The Travelers Companies reported a net loss of $40 million for the quarter ended June 30, 2020, compared to net income of $557 million in the prior year quarter. The insurer said the difference was primarily due to higher catastrophe …
Larger investment losses and COVID-19 took a substantial bite out of W.R. Berkley’s 2019 second-quarter net income, but the specialty insurer and reinsurer still stayed in the black overall. Net income for the quarter reached $72.3 million The same period …
W.R. Berkley Corp. cautioned that its 2020 second quarter pretax catastrophe losses will reach $145 million, with more than half of that coming from COVID-19 related costs. Out of that total, $85 million stems from COVID-19 claims, the specialty insurer …
Even though unrealized capital losses pushed surplus down 9 percent from year-end 2019 for the U.S. property/casualty insurance industry, aggregate underwriting profits for first-quarter 2020 were more than 21 percent higher than first-quarter 2019, AM Best reported. The first-quarter underwriting …
The Progressive Corp. said its results for the first quarter were “significantly impacted” by the spread of the coronavirus and social distancing and shelter-in-place restrictions. Despite a 30% increase in underwriting income, Progressive’s consolidated net income —$692.7 million— is a …
Allstate Corp. reported that its adjusted net income rose 47% in the first quarter to $1.14 billion, a jump of 47%, thanks to higher underwriting income and lower catastrophe costs, compared with the quarter one year ago. The highlights for …
CNA Financial Corp. recorded a first quarter 2020 net loss of $61 million, and core income of $108 million. The insurer said results for the quarter reflected financial market volatility amid the events of COVID-19. The results included net investment …
Marsh & McLennan Companies (MMC) marked the one-year anniversary of its acquisition of Jardine Lloyd Thompson (JLT) by reporting consolidated revenue in the first quarter of $4.7 billion, a 14% increase over the same quarter in 2019. Operating income was …
Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million recorded for first-quarter 2019. Property/casualty and life insurance and reinsurance businesses combined recorded …
The Hartford’s 2020 first-quarter numbers are yet another example of the coronavirus pandemic not yet affecting underwriting results in a major way. But net income took a big hit. First-quarter net income came in at $268 million, or $0.74 per …
