Selective
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race. -
Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The regional insurer has increased its weighting to OLO and commercial auto, versus comp.
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Loss trend concerns persist, but insurers are vouching on the opportunity to push for more rate increases.
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The carrier has been steadily increasing loss trend estimates.
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The Insurance Insider US news team runs you through the earnings results for the day.
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During first quarter earnings calls, insurers argued that they can mitigate volatility.
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CEO Marchioni said the overall hit would likely be “in the low single digits”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Regionals and smaller carriers need to exercise vigilance when expanding commercial casualty lines.
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The company’s combined ratio rose 6.5 points from 2023.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Worrisome trends in the line may be warning signs of worse to come.
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Modeling misses may have undervalued the storm’s inland wind impacts.
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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 Selective after 19 years at Progressive.
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Regionals may be particularly vulnerable to problematic loss cost trends and volatile cat losses.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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A quick round-up of today’s need-to-know news, including the Microsoft outage and Travelers' results.
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The carrier’s CoR increased 15.9 points YoY to 116.1% on unfavorable GL development.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The action comes in addition to a $55mn unfavorable development in GL in Q4 2023.
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Commercial carrier earnings continue to show mixed prior-year development.
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The $55mn hit is about 3% of the carrier’s general liability net reserves.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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Insurance Insider US runs you through the earnings results for the day.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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The Inside P&C news team runs you through the earnings results for the day.
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Chief accounting officer Anthony Harnett will step in as interim, while Selective conducts a global search process to identify a new CFO.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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After launching in West Virginia and Maine in early 2024, the New Jersey-based firm will target expansion in the western half of the country.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
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The firm reported $55.3mn cat losses in Q1, of which $35.1mn were recorded in the standard commercial lines segment and $14.6mn in personal lines.
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The carrier also increased its casualty loss cost assumption to 6% from 5.5%, driven by increased economic and social inflation.
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The company booked pre-tax net cat losses of $45.7mn, which included $46.1mn of net losses from Winter Storm Elliott.
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In its preliminary Q4 earnings announcement, the carrier estimated a combined ratio of 94.7% for the quarter.
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The regionals continue to find success in small and middle market business, as their pivot to a commercial focus has benefitted them.
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In the third quarter, the company's underlying combined ratio, stripped of catastrophe losses and reserve development, totaled 94.7%, compared to 90.4% in the corresponding period.
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The company posted lower cat losses despite a $10mn net loss attributed to Hurricane Ian.
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With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In Q2, Selective's headline combined ratio deteriorated 5.7 points to 95.5%, driven by higher catastrophe losses and lower favorable casualty reserve development.
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The firm’s specialty pivot seems to be paying off in premium growth and value creation.
