CNA
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The carrier reported better investment returns, improvements in underlying P&C performance and lower cat losses. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This resulted in a rate decline of 1% in the company’s specialty business, compared to a 7% increase in the prior-year period.
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The Inside P&C news team runs you through the earnings results for the day.
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CNA said in a filing with the SEC that the $1.8mn will be paid in two installments, in addition to certain health and welfare benefits.
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The firm reported flat reserve developments from its specialty and commercial P&C units in Q1, while a year ago the specialty segment posted a $10mn release.
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The company’s rate increase in Q4 was 18% for its national accounts property portfolio, clocking in six points higher than Q3.
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CEO Dino Robusto hailed “strong underwriting profitability” and voiced optimism about opportunities in 2023.
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The executive will oversee the insurer’s management liability, financial institutions, and healthcare businesses.
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The executive added that the carrier already has some of its professional liability programs in surplus lines.
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The carrier reported Q3 cat losses of $114mn and an improved loss ratio of 64.6%.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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