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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
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The insurer reported that the NA personal lines reserve release recorded in Q2 was primarily related to its auto portfolio.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The firm posted a total of $400mn in P&C pre-tax cat losses, up from $291mn, while reserve releases were $200mn, down from $247mn.
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The January decision affected the company’s ability to offer primary-only policies and it subsequently did not believe the business model was viable long term.
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Still, the slowdown doesn't mean that a good business won't trade at high multiples, and the marketplace remains competitive for high-quality acquisitions, executives noted.
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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
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Inside P&C’s news team runs you through the key highlights of the week.