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The Bermudian will purchase less retro protection in 2023, and expects a “step change” in property cat rates, O’Donnell said.
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While market conditions remain favorable across most lines, the executive said he is beginning to see competitive pricing in certain lines of business.
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The executive said AIG expected growth opportunities ahead, including in the property cat market.
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For its personal auto book the firm anticipates rate renewals of 7% in Q4, up from 4.1% in Q3, and double-digit hikes in 2023.
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The executive added that Progressive is not open for new business in home, dwelling fire and condo coverages.
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James River CEO Frank D’Orazio said the firm’s losses from Hurricane Ian will be contained in the third quarter, as he discussed the carrier’s Q3 earnings in a call with analysts.
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The carrier cited inflation, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity and its third-quarter loss ratio compared to Q3 2021.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The company reported a $5mn loss related to Hurricane Ian, which affected the specialist’s excess property underwriting division.
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The personal lines unit reported a combined ratio of 107.3%, marking a 3.5-point deterioration from the 103.8% CoR reported in the prior-year quarter.
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The firm’s North America CoR deteriorated 8.3 points to 114%, but the international division’s CoR improved 13.3 points to 81.4%.