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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.
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The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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The insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.
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The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.
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The personal auto giant still grappled with increased claims severities driven by cost inflation in property and physical damage claims.
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The executive said the company’s diversification allowed it to absorb significant losses while remaining profitable.
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Of the cat loss figure, roughly $561mn, or 10.5 points on the CoR, was related to Hurricane Ian, and hailstorms in France contributed $92.5mn, or 1.7 points on the CoR.