The regional carrier has a $35mn retention, which could be partially reduced by additional reinsurance recoveries from supplemental Non-Florida reinsurance program.
AM Best noted the Cayman Islands-based carrier’s “very strong” risk-adjusted capitalisation and financial flexibility, which both contributed to the stable outlook the agency holds on the business.
Cincinnati Financial shares took a hit of as much as 6 percent yesterday after the Ohio-based insurer missed analysts’ expectations for its first quarter results, reported late yesterday. The stock closed down 4.5 percent.
Craig Mense, who joined CNA in 2004, will leave at the end of the year, to be replaced as CFO by James Anderson, the company's senior vice president and head of financial planning and analysis and corporate development.
Genworth, a long-term care insurer, says the decision to re-file was made so that the agency could spend more time to “review and discuss” the merger that it and the Chinese conglomerate announced in October 2016.
WR Berkley's board of directors has nominated former American Insurance Association CEO Leigh Ann Pusey to join its ranks as an independent director, according to the company.
Insurance broker owner BB&T's purchase of Regions Financial's retail brokerage unit will yield an approximately $200mn after-tax gain, the seller said today in reporting its first quarter results.
