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Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
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The move follows S&P and Fitch putting ProAssurance’s ratings under review.
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The executive said syndicates would struggle to grow market share as casualty rates rise.
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The ratings agency said its outlook on the carrier remains unchanged following the announcement of its acquisition of Norcal.
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Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The CEO explained the reasoning for the carrier's recent reserve increase during a call with analysts on Wednesday.
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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results. -
General liability, professional liability and personal lines were key growth areas for the carrier.
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The Ukrainian airline executive said insurers are seeking permission from the US to make payments.
