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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian. -
The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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Of the ~$40mn Ian loss net of reinsurance, $33mn impacted RLI’s property business and $7mn its casualty unit for some package policies.
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Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
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Guy Carpenter is lining up for a challenging January 1 renewal, but hard conditions may ultimately prove a tailwind.
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The broker continued to expand margins and posted adjusted earnings per share slightly above analyst expectations.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.
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Executives said that current estimates for Hurricane Ian losses are favorable relative to Travelers' corresponding market share.
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The firm booked a Q3 reserve charge at its business insurance unit driven by $212mn asbestos-related losses.
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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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Margins contracted as performance-based incentives and T&E costs increased.
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