{"id":999,"date":"2023-04-30T10:30:02","date_gmt":"2023-04-30T14:30:02","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=999"},"modified":"2023-04-29T15:39:32","modified_gmt":"2023-04-29T19:39:32","slug":"3-things-04292023","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-04292023\/","title":{"rendered":"3 Things – Carrier Results, Broker Results & Other Highlights"},"content":{"rendered":"

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Hello Friends!\u00a0 There was a lot to digest and analyze this week, a trove of earnings reports and other interesting news.\u00a0 This week we are following carriers results, broker news and other items from the world of insurance.\u00a0 Here are the three things we learned:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Carrier Results<\/strong><\/p>\n

Similar themes continue to emerge in results such as challenging market conditions especially in personal lines, the winners tend to be diversified and specialized \/ focused in commercial lines.\u00a0\u00a0Chubb<\/a>\u00a0net income fell due to cat losses but still had a strong quarter.\u00a0 Mr. Greenberg sees opportunity in Asia and continues to speak about US \/ China tensions creating headwinds.\u00a0\u00a0Arch’s net income grew 279%<\/a>\u00a0to $705 million driven by expense management and investment gains.\u00a0 Their P&C underwriting teams are taking advantage of hard market conditions.\u00a0\u00a0The Hartford results<\/a>\u00a0were somewhat positive carried by net income of $421 million in commercial lines offsetting the $1 million loss in personal lines.\u00a0\u00a0AXIS Capital<\/a>\u00a0and\u00a0W.R. Berkley<\/a>\u00a0saw their combined ratios increase slightly but remain profitable.\u00a0\u00a0Erie Insurance’s P&C combined ratio worsened to 127.4<\/a>\u00a0from 109 in personal lines and 115 from 96.8 in commercial lines.\u00a0\u00a0Cincinnati Financial<\/a>\u00a0was hurt by March storms.\u00a0\u00a0Universal Holdings<\/a>\u00a0reports gaining share in the Florida property market post-Ian and is optimistic that the Florida legislation will help market conditions going forward.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Broker Results<\/strong><\/p>\n

Aon and WTW both reported this week and are beginning to clear the aftermath of their abandoned merger.\u00a0\u00a0Aon’s total revenue and net income rose<\/a>\u00a0and they see strong demand for their advice and solutions as volatility, complexity and uncertainty increase.\u00a0\u00a0WTW reported a slight increase in revenue<\/a>\u00a0and continues to rebuild following the abandoned merger with Aon.\u00a0 They lost numerous staff before the deal fell apart and have largely completed the staff rebuild since.\u00a0 The new team has begun to contribute in a meaningful way, as exemplified by the solid organic growth numbers.\u00a0\u00a0Brown & Brown<\/a>\u00a0did not include Florida policies in their first quarter numbers but noted that ‘personal lines in Florida, Louisiana and Texas continued to be challenging due to loss experience.”\u00a0 Net income rose to $235.5 million from $220.3 million a year ago.\u00a0\u00a0HUB International<\/a>\u00a0secures private investment bringing their valuation to $23 billion.\u00a0 The investment will help HUB with their growth strategy by investing in new technology and continuing to make strategic acquisitions.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Investments, Launches & Acquisitions<\/strong><\/p>\n

AIG is getting out of high net worth personal lines and has\u00a0finalized the deal with Stone Point Capital<\/a>\u00a0to create an independent MGA for those risks. \u00a0The formation of this MGA is part of AIG’s ongoing efforts to streamline its operations and focus on core business areas.\u00a0\u00a0Next Insurance has launched a COI Analyzer<\/a>\u00a0that will use cutting edge machine learning capabilities to generate free, instant and custom-made COIs to show valid insurance coverage to potential employers in under one minute.\u00a0\u00a0Clearcover has partnered with Experian<\/a>\u00a0to deliver an embedded solution that allows customers to purchase car insurance directly within the car buying process. \u00a0The integration with Experian’s platform will allow Clearcover to better assess risk and price policies more accurately.\u00a0\u00a0Policygenius becomes the latest insurtech to be acquired<\/a>\u00a0by Insurance technology and digital services company, Zinnia. \u00a0The acquisition expands Zinnia’s reach into digital distribution solutions and will offer products and services spanning life and annuities, disability, and property and casualty insurance.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support. \u00a0Stay productive, stay safe and stay in touch!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 There was a lot to digest and analyze this week, a trove<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Carrier Results, Broker Results & Other Highlights - Wikifri<\/title>\n<meta name=\"description\" content=\"Get the latest insurance news and insights from this week's earnings reports and broker news. Learn about carrier results and how challenging market conditions are affecting personal lines. Discover the winners in diversified and specialized commercial lines. See how Aon and WTW are rebuilding after their abandoned merger and how HUB International is investing in new technology and strategic acquisitions. Plus, get updates on recent launches, investments, and acquisitions. 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