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Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.
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Executives said that current estimates for Hurricane Ian losses are favorable relative to Travelers' corresponding market share.
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The firm booked a Q3 reserve charge at its business insurance unit driven by $212mn asbestos-related losses.
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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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Margins contracted as performance-based incentives and T&E costs increased.
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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 reported that $585mn was recorded from auto losses incurred, including boats and recreational vehicles.
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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 full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.
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The insurer said the overall break-up and sale strategy that represented a $175mn gain was equivalent to 180% of American Reliable’s book value.
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The industry net loss and LAE ratios decreased 7.3 points year-over-year, while expense ratios improved by 5.9 points.
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The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.