General casualty/GL
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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.
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Given a number of complexities, the landing zone on a take-out price is small.
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Is this a temporary spike or the start of a multi-quarter trend?
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The drivers are not surprising, but the extent of development is, execs said.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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The carrier believes its existing reserves account for any liability relating to claims.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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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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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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According to a survey, 35% of small businesses do not have general liability insurance, and 39% of those operating for 10 years or more have never updated their GL coverage.
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Inside P&C’s news team brings you all the top news from the week.
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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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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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It is more dependent on property, and its longevity is uncertain.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Inside P&C’s news team runs you through the key highlights of the week.