Selective
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Commercial carrier earnings continue to show mixed prior-year development.
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The $55mn hit is about 3% of the carrier’s general liability net reserves.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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Insurance Insider US runs you through the earnings results for the day.
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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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The Inside P&C news team runs you through the earnings results for the day.
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Chief accounting officer Anthony Harnett will step in as interim, while Selective conducts a global search process to identify a new CFO.
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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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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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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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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 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 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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