Travelers

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

“In the next few weeks, the third chapter will begin and I am excited to engage with the new team. I can’t share the details just yet but will provide an update in the near future,” Joseph Meisinger announced.

The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.

CFO Frey noted that there was “nothing terribly significant in this quarter” with regards to the company’s view of loss trends.

Catastrophe losses of $850mn were primarily the result of “numerous” severe wind and hail storms in multiple states, the company said.

Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.

The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.

According to a source familiar with the matter, policyholders will see four changes coming – some nationwide and others specific to certain states.

At the same time, insurers are assessing the level needed to address loss cost trends.

Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.

Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.

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