Results

KBW: US domestic P&C premiums grew 9.8% in Q3 but E&S growth slowed

The US domestic P&C industry saw DWP growth accelerate in the third quarter of 2023 to 9.8 percent together with direct loss ratio improvement as rate increases in personal and commercial lines earned through, although growth was pared back in the E&S sub-sector.

Global Indemnity trades down as much as 8.5% after Q3 earnings print

Global Indemnity’s stock fell by as much as 8.5 percent on Wednesday morning after the carrier posted Q3 earnings that included a 2.5-point year-on-year increase in its combined ratio to 99.7 percent.

Ryan Specialty organic rev growth dips to 14.7% in Q3, Ebitdac margin expands 90bps

Ryan Specialty’s organic revenue growth slowed slightly in the third quarter to 14.7 percent from 16.1 percent in Q2 but still in-line with the full-year guidance range of between 13 and 14.5 percent, as the firm expanded its adjusted Ebitdac margin by 90bps to 29.3 percent.

Axis shifts to $147mn Q3 UW gain as cat losses plummet 80% to $41mn

Axis Capital moved to a $147mn underwriting gain in the third quarter from a $29mn loss last year, driven by plummeting cat losses that fell 80 percent to $41mn from $212mn last year, along with a core loss ratio that improved by 80bps to 56.3 percent.

Kinsale grows Q3 GWP 33% as CR improves 9.2 pts to 74.8%

Excess and surplus lines specialist Kinsale Capital Group has reported an earnings beat that included its gross written premium increasing 33 percent to $377.8mn and its combined ratio improving 9.2 points to 74.8 percent.

CinFin reports Q3 earnings beat as CR improves 9.5 pts to 94.4%

Cincinnati Financial Corporation has reported a comfortable earnings beat for the third quarter, with results that included its combined ratio improving 9.5 percent as a result of lower catastrophe losses.

BRO CEO: Lenders more flexible in certain cat-prone areas on limits purchased

Powell Brown said on Tuesday that cat-exposed property remains the most difficult line of business to place, and that lenders have been increasingly flexible regarding limits purchased by insureds amid hard market conditions, predicting that the flow to the E&S channel will continue.

Rob Berkley: More attention needed on commercial auto as property grabs headlines

Rob Berkley said Monday evening the industry needs to pay the kind of close attention to the commercial auto segment it has to property over the last 18 months, with the CEO adding the former has “the biggest bull’s eye on its chest”.

WR Berkley grows Q3 UW income 35% to $259mn as cat losses dip 35% to $62mn

WR Berkley’s underwriting income grew by 35 percent in the third quarter to $259mn, driven by a 35 percent reduction in catastrophe losses, which fell to $62mn in the quarter and helped improve the combined ratio by 1.9 points in the period to 90.2 percent.

TIH organic growth slows to 6.3% as Truist parent remains coy on divestment

Truist chairman and CEO Bill Rogers declined to comment on reports that the bank is set to fully divest of its insurance operations, but said the sale of 20 percent of the business to Stone Point and independence readiness work that will cost $55mn this year has provided “financial and strategic flexibility”.

Cavaness: RPS’s organic growth expected to slow to 8% in Q3

The president of Risk Placement Services expects the high level of growth in the E&S market to continue, although the Arthur J Gallagher wholesale subsidiary’s organic growth is expected to dip in the third quarter both sequentially and year over year.

Argo falls to Q2 UW loss on $26mn reserve charge and 7.7pts jump in core LR

Argo dropped to a $22mn underwriting loss in the second quarter, driven by a 7.7pt increase in the insurer’s core loss ratio and a $25mn reserve charge in its US operations that the company said mostly came from business lines it exited.

James River UW income dips 25% to $20mn on reserve development, higher expenses

James River Group’s underwriting income fell 25 percent in the second quarter to $20mn from $26mn the year before, including the impact of a consolidated $2mn reserve charge and a higher expense ratio driven by lower ceding commissions on reinsurance cessions.

Ryan Specialty expects growth benefits from some PL segments to be “modest” in H2

Ryan Specialty has flagged the property portfolio across its three business units as the “largest growth factor” in the second quarter, but senior management at the wholesaler said the growth benefits from public D&O and transactional liability are expected to be “modest” as conditions in those lines soften.

Ryan Specialty Q2 organic growth accelerates to 16.1%, FY guidance lifted to 13%-14.5%

Ryan Specialty’s organic revenues grew 16.1 percent in the second quarter - accelerating from the 12.9 and 10.3 percent growth figures in the first and fourth quarters - as the wholesale intermediary reported a 16.9 percent increase in adjusted Ebitdac to $194mn.

Selective eyes further E&S growth after 20% NPW rise in Q2

Selective remains well positioned to take advantage of continued improvements in the E&S market, with the company seeing “strong opportunities” to add to the 20 percent net premium written (NPW) growth in the segment during Q2 2023.

Fortegra Q2 adjusted net income up 59% as CR improves 40bps

Fortegra’s Q2 2023 adjusted net income increased 59.0 percent year on year to $30.1mn while the Tiptree and Warburg Pincus-backed specialty carrier’s combined ratio improved by 40 bps to 90.5 percent.

Kinsale continues to lean into property amid continued “strong rate increases”

Kinsale continues to lean into the property market with the business having enjoyed “rapid growth” and “strong rate increases” in the space during Q2 2023, while the E&S carrier’s management suggested fronting company collateral concerns could see competition from casualty MGAs reduce.

Kinsale Q2 UW income up 40% to $61.5mn as GWP grows 58%

E&S specialist Kinsale Capital Group has reported an earnings beat for the second quarter, with results that included 39.5 percent growth in underwriting income to $61.5mn and a 58.2 percent increase in gross written premiums (GWP) to $438.2mn.

Grandisson: Arch is in its “sweet spot” as hardening cycle continues to lengthen

Marc Grandisson has said Arch Capital is in its sweet spot where prime underwriting conditions that are allowing the business to compound book value have continued to lengthen, as the CEO added that uncertainty and previous periods of inadequate returns are leading firm market conditions to persist.