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The Chicago carrier remains in the black at underwriting level, with a combined ratio of 96%.
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The company warns of growing net investment income pressures.
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Yesterday RLI reported Q2 earnings, putting up operating EPS of $0.77.
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Covid-19 has led to a drop in loss frequency, helping WRB report an underwriting profit in Q2.
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The company pointed to low interest rates and social inflation as driving rate, not Covid.
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The carrier sees no material coronavirus claims in the second quarter, though a near doubling of its natural catastrophe bill to about $90mn.
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Last week featured the first new data points on Q2 earnings with Progressive and Truist reporting. But P&C earnings season really kicks off this week with the traditional frontrunners set to report.
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This week the team looks at the serial underperformance of Bermudian syndicates at Lloyd’s and dissects the Q2 pre-announcements of Covid-19 losses from US insurers.
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The carrier says the claims stem largely from hailstorm and flooding events in Canada.
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The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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Its shares were up 11% after the news, implying markets had feared worse.