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Universal also took a modest reserve charge of a little more than $4mn. -
Other notable items included a $1.3bn write-down of the company’s equity portfolio due to the market sell-off in March
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The broker posted outstanding results for the second consecutive quarter as the industry faces an “out-of-sample” recessionary environment.
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J Powell Brown says the pandemic will likely hit the broker’s employee benefits and workers’ comp business most acutely.
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CEO and chairman David Long says the carrier’s investment portfolio will bear the brunt of the pandemic.
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After a surprisingly positive start, new data points emerging from Q1 earnings are skewing negative. In fact, the drip-drip of bad news is starting to become a stream.
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On Friday, workers’ comp specialist EIG held its Q1 conference call, giving the first pure-play lens on a market facing a sentiment tipping point.
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The reinsurer further noted that it does not expect material claims to result from the coronavirus pandemic.
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The step follows the resignations of four directors earlier this week.
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The (re)insurance group expects to report a combined ratio below 100 percent and investment income of $148mn.
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The second day of P&C earnings played out with more of the “leaning in” to negativity we had been expecting, and led to investors punishing the stocks of Chubb and RLI.
