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The Hartford and Aon also posted notable, though more muted, stock bumps. -
Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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The carrier’s CoR increased 15.9 points YoY to 116.1% on unfavorable GL development.
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Longstanding investor Stone Point will continue as a partner and board member.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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Sources said the deal between the PE firms valued the broker at in excess of 16x Ebitda, or $4bn+.
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It is understood that the goal is to use a capital injection to form a reciprocal.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
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Insurance Insider US recently revealed the parties were in advanced sale talks.
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The executive gave his view on the (re)insurance landscape and the impact of PE on the sector.
