Berkshire Hathaway
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Freeman has spent 11 years in property leadership roles with BHSI.
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The new offering marks the expansion of BHSI’s US marine facilities.
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As admitted carriers pull out of riskier plays, E&S continues to expand and thrive.
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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He praised 2023 insurance results as other sectors were a “disappointment”.
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Geico reported lower frequency, higher severity and increased favorable development.
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A quick roundup of this week’s biggest stories.
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Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.
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The underwriter will work in the retail property team at BHSI serving the central region.
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Berkshire Hathaway announced that Munger “died peacefully” in a California hospital this morning, citing the Berkshire vice chairman’s family.
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The executive has over three decades of surety experience in underwriting, consulting, and claims roles, including a stint as surety claims counsel.
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Lower losses reflected higher average premiums per auto policy, increased reserve releases and lower claims frequency, which were partially offset by higher severity.
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Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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Joining the company in 2014 as senior underwriter, casualty, Meyer has held increasingly senior positions in BHSI’s North America casualty organization.
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The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.
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The Omaha conglomerate held its ~2.1% stake in Aon valued at nearly $1.5bn and its interest of over 3% in Markel, worth over $652mn at the end of Q2.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.
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In addition to his new role, the executive will retain his current position as head of marine for the Australasia region.
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Early private deals have provided far more stability in this year’s renewal than last.
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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
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Inside P&C’s news team runs you through the key highlights of the week.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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Securities filings show the conglomerate’s ownership of Markel holdings was valued at over $600mn at the end of March.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The carrier also reported lower claims frequencies, offset by increases in claims severities.
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Browne becomes deputy global chief underwriting officer and Holmes assumes the role of global underwriting officer of property for energy and construction.
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Byrnes joined BHSI almost four years ago as construction vice president for the US Eastern region, overseeing construction professional liability.
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The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
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Buffett said Berkshire's financial strength allows its insurance subsidiaries to “follow valuable and enduring investment strategies” unavailable to competitors.
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The deterioration was driven by increased cost inflation in property and physical damage claims, which began to accelerate in the second half of 2021 and continued through 2022.
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Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.
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It is understood that the executive will be joining the conglomerate’s reinsurance business, run by Ajit Jain.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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Murphy will fill the position left vacant after former board member David Gottesman died on September 28.
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Inside P&C Research examines E&S sector growth over the past year and revisits historic trends.
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Five other executives in the unit will get promoted, including Greg Freeman to US retail leader and Mark Lees to global property underwriting officer.
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Based in Chicago, Norman will oversee the firm's regional teams underwriting commercial public and private non-profit management liability insurance.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The personal auto giant still grappled with increased claims severities driven by cost inflation in property and physical damage claims.
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The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.
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The completion of the deal comes after last week the companies received all regulatory approvals.
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