CNA
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Miralles will leave the company in September and will transition to a career in technology. -
Michael Costonis will assume the new position of global head of marketing, strategy and innovation.
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The company added a new property quota share treaty at June 1, which reduced net written premiums in the quarter by $122mn.
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Gross written premiums grew 8%, despite ‘transactional limitations’ at the beginning of the quarter tied to the March cyber intrusion.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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The figure CNA paid is almost 10 times the $4.4mn that Colonial Pipeline paid following the ransomware attack it incurred earlier this month.
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Policyholders are homing in on loose policy wordings to convince courts that insurers have acted in bad faith.
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Dino Robusto says the carrier continues to review data affected by the attack and to determine what notifications it must make, if any.
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The carrier improved its underlying combined ratio by 1.8 points as higher earned premiums helped the company lower its expense ratio.
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The carrier’s forensic investigators say the incident has been contained.
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The insurer said the attack impacted certain CNA systems, including corporate email.
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The CEO notes the insurer achieved rate hikes of about 40% on aging services risks during the quarter.
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