Alleghany

The executive said that pricing for the coverage was "terribly set" after reported industry losses came in "stunningly large".

Underlying margins at all three of Alleghany’s insurance business improved, but $80mn in catastrophe losses led underwriting profits at RSUI to fall.

Former GenRe CEO Joseph Brandon takes over as president in March before becoming CEO at year-end.

Alleghany’s combined ratio improved 15 points to 98.9% over the period, driven by a 13.5% fall in the carrier’s loss ratio.

The Odyssey business expands its surety operations through the purchase of the privately held group.

TransRe’s third-quarter top line increased by 11%, aided by growth in its casualty and other segment.

Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.

A $40mn underwriting loss driven by Covid-19 claims led Alleghany’s earnings to fall by 40% from last year.

Alleghany reported an underwriting loss after its reinsurance segment took a $153mn charge tied to Covid-19-related losses. Underlying margins at TransRe and RSUI improved overall.

Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.

Alleghany reported an operating loss of $5.87/sh on Wednesday, a deterioration from last year’s operating loss of $4.35/sh.

The government-run flood insurance provider secured $1.33bn in reinsurance coverage for 2020.