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Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.
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The specialty carrier lightly beats consensus but reports weaker casualty underwriting with limited details on the Covid-19 effect.
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Berkley missed analyst estimates as underwriting income fell, primarily as a result of a $67mn charge the company took in anticipation of losses stemming from Covid-19.
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Chubb beat consensus with improving insurance operations and strong growth, though it reported a notable decline in TBV.
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The firm reported a charge of $86mn associated with Covid-19 and related economic conditions, or 1.2pts on the firm’s combined.
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Early reporters eased the tension with strong Q1 operating trends and some optimistic commentary on BI exposures. That said, the level of uncertainty remains high and unchanged by new disclosures.
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The Chubb CEO said capital and liquidity “will be king” for carriers in the current environment.
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Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.
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Attritional losses hit a 14-year high due to worsening casualty trends and man-made losses.
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The executive says proposals to retroactively force insurers to pay BI claims would set a “dangerous precedent”.
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Q1 is showing early signs of revenue tailwinds waning for insurance brokers as Truist Insurance slashes its organic growth outlook.
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The carrier declines to give guidance amid pandemic-related uncertainty as it publishes below-forecast quarterly figures.