XL Group’s fourth quarter operating profit dropped almost 10 percent to $116.1mn as it took a $315.2mn hit from previously announced catastrophe losses, driven by California wildfires.
American Financial Group (AFG) reported a 12 percent increase in fourth quarter core net operating earnings to $197mn aided by significantly higher underwriting profit in its P&C insurance business
The sample size may not have been large, but the handful of results filings from US carriers and brokers last week provided further evidence that the commercial insurance market is beginning to see upward - albeit moderate - movement on rates.
Despite recognising that positive pricing conditions will be in play for 2018, rating agency S&P Global Ratings said any upwards correction of rates is not likely to be enough to ease pressures on carriers.
Chubb reported a 16 percent increase in core operating earnings to $1.49bn for the fourth quarter as a $450mn on-time tax benefit helped offset $447mn of California wildfire-driven cat losses.
