Hard market watch: CIAB edition
Looking past the somewhat misleading averages, granular disclosures in the CIAB survey suggest significant pockets of the market are the hardest they have been for close to two decades.
Research
Commercial auto: The Progressive problem
Progressive’s monster growth in Commercial Auto is becoming harder to ignore as a contributing factor to market-wide dynamics.
Maiden to stakeholders: Drop dead
A series of transactions that appear to benefit sister company AmTrust at its own expense raises questions about whose interest the firm is being run for.
Progressive: Positioned to outlast peers
Progressive's July results point to continued downward pressure on pricing as firms compete for market share in personal auto.
Auto: Pricing hits new lows
New inflation data showed pricing continued to weaken in July as companies pivot to growth. With flat severity, margin pressures are building. Frequency remains the wildcard.
Auto: The "overshoot" risk begins
Headline results at auto insurers remain strong. Even so, as the market shifts to a more pro-growth stance, the risk of overshooting on price competition always increases.
AIG: The three-step master plan
We have written extensively our conviction 2019 would prove an inflection point. However, it is now clear even we underestimated the extent management would wield the axe.
Hedge Fund Re: The irony factories
It’s tough out there for total return reinsurers. Our view is that the current valuations of total return reinsurers are unsustainable, and that the group are vulnerable to M&A and activism.
Brokers: Climate change denial?
Insurance brokers reported strong Q2 results, with organic growth tailwinds helping both top and bottom lines. But with elevated expectations, strong results appear to be merely table stakes.