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Since the start of the Covid-19 crisis, we have argued that the most likely outcome for P&C carriers is a get-out-of-jail-free card on loss trends due to lower frequency. -
Reserve development is stable following $15mn charge in last year’s quarter.
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The recently listed company pegs rate growth at 19% in the second quarter.
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The chiefs of the Talanx-owned business name the US as a key target market.
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The group’s combined ratio improved by 9.5 points to 95.9%.
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Investment gains propel the result, which follow a $516.8mn net loss in Q1.
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Geico’s combined ratio came in at 77.2% down 18 points as frequency fell 24% to 30% across all product lines.
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The company generated $1.34/share in net earnings, doubling the reinsurer’s total profits from a year ago.
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The company increased non-cat reserves by $26mn in the second quarter.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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CEO Colberg confident the insurer can pick up many of Sprint’s 54 million customers following the merger.
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The insurer benefited from both lower loss and expense ratios.
