General casualty/GL
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Social and medical inflation and litigation financing were among the factors cited.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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Joy had previously set up the casualty practice at Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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A more business-friendly approach will be offset by increased uncertainty.
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But auto insurance is still a ‘hot-button’ item for carriers.
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AM Best then withdrew its ratings at the company’s request.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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Other liability adverse development is being offset by workers' compensation releases.
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Some carriers may be pressing too hard on reserve releases from recent years.
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The firm took a major reserve charge and has gone into remediation mode.
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A minority view gaining currency is that 2016-19 will not be the only problem.