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The investment changes will support the company’s continued push into the property catastrophe space.
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Earnings per share easily exceeded analysts’ forecasts, while the overall and North American commercial insurance combined ratio both improved significantly.
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The carrier meaningfully cut back gross limits while booking rate gains to improve the quality of its general insurance portfolio in Q2. -
General liability and reinsurance premiums written over the period fell as the carrier reported elevated catastrophe and liability claims.
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The Alabaman carrier’s loss ratio deteriorated by 8.2 percentage points to 80.5 percent.
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The Bermudian total return (re)insurer affirmed Daniel Malloy as CEO and appointed him to the company’s board of directors.
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Higher NII from alternative investments and better commercial P&C underwriting improved results.
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The CEO discussed the company’s response to a lawsuit by Capital Returns Management during a conference call Wednesday.
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It was the seventh consecutive quarter of upward price movement and nearly double the previous quarter’s price change, according to the broker.
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Investment income increases, while the group’s non-life run-off operations and Lloyd’s business Atrium post an improved performance.
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The combined ratio deteriorated by 1.3 percentage points to 95 percent.
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Earnings jumped by 26.8 percent year over year as the carrier noted a tightening E&S environment and rate rises across most lines of business.
