Earnings

The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.

The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.

The Inside P&C news team runs you through the earnings results for the day.

The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.

CEO Robinson said Skyward continues to see “strong submission activity” as business flow rose over 20% year-on-year.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

The Inside P&C news team runs you through the earnings results for the day.

The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.

Lower losses reflected higher average premiums per auto policy, increased reserve releases and lower claims frequency, which were partially offset by higher severity.

“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.

Inside P&C runs you through the highlights and exclusive news broken by our team this week.

The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.