Third Point Re posted a strong improvement in underwriting results last night, with the company’s ex-cat combined ratio hitting below 100% for the second consecutive quarter and for the year.
The Boston-based mutual insurer swung to a $299mn quarterly net loss from continuing operations as a $555mn reserve charge from liability, casualty, and specialty lines hurt results.
What can go wrong? Lower yields. Market-linked income under pressure. Rising loss costs. Mean reversion in personal auto and workers’ comp. Welcome to 2020?
The Floridian ended 2019 with another disappointing quarter that included lower catastrophe losses, offset by prior year development and a current accident year true-up.
AM Best issued a cruel blow to the sense of a new dawn at Argo with a ratings downgrade and a negative outlook, largely citing corporate governance concerns.
