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Social inflation an increasing concern for the specialty P&C and workers comp carrier as courts resolve pandemic overhang of cases.
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The InsurTech will carry its current strategy to prioritize profitability over top line growth through the second half of the year, according to executives during the conference call.
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Yesterday, Argo disclosed that it entered into a loss-portfolio transfer agreement with Enstar and will accept an after-tax charge of $100mn in Q3 to secure the cover.
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The stock was down $5.91 early trading hours from its close of $32.22 on Monday.
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The chief executive said AIG’s next window of opportunity to strike Corebride’s IPO will be in September.
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The executive named cat events and persistent levels of high inflation as two other factors that could “put an unforeseen dent to our loss ratios for the next few quarters”.
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Bucking earlier forecasts that predicted a general slowdown in rate increases, some disclosure has pointed to increased momentum.
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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 deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
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On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.
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The Insurtech narrowed its loss ratio despite multiple inflationary pressures in the personal auto sector.
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Lemonade said “ballooning costs will remain a topic of concern as long as they persist” while inflation accelerates.