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The insurer acknowledged additional claims in 2025 would be “reasonably possible”. -
The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier has been reducing its presence in the state since 2007.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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The specialty carrier expects to report a 91.6% Q4 CoR and GWP growth of 20.8% to $388.4mn.
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A majority of losses come from property-oriented businesses and inland marine.
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The carrier anticipates the impact of the wildfires to drive January cat losses up to $40mn.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The underwriter has worked at Axis for a decade.
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The Pacific region led the quarter’s price decline at -8%.
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CEO Tom Kang said Converge will now be able to deploy a total of $10mn in limit in certain segments.
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The Insurance Insider US news team runs you through the earnings results for the day.
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