Selective
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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. -
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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In its preliminary Q4 earnings announcement, the carrier estimated a combined ratio of 94.7% for the quarter.
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The regionals continue to find success in small and middle market business, as their pivot to a commercial focus has benefitted them.
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In the third quarter, the company's underlying combined ratio, stripped of catastrophe losses and reserve development, totaled 94.7%, compared to 90.4% in the corresponding period.
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The company posted lower cat losses despite a $10mn net loss attributed to Hurricane Ian.
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With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
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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 Q2, Selective's headline combined ratio deteriorated 5.7 points to 95.5%, driven by higher catastrophe losses and lower favorable casualty reserve development.
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The firm’s specialty pivot seems to be paying off in premium growth and value creation.
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The underlying combined ratio was 91.4% this quarter, compared to 89% a year ago.
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