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The carrier cited elevated cat and large-loss activity, including the LA wildfires. -
The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.
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The P&C re segment’s combined ratio improved by 12.7 points to 61.0%.
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It is targeting low-risk specialty lines where it has a competitive edge.
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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 carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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California wildfires account for $40bn of the insured loss tally in H1.
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The carrier said most lines remained well priced despite increased competition.
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Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
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The executive has spent more than three decades in insurance.
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The carrier also benefitted from favourable reserve development in property and A&H.
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