After enjoying its best three-year stretch of combined ratios since the early 1970s, there are early signs that the US P&C industry is heading towards a change as underwriting deteriorates and returns on equity (RoEs) trend down towards unsustainable levels.
One of the differences between great companies and not-so-great ones is that the former always keep costs under control, while at lesser firms expenses are rarely properly managed, and can often come under severe pressure.
AIG has surprised the market by indicating that it will drop its major energy quota share reinsurance deal, one of the biggest treaties in the space, at 1 January.
XL Catlin's revamp of its P&C operations will see around 50 staff leave, including a number of senior executives, The Insurance Insider understands.
In overhauling the business, McGavick has come up with a finished product that looks a little more like the old XL than it does like legacy Catlin.
The reinsurance industry may at long last be close to an inflection point, but for the first time in a while the talk in bars at the annual Property Casualty Insurers Association of America (PCI) conference was not restricted merely to rates and broadening terms.
Shares in RLI, which opened the third quarter US P&C reporting season with an earnings miss, fell to their lowest level in more than a year last week as investors focused on unfavourable reserve developments and analysts cut their profit estimates for the carrier.
US commercial auto business is still a "black eye" for the insurance industry, despite rising rates, CNA Financial CEO Thomas Motamed has said.
The departure of Guy Carpenter Emea CEO Nick Frankland to Aon Benfield has placed the spotlight firmly on reinsurance brokers' continued efforts to lure senior talent away from their competitors.
Canterbury claims; Third Point investments; Markel buys marine PI MGA; Blenheim reunites Cathedral team; AmTrust buys workers' comp specialist; Flood Re CEO departs; Bell to lead AIG aviation; Willis management overhaul
The third quarter brought diminishing returns, rising combined ratios and slowing reserve releases for the major US insurers reporting at the outset of the results season.
Aon, Brown & Brown and AJ Gallagher (AJG) delivered improved year-on-year results in the third quarter, while Marsh & McLennan Companies (MMC) produced figures in line with its performance in the same period of 2015.
An aggregate of maximum loss estimates from Hurricane Matthew has already surpassed the $1bn mark after a number of US and Bermudian carriers disclosed their loss forecasts during third quarter results.
Hurricane Matthew could have shocked the retro market and corrected US property cat pricing if it had tracked just 30 miles further west, Validus CEO Ed Noonan has said.
US commercial P&C bellwethers Travelers and Chubb opened the third quarter results season by revealing a continuation of the competitive domestic pricing environment.
There was a modest easing of rating pressure in the US commercial P&C market in the third quarter, according to the latest survey conducted by the Council of Insurance Agents & Brokers (CIAB).
Even as carriers faced a continued soft US insurance market overall, Willis Towers Watson has forecast pricing gains in several casualty markets next year, particularly those covering large retailers' cyber risks and some parts of the environmental liability market.
Starting with Hurricane Matthew and closing while third quarter results disclosures were in full swing, October brought significant stock price movements for P&C carriers.
Share price data on The Insurance Insider's universe of P&C (re)insurers
Axis reported $8.1mn of fee income from "strategic capital providers" in the third quarter, up fourfold from $2.1mn a year earlier, after it established casualty underwriting vehicle Harrington Re with Blackstone.
Nephila portfolio manager David Long is standing down from the Bermudian firm at the end of the year, Trading Risk revealed last month.
Swiss Re is the sole reinsurer involved in a new catastrophe insurance scheme in the industrial Chinese province of Guangdong, the carrier announced.