1.54, beating analysts’ consensus of $1.49 earnings per share in Q4.
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RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The insurer estimated a 109% combined ratio for Kemper Auto in Q4, which included $7mn of adverse legal cost development for the first three quarters of last year.
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The executive said the January 1 renewal was the “most challenging” in almost two decades.
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Organic growth has been slowing after a period of bumper double-digit expansion.
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The insurer’s NWP grew 14.4% to $298mn, while GWP rose almost 14% to $384mn in Q4.
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The company's net cat loss ratio increased to 18% from 8.3% in November, attributed primarily to winter storms, wind and thunderstorms.
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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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Property rates increased 20% to 40% in Q4, and some customers were unable to buy full limits and ended up increasing their deductibles or purchasing lower limits.
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While performance in commercial lines was “exceptional”, personal lines suffered.
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Consolidated organic growth on a year-on-year basis, however, fell by 1.2 points amid a slowdown in the broker's retail segment.
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In its preliminary Q4 earnings announcement, the carrier estimated a combined ratio of 94.7% for the quarter.
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Inside P&C’s news team runs you through the key highlights of the week.
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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 insurer said its cat estimate is driven by $165mn of losses related to Winter Storm Elliott.
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Organic growth fell 90 basis points from 6.5% in Q3 2022, but both underlying exposure and inflation continued to provide gains.
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For the same period in 2021, the company reported a combined ratio of 98.9%.
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Poor macroeconomic conditions loom, but reinsurers, brokers and personal lines carriers are expected to share positive results.
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Price-to-book multiples for insurers have increased materially over the last two years, but drops in equity partially drove the increase due to unrealized losses.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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 insurer’s underlying loss ratio fell almost two points sequentially to 75.5% in November.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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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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In the uncertain economic landscape, investors have shifted toward value stocks like insurance, with increasing movement around this earnings season and the election.
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Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.
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The company’s Q3 organic growth decelerated 8.6 points sequentially and 15.2 points year-on-year to 13.7%.
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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.
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The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.
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Total revenues at the Chicago-based wholesale broker increased 16.7% to $412mn from Q3 last year, driven by the expansion of the E&S market, organic growth and M&A.
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The company retained $10mn of $27mn in gross losses from Ian, which accounted for 3.4 points on the loss ratio.
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The Illinois-based carrier said its crop insurance business contributed almost 40% of the growth in the region.
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The CEO added that Root was in a “very conservative stance” with its loss trend assumption, as the actual numbers seen right now were lower.
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Floridians had a hard quarter, but they are fighting to regain stability after Ian.
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The executive added that the company's expected retention from a second event is estimated at $31.8mn.
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The company reported a 56.8% improvement YoY in its operating losses along with a 33% decline in auto policies in force.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021.
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Management said there are early signs that inflationary pressures – which have pushed severity in personal auto in recent months – are easing.
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The chief executive added that his company will continue to take a conservative approach to reserving, as the process remains less consistent amid Covid’s enduring impact on closing patterns.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.
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The carrier’s operating direct written premium ticked down 0.1% to $5.4bn year-on-year, compared with a growth rate of 35% in Q2.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.
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The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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The insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.
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The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.
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The personal auto giant still grappled with increased claims severities driven by cost inflation in property and physical damage claims.
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The executive said the company’s diversification allowed it to absorb significant losses while remaining profitable.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Of the cat loss figure, roughly $561mn, or 10.5 points on the CoR, was related to Hurricane Ian, and hailstorms in France contributed $92.5mn, or 1.7 points on the CoR.
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The increases were driven by higher US non-cat losses, primarily due to personal auto, personal property and business lines, as well as higher current-year losses in global risk solutions.
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On a call with analysts, Lindner said AFG is assuming commercial auto liability loss cost trends at 7%.