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Kinsale Capital Group reported a leap in Q3 net operating income, boosted by rate increases, lower catastrophe costs and favorable development. -
Aon is the latest of the major brokers to report rising growth levels this quarter.
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Positive earnings results point to the firm meeting full-year guidance, but will it hit the 500 points improvement in margin by 2024?
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CEO G. Janelle Frost said rising wages and employment signaled inflationary pressures in workers compensation as the US economy rebounded.
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Renewal pricing in Q3 continued to be ahead of the company’s estimate for prospective loss cost trends for each P&C segment, CinFin CEO Steve Johnston said.
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Kemper’s specialty P&C loss ratio spikes, driven by legal developments and increased severity in personal injury protection coverage in Florida.
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The segment fell to a $17mn underwriting loss, despite higher earned premiums and an improved underlying loss ratio.
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Brokerage margins contracted slightly, as the savings achieved during economic lockdowns reversed.
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The CEO also detailed the carrier’s efforts to capitalize on surging primary casualty rates through proportional treaty business.
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Hurricane Ida added $75mn in losses to an already active cat season within the carrier’s geographic footprint, the chief executive said.
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The CEO said his company is ‘convinced’ the firming cycle has legs, while also acknowledging the company “relied heavily” on its mortgage unit when returns in P&C were less attractive.
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On an earnings call to discuss Q3 results, Willis CEO John Haley said staff attrition has peaked following the aborted Aon takeover.
