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Top Stories / Ad / Most Recent
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Auto frequency benefits contributed to a 5.9-point fall in the loss ratio at its personal lines division. -
Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.
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Former JLT executive Micah Woolstenhulme is leading UFG’s reinsurance expansion.
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UFG reported an adjusted operating loss of $1.37 per share in Q3 compared with $0.40 per diluted share for the same period last year.
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The Worcester-based insurance group reported operating earnings of $2.46, beating analysts’ consensus of $2.18.
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The quarter is the second in a row the regional carrier has reported elevated cat figures.
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Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.
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The decision is thought to be the first ruling on summary judgment against the insurance industry.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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The figure was driven by hurricane and wildfire losses, and includes $10mn prior year favorable reserve development.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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