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The highest releases in nearly 15 years challenge conventional wisdom on reserving. -
In July, The Woodlands Financial Group closed its IPO of 11 million Class A shares with gross proceeds of $187mn.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The firm bolstered US liability reserves by $650mn in the H1 2024.
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The losses are "well above expectations" and above 2024 cat loss guidance.
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Return on capital employed hit 13% last year as the cost of capital fell to 8%.
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The P&C industry reported its best Q2 combined ratio since 2021, but was still a loss-making underwriting result.
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The carrier also reported more difficulty than anticipated in realizing the value of collateral following the defaults.
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Total catastrophe losses stemmed from 20 events and were estimated at $587mn.
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The industry posted another strong quarter, but casualty reserves remain problematic.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Rand said the company remains “very bullish on the long-term value that NORCAL brings.”
