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In the uncertain economic landscape, investors have shifted toward value stocks like insurance, with increasing movement around this earnings season and the election.
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Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.
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The company’s Q3 organic growth decelerated 8.6 points sequentially and 15.2 points year-on-year to 13.7%.
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Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.
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The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.
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Total revenues at the Chicago-based wholesale broker increased 16.7% to $412mn from Q3 last year, driven by the expansion of the E&S market, organic growth and M&A.
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The company retained $10mn of $27mn in gross losses from Ian, which accounted for 3.4 points on the loss ratio.
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The Illinois-based carrier said its crop insurance business contributed almost 40% of the growth in the region.
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The CEO added that Root was in a “very conservative stance” with its loss trend assumption, as the actual numbers seen right now were lower.