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The improvement came from better results in casualty and financial indemnity, while underwriting losses in commercial auto narrowed. -
The embattled carrier has received a letter of delinquency over its failure to publish its quarterly earnings.
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Prior-year reserve development continues to weigh on the segment’s results.
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Auto carrier pledges to hold a belated AGM in August.
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Umbrella covers and commercial property "hardening at fastest pace since 9/11”.
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The carrier’s April results displayed multiple moving pieces from the Covid-19 crisis, including lower loss ratios in personal and commercial auto, but also a higher expense ratio and lower growth.
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The company released its Q1 results which included a 158% decline in operating EPS to $(0.18) and a 7.5pt increase in its combined to 107.2%.
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The New Jersey-based carrier lowered full-year 2020 guidance on both underwriting and net investment income based on expectations of top-line and alternative investment income pressures.
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Syndicate 1729 takes a pair of trucking underwriters from Neon.
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The carrier’s executives say it has made substantial progress in resolving historic liabilities related to the account.
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Preliminary data for April suggests auto frequency is down around 50%. We expect this could put pressure on for more/bigger premium rebates, and potentially add liquidity stress to intermediaries.
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Yesterday morning Progressive released its March results, giving a first look on the impact of the Covid-19 shutdown on insurance financials.
