March 1: Growing pains

Chartis, the AIG of P&C, needs a $2.3B band-aid for reserves, mostly on ’02 and prior, with a big hit to excess workers comp. That’s about 3.5% of its reserve base and fed a tasty 132.5% combined ratio for the quarter. Just about any actuary who has looked at it will tell you the soft-market excess comp burns and burns and burns.

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