Travelers led a slew of P&C stocks down in trading today (21 April) as investors reacted negatively to an earnings miss driven by higher cat losses and slowing reserve releases.
First quarter operating profits at Aspen were 8 percent lower at $89.9mn as improved underwriting performance in the carrier's expansive insurance arm was offset by deterioration in its reinsurance business.
Ratings agency AM Best has assigned a negative outlook to the financial strength rating and issuer credit rating of Sirius just days after the carrier was taken over by China Minsheng Investment (CMI).
US insurance giant Allstate has warned that it will absorb an $827mn hit to its first quarter results, stemming from a series of hailstorms in Texas earlier this year
A Greek ship-owner accused by insurers of scuttling his own vessel in a $100mn case avoided travelling to London because of fears he would be arrested by police, his lawyer told a court on Friday (15 April).
