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Are this quarter’s positive results a sign of change for the company or a temporary blip? -
Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.
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AIG’s CEO Peter Zaffino said Friday the insurer’s life & retirement IPO plans are progressing, but may be pushed back to 2Q 2022.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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Progressive races for rate, with Allstate slightly slower to account for a recent acquisition and restructuring.
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The conglomerate posted $604.6mn in Hurricane Ida and European floods losses.
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The specialty insurer’s combined ratio dropped 54 points driven by improved underwriting results.
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The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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The better underwriting print came as the company continues to cuts its commercial auto exposure and despite being hit with $40mn in cat losses.
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The (re)insurer remains committed to cutting volatility and adjusting its risk profile by moving to specialty segments and repricing businesses where margins are inadequate.
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The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
