RLI
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The carrier recognized a $6mn of Covid-related losses, following no such losses reported in Q1. -
The second day of P&C earnings played out with more of the “leaning in” to negativity we had been expecting, and led to investors punishing the stocks of Chubb and RLI.
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RLI shares plunged by nearly 12 percent, while and Argo dropped over 6 percent.
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Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.
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The specialty carrier lightly beats consensus but reports weaker casualty underwriting with limited details on the Covid-19 effect.
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Samantha Constantinou has joined the carrier’s ocean marine team in New York.
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Excess rates continue to rise after several carriers early last year pulled back from the class.
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The specialty carrier has escaped the worst of this year’s cat season relatively unscathed.
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The result was driven by improvements in underwriting, investment returns and favourable development.
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It’s clear that pricing is improving. But how widespread is the pain that’s driving it? (It’s not just AIG & Lloyd’s).
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Excess and surplus casualty submission are up 5 percent year on year, COO Craig Kliethermes said.
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