Berkshire Hathaway
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The conglomerate exited its $620mn position in Markel, which it has held since 2022.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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Across three offerings, Victor increased coverage maximums by $33mn.
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The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.
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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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Berkshire Hathaway and Alleghany have received regulatory approvals to close the $11.6bn deal announced earlier this year.
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Inside P&C’s news team runs you through the key highlights of the week.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Auto insurers look set to generate a larger share of losses than with most US wind events.
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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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Claims analysis shows slow reactions to negative trends can affect several quarters, but carriers who emerge strong will be able to pursue growth faster than the competitors who are always playing catchup on loss cost trends.
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The firm's ethos will remain the same, but the bigger balance sheet may help it win clients and absorb volatility.
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