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Weekly news: Reserve development hits Travelers; AIG's new syndicate


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Weekly news: Reserve development hits Travelers; AIG's new syndicate

Managed care

Anthem Inc.'s third-quarter net income rose to $1.18 billion, or $4.55 per share, from $960 million, or $3.62 per share, from the prior-year period.

Centene Corp. reported third-quarter net earnings attributable to the company of $95 million, or 23 cents per share, up from $19 million, or 5 cents per share, in the prior-year period. The company also cut its GAAP EPS projection for 2019 to between $3.04 and $3.21 from $3.70 to $3.87 previously.


American International Group Inc. is set to kick off a new syndicate at Lloyd's of London to serve the specialist U.S. high net worth market.

Assurant Inc. expects to incur about $46 million pretax, or $36 million after tax, of reportable catastrophe losses for the third quarter. Most of the losses came from the company's global housing segment and are primarily related to Hurricane Dorian.

Mortgage guaranty

MGIC Investment Corp.'s third-quarter net income slid to $176.9 million from $181.9 million a year ago.

Property and casualty

Arthur J. Gallagher & Co. logged 5.8% third-quarter year-over-year growth in organic commissions, fees, supplemental revenues and contingent revenues.

The California Department of Insurance denied Applied Underwriters Inc.'s application that sought approval for a change in control of subsidiary California Insurance Co. The application was rejected after Applied Underwriters tried to merge California Insurance into a newly formed New Mexico-domiciled entity without prior regulatory approval.

Travelers Cos. Inc. reported third-quarter core income of $378 million, or $1.43 per share, down from $687 million, or $2.54 per share. The decline was due to net unfavorable prior-year reserve development in the current quarter, "including the impact of an increasingly challenging tort environment."

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