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The Insurance Insider US news team runs you through the earnings results for the day. -
Q2 cat losses of $325mn included $156mn in NA mainly from US SCS and $169mn overseas.
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Low Q2 cat losses spurred combined ratio improvement, but wildfires and floods loom.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The carrier is looking to grow products with lower cat exposure such as renters and pet insurance.
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The outage is not expected to impact Axis’s financials at this time.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Reserve analysis shows that OL reserving may be insufficient for recent AYs.
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Overall long-run loss cost trends are unchanged at around 6.5%.
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The company also announced a $5.1bn take-private deal with Sixth Street.
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CinFin added reserves in Q2 after incurred losses emerged higher than expected.
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The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
