Insurers
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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The figure was driven by hurricane and wildfire losses, and includes $10mn prior year favorable reserve development.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance. -
Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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The executive joins from Universal, where he was president of the Floridian’s American Platinum division.
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Prices rise in every region for the seventh consecutive quarter, with the UK easily outstripping US growth.
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A program dubbed Hartford Next is expected to start immediately with $120mn of investments required to achieve the savings over the next two quarters.
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John Marchioni said the increase in business written was a result of upward pricing and policyholder retention.
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The results included $83mn cat losses, largely from April storms and civil unrest, in line with the pre-announced figures.
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CEO John Roche says in-force cancellation moratoria helped to boost the carrier’s retention rate for the segment.
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The firm’s NWP decreased 5% primarily due to the impact of the personal auto premium returns.
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The company’s underlying loss ratio fell 2.7 points to 58.2%, despite cat loss pushing the combined ratio to 103.1%.
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