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Casualty submissions rose over 70% while property increased over 20% YoY in Q3. -
Rates fell across all premium lines, especially for property and GL.
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The carrier reported total cat losses of $48.9mn during Q1-Q3 2024, versus $20.2mn in 2023.
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The carrier is seeing competition in all areas, including small private business and large public.
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The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.
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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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Initial expectations for the later storm prove overblown, while inland auto losses mount for the earlier event.
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Nicola Gaisford joined RiverStone from R&Q last year.
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The MGA platform will become part of Ryan Specialty Underwriting Managers.
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The carrier reported a “large closeout transaction” that benefited the CoR but created a 0.7-point headwind for the loss ratio.
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A quick roundup of today’s need-to-know news, including AIG's Q3 results.
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Excess casualty rates were up 10% and have been double-digit all year, the executive said.
