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The company bolstered casualty reserves by $18mn, mostly from discontinued lines. -
The transaction is expected to close later this year.
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The carrier reported an increase of 82% in pre-tax income.
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The forecast has increased since the early July update due to several additional factors.
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The underwriter left Navium Marine last year and before that worked at Atrium.
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The move will impact around $50mn of gross written premiums in total.
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Tokio Marine HCC was below plan on income as the carrier prioritised bottom line.
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A roundup of all the news you need, including a London marine move at Scor..
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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However, group organic growth among public brokers has slowed to pre-pandemic levels.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.
