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The year-over-year improvement was driven by a 15.9-point improvement in its combined ratio and 26.7 percent growth in net investment income.
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The reinsurer’s non-life combined ratio deteriorated by 1.9 points to 92.8 percent.
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The firm’s executives echo fellow brokers in questioning suggestions of significant market firming.
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The reinsurer beat estimates of $3.71 per share and reported raising $700mn in capital through third-party vehicles.
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The specialty insurer reported earnings of $0.82 per share, beating analysts’ consensus of $0.64 per share.
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The insurance giant enjoyed improved pricing and an improved underwriting environment during 2019's second quarter. -
Commercial auto pain continues, but loss trends also spreading to GL
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J Powell Brown said E&S in the London market was the most pronounced pocket of price expansion.
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The result was driven by organic growth, $77.1mn in revenue from acquisitions and a light margin expansion.
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Excess and surplus casualty submission are up 5 percent year on year, COO Craig Kliethermes said.
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The carrier is expecting claims to more than double from the year-ago period.
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