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AIG recorded favorable excess casualty reserve development for AY prior to 2016 of $33mn.
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In November, the company said it aimed to reach the goals between 2024-2026.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Q2 cat losses of $325mn included $156mn in NA mainly from US SCS and $169mn overseas.
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Low Q2 cat losses spurred combined ratio improvement, but wildfires and floods loom.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The carrier is looking to grow products with lower cat exposure such as renters and pet insurance.
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The outage is not expected to impact Axis’s financials at this time.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Reserve analysis shows that OL reserving may be insufficient for recent AYs.
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Overall long-run loss cost trends are unchanged at around 6.5%.
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The company also announced a $5.1bn take-private deal with Sixth Street.