AFG reveals further Italian med-mal pain
American Financial Group (AFG) suffered a setback in its recovery from writing toxic Italian medical malpractice (med-mal) business as it added an additional $39mn to its loss reserves, dragging the group's specialty casualty unit to a third quarter loss.
While posting consensus-beating results, the Cincinnati-headquartered insurer said additional Italian public hospital losses written via its Lloyd's insurer Marketform had raised the unit's combined ratio from 88.6 percent to 105.6 percent.
This segment's underwriting profit of $27mn in Q3 2009 deteriorated...
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