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The carrier postponed the IPO of its life and health unit Corebridge due to stock market volatility.
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The carrier also reported a pre-tax $21mn loss for the second quarter of 2022, driven by unrealised and realised losses on investments.
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The personal lines insurer’s results were also impacted by the states’ regulatory climates and inflationary trends.
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The Q2 deterioration in Geico’s underwriting performance was offset by improvements in its other divisions.
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Despite the looming uncertainty for other companies, Heritage's A rating was recently affirmed by Demotech on August 1.
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The New York-based insurance conglomerate recorded a loss ratio of 60.6%, 0.3 points down from the previous year, while its core LR improved 0.9 points to 60.8%.
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The company is taking rate to offset rising costs, foresees return to CoR in “mid-90s” over next two years.
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Loss cost trends have been approximately 5% for AFG’s specialty P&C businesses, excluding workers' compensation, and approximately 3% overall throughout 2022.
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The executive was speaking during the company’s Q2 2022 earnings call, after it reported a 107.9% headline combined ratio for the period, marking a 12.2-point deterioration YoY.
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In Q2, Selective's headline combined ratio deteriorated 5.7 points to 95.5%, driven by higher catastrophe losses and lower favorable casualty reserve development.
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The executive reiterated SiriusPoint’s intentions to continue with strategic partnerships, pointing to the firm’s “robust pipeline of deal activity”.