Earnings

2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.

The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.

Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.

Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.

The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.

Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.

The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.

The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.

The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.

A quick roundup of this week’s biggest stories.