Travelers

Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.

In many ways, Travelers’ Q2 report should have been a “nothing” day.

Rates at Travelers increased by “double digits”, excluding workers comp.

The company warns of growing net investment income pressures.

The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.

The firm reported a charge of $86mn associated with Covid-19 and related economic conditions, or 1.2pts on the firm’s combined.

Early reporters eased the tension with strong Q1 operating trends and some optimistic commentary on BI exposures. That said, the level of uncertainty remains high and unchanged by new disclosures.

The executive says proposals to retroactively force insurers to pay BI claims would set a “dangerous precedent”.

The insurer files a counterclaim insisting the law firm’s policies do not cover its Covid-19 BI claims.

The carrier declines to give guidance amid pandemic-related uncertainty as it publishes below-forecast quarterly figures.

Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.

Kemper today become the latest carrier to announce a partial refund for customers.