The Week in a Minute, April 30, 2012

Well, 2½ weeks . . .

  • Insurance Information Institute, ISO and PCI pegged the 2011 combined ratio at 108.2, the highest since 2001, hurt by catastrophes and weak results on lines like workers comp. Return on average surplus was 3.5%, down from 6.6% a year earlier.
  • Capacity-challenged Florida’s Citizens Property Insurance plans to issue (via its dedicated reinsurer, Everglades Re) a $750 million cat bond for hurricane cover. That’s more than three times bigger than the insurer had announced and makes it one of the largest insurance-linked securities ever.
  • Q1 earnings season, with lots of focus on rate increases. Chubb reported 8% in commercial lines. Travelers reported the same 8%. At W.R. Berkley, 6.5%.
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