Property/casualty insurers held strong reserves in first quarter: Report
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Property and casualty insurers continued to show favorable reserve development during the first quarter of 2014, according to an analysis of statutory data by SNL Financial L.C., the company said in a statement Wednesday.
Property/casualty insurers had favorable prior-year loss and loss adjustment expense development in excess of $5.45 billion in the first three months of 2014, compared with $5.59 billion recorded during the same period of 2013, SNL said.
Leading the pack among reserve strengthening was American International Group Inc., which showed $139.7 million in favorable reserve development for the first quarter. Ace Ltd. also made the top 10 list with $49.2 million in first quarter favorable developments.
On the reserve releases side, leading the way was Travelers Cos. Inc. with $328.5 million in first quarter releases followed by Chubb Corp. with $123.0 million in reserve releases during the first quarter.
“On the whole, U.S. P&C insurers continued to experience favorable reserve development in the first quarter, SNL data shows,” the company said in its report.
