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The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity. -
The broker reported double-digit growth across US, international and global reinsurance operations.
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An uneven loss environment in personal lines calls for a cautious reading of reserves.
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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’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
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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 company booked another 4.6 points of adverse reserve development during the quarter, with 85% attributed to personal auto and 20% to commercial auto.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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The company did not provide prior-year period figures as it usually discloses its results on a semiannual basis.
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