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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The property and transportation division’s CoR deteriorated 9.5 points to 90% in the fourth quarter, driven by its crop insurance operations.
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The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.
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The firm recorded a $282mn reserve charge in the quarter, of which $180mn was related to an increase in personal auto claim frequency attributable to prior accident years.
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The firm’s personal lines segment booked an ex-cat CoR of 98.9% (up from 92.1%), driven primarily by inflation and supply chain delays.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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The CEO also told analysts there is currently no M&A on the table for Chubb.
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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 Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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The Elliott losses were offset by less severe storms and favorable loss reserve development on previous catastrophe events, primarily ones that occurred in 2022.
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Inside P&C’s news team runs you through the key highlights of the week.
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