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The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year. -
The carrier also revealed $19.5mn in Hurricane Ian losses.
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SiriusPoint International CEO Monica Cramér Manhem has decided to retire from the business.
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The CEO added that the company has also established an offshore captive and is in the process of creating a reciprocal exchange.
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CEO Tom Wilson added that Allstate is expanding its plans to reduce personal lines insurance in states with “unacceptable auto and home insurance margins”.
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The company’s top line grew 18.7% to $3.15bn, primarily due to growth in the crop insurance business.
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The company posted lower cat losses despite a $10mn net loss attributed to Hurricane Ian.
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The Bermudian will purchase less retro protection in 2023, and expects a “step change” in property cat rates, O’Donnell said.
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While market conditions remain favorable across most lines, the executive said he is beginning to see competitive pricing in certain lines of business.
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The executive said AIG expected growth opportunities ahead, including in the property cat market.
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For its personal auto book the firm anticipates rate renewals of 7% in Q4, up from 4.1% in Q3, and double-digit hikes in 2023.
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The executive added that Progressive is not open for new business in home, dwelling fire and condo coverages.
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