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The increases were driven by higher US non-cat losses, primarily due to personal auto, personal property and business lines, as well as higher current-year losses in global risk solutions.
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On a call with analysts, Lindner said AFG is assuming commercial auto liability loss cost trends at 7%.
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The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.
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In the third quarter, the company's underlying combined ratio, stripped of catastrophe losses and reserve development, totaled 94.7%, compared to 90.4% in the corresponding period.
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The personal lines carrier expects to implement additional rate increases in the fourth quarter of this year, and into 2023.
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The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year.
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The carrier also revealed $19.5mn in Hurricane Ian losses.
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SiriusPoint International CEO Monica Cramér Manhem has decided to retire from the business.
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The CEO added that the company has also established an offshore captive and is in the process of creating a reciprocal exchange.
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CEO Tom Wilson added that Allstate is expanding its plans to reduce personal lines insurance in states with “unacceptable auto and home insurance margins”.
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The company’s top line grew 18.7% to $3.15bn, primarily due to growth in the crop insurance business.
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The company posted lower cat losses despite a $10mn net loss attributed to Hurricane Ian.