Travelers
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Wider insurance stocks traded up in line with the wider S&P 500 index by close of markets Tuesday.
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The carrier benefits from a reduction in claims frequency in auto and general liability. -
CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The 10E restaurant and bar says it sustained a direct loss from local and state coronavirus shutdown orders.
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The tenders, which are subject to reduced SEC disclosure requirements, are a hallmark of the Canadian investor.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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In many ways, Travelers’ Q2 report should have been a “nothing” day.
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Rates at Travelers increased by “double digits”, excluding workers comp.
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The company warns of growing net investment income pressures.
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The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
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The firm reported a charge of $86mn associated with Covid-19 and related economic conditions, or 1.2pts on the firm’s combined.
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