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Rates at Travelers increased by “double digits”, excluding workers comp. -
The state's insurance commissioner has been one of the most active in mandating carriers return premiums to insureds in response to the Covid-19 pandemic.
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Claims were initially feared to soar as high as $34bn, according to a state regulatory agency.
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Keith Thurman will lead the build-out of the operation from the Atlanta office
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The executive says carriers have not underwritten or priced for statutory developments.
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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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On Friday, workers’ comp specialist EIG held its Q1 conference call, giving the first pure-play lens on a market facing a sentiment tipping point.
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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?
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Both the public workers’ comp pure-plays reported Wednesday with somewhat conflicting signals.
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Co-CEO Carl Lindner’s comments at the Bank of America conference serve as a reminder of the thinning margin of error in workers’ comp.
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On Thursday morning, Travelers reported EPS of $3.32 versus $2.13 YoY and a headline beat versus analyst consensus of $3.29, in part driven by low catastrophe losses (thanks to an aggregate reinsurance recovery).
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James River reported a net operating loss of $0.73/sh, better than the consensus estimate of a $0.92/sh loss but down from $0.64/sh profit made in Q3:18 as prior year Uber-related losses stung.
