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The carrier reports a fall in compensable losses in nearly all states, including California. -
On its fourth quarter call, AIG management shared it received “quality” interest from parties willing to acquire a minority interest in its life and retirement business.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The company benefited from improved underlying results, premium growth at its US operations, and a much smaller reserve hit.
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An IPO remains on the table, alongside the option of a minority stake sale.
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Net written premiums fell by 8.3% as the carrier took action to improve commercial auto profitability.
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The GI commercial unit boosted net premiums by 8.5% in the quarter, led by a 21% rise in property business.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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The carrier anticipates a combined ratio of between 122% and 125% for the quarter.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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Arch anticipates mortgage insurance returns to be in the mid-teens, with P&C insurance and reinsurance in double digits.
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The company’s profits were bolstered by sharp underwriting improvement at Odyssey, which was offset by deterioration at Brit.
