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The Inside P&C news team runs you through the earnings results for the day. -
Concern around prior-year loss development and social inflation is impacting the market.
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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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Adjusted earnings per share increased by 33% and the group also reported margin expansion.
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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 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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