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The carrier recognized a goodwill of $256mn and intangible assets of $39mn from the transaction.
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CinFin added reserves in Q2 after incurred losses emerged higher than expected.
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The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
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The CEO noted that the tort reforms have not led to rate pressure yet.
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Organic growth was in line with WTW and Marsh McLennan, which both posted 6% underlying expansion.
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The investment will be used to scale operations and extend its presence in key international markets.
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CFO Doug Howell said the company has invested around $700mn in M&A this year.
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NatGen allegedly collected $500mn associated with the fraud.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The proposed class says the plan does not cover smoke damage.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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CRB NA growth was driven by specialty lines, including natural resources, construction and real estate.