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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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Q1 earnings calls reinforced existing trends for rates even as they threw up surprises for cat losses.
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The carrier also reported lower claims frequencies, offset by increases in claims severities.
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Beginning in Q3, AIG will act as a fronting partner for AFG during a transitional period of the transaction.
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The carrier reported a Q1 2023 combined ratio of 94.5%, which improved 35 points year on year, driven by lower weather losses.
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Executives were speaking after the broker reported Q4 earnings, in which organic growth accelerated 2.6 points sequentially but slowed 7.2 points year-on-year to 12.9%.
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The firm’s North America operations recorded $116mn of cat losses in Q1 while the international division reported $148mn losses.
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The company’s net current accident year weather losses totaled $12.8mn, down from $63.8mn in Q1 2022.
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The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
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The firm reported $55.3mn cat losses in Q1, of which $35.1mn were recorded in the standard commercial lines segment and $14.6mn in personal lines.
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The company is seeing high single-digit loss cost trends, so the carrier will file for rate ‘even in states where we at target’.