American Financial Group

The company has now posted rate increases for 37 consecutive quarters.

Social inflation is driving non-renewals, while CoRs are up for P&C and casualty.

The Insurance Insider US news team runs you through the earnings results for the day.

The latest E&S player planning to IPO remains a “show me” story.

Older accident years, targeted markets business contributes to adverse development.

The Insurance Insider US news team runs you through the earnings results for the day.

A majority of losses come from property-oriented businesses and inland marine.

The Insurance Insider US news team runs you through the earnings results for the day.

No named storms exceeded AFG’s $70mn cat retention.

The Insurance Insider US news team runs you through the earnings results for the day.

Civil case, nuclear verdict and claims count data show worrying trends.

The executive noted 2024 marks AFG's 12th year of rate increases in the line.

The Insurance Insider US news team runs you through the earnings results for the day.

Treaty costs were slightly lower than for 2023 in risk-adjusted terms.

Insurance Insider US runs you through the earnings results for the day.

The Inside P&C news team runs you through the earnings results for the day.

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

The Inside P&C news team runs you through the earnings results for the day.

Berding will retain his current role as president of American Money Management Corporation, AFG’s investment management services subsidiary.

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

The commentary follows AFG’s Q1 2023 earnings announcement on Tuesday, in which the carrier reported a 5.2-point deterioration in its P&C operations combined ratio to 89.2%.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

Public D&O and higher excess liability are two areas where the company is “not quite getting” to where it wants to be in terms of rates, co-CEO Carl Lindner said.

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

The property and transportation division’s CoR deteriorated 9.5 points to 90% in the fourth quarter, driven by its crop insurance operations.

Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.

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

The company’s top line grew 18.7% to $3.15bn, primarily due to growth in the crop insurance business.

Loss cost trends have been approximately 5% for AFG’s specialty P&C businesses, excluding workers' compensation, and approximately 3% overall throughout 2022.

The company’s top line grew 9.6% to $2.1bn, but the speed of growth was smaller compared to Q1.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The firm anticipates renewal rates to rise between 5% and 7% in its specialty P&C operations overall and 6%-8% excluding workers’ comp.

Specialty P&C NWP in Q1 rose up 13.5% year-over-year to almost $1.4bn, accelerating from a 4.4% increase in Q4.

The insurer said it still had financial flexibility to grow even after making the dividend of roughly $170mn.

Co-CEO Carl Lindner said his company has made “some adjustments” in staff compensation in response to higher inflation rates.