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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.
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CFO Frey noted that there was “nothing terribly significant in this quarter” with regards to the company’s view of loss trends.
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Catastrophe losses of $850mn were primarily the result of “numerous” severe wind and hail storms in multiple states, the company said.
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Pricing, reserves and uneven catastrophe losses will be the theme this quarter.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Program management arm Accredited, which is in advanced sale discussions, posted profits of $28.6mn.
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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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Nearly half of the cat losses incurred during the month of August were attributable to Idalia.
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The ratings agency said there had been no capital inflows through new company formations.
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AIG has been course-correcting since 2008, but recent efforts including AIG 200 seem to have finally set it in the right direction.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
