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The carrier reported an increase of 82% in pre-tax income. -
The move will impact around $50mn of gross written premiums in total.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Social inflation is driving non-renewals, while CoRs are up for P&C and casualty.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The executive joins from At-Bay and brings more than 25 years of experience.
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The professional lines market remains ‘challenging’ overall, however.
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The specialty reinsurer also saw several bad investments hit the books.
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The carrier’s US redomicile is expected for later this year and brings a one-time $10mn-$13mn benefit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The group has hit multiple industries since March, including a raft of insurance companies.
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