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The company has cut its expected full-year EPS by roughly 26 percent.
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The Hartford, CNA, Arch and The Hanover all dropped more than 6 percent on Wednesday, performing worse than the broader market.
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The Great American Economic Revival industry groups include senior executives from sectors including energy, hospitality and banking. -
The state regulator wants insurers to work with their customers as risk exposures change.
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Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
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The groups sent a letter of opposition yesterday to the California congressman.
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The proposed legislation would potentially have a cataclysmic impact on insurers’ balance sheets, according to industry trade bodies.
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The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.
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Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
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The bill follows similar legislation proposed in six other states.
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The US President was speaking in a White House press conference on Friday.
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Under a draft bill seen by this publication the scheme would pay out when aggregate claims surpass $250mn.
