Earnings

The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The personal auto giant still grappled with increased claims severities driven by cost inflation in property and physical damage claims.

The executive said the company’s diversification allowed it to absorb significant losses while remaining profitable.

Inside P&C’s news team runs you through the key highlights of the week.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Of the cat loss figure, roughly $561mn, or 10.5 points on the CoR, was related to Hurricane Ian, and hailstorms in France contributed $92.5mn, or 1.7 points on the CoR.

The increases were driven by higher US non-cat losses, primarily due to personal auto, personal property and business lines, as well as higher current-year losses in global risk solutions.

On a call with analysts, Lindner said AFG is assuming commercial auto liability loss cost trends at 7%.

The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.

In the third quarter, the company's underlying combined ratio, stripped of catastrophe losses and reserve development, totaled 94.7%, compared to 90.4% in the corresponding period.

The personal lines carrier expects to implement additional rate increases in the fourth quarter of this year, and into 2023.