Earnings

Global property cat rates were up 30% during the quarter.

Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.

The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 2022.

The results represent a return to double-digit expansion following three quarters of single-digit growth.

Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The company added that prior and current accident year increases were related to a higher ultimate severity on previously closed claims in its property damage coverages.

Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).

The carrier experienced a downturn in investment performance during 2022.

Antares Re recorded GWP of $854.5mn for 2022, of which $728mn was written in Europe.

The legacy carrier reported significant unrealised investment losses.

Inside P&C’s news team runs you through the key highlights of the week.