Liberty Mutual
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The product was made through a partnership with technology provider Safehub.
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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Based in Miami, the executive has worked at Liberty Mutual for nearly 13 years.
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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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The carrier laid off approximately 850 staff late last year.
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As part of Liberty Specialty Markets, John Krupczak will report to Manuel Moreno.
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In his new role Bolaños will report to both Matthew Moore, Liberty Global Risk Solutions (GRS) president of underwriting, and to Phil Hobbs, LSM president and MD.
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In this new role, she will manage cyber product and underwriting strategy across the globe, reporting to Matthew Hogg, global product leader, cyber.
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It is understood that the cuts are based on a review of five-year loss ratios, and that agents above 70% will be impacted.
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The underwriter will work in the retail property team at BHSI serving the central region.
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As part of the US standard casualty team, she will develop and manage a portfolio of assumed casualty treaty reinsurance business.
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The Inside P&C news team runs you through the earnings results for the day.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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The cuts amount to roughly 2% of the insurer’s US workforce.
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The executive has 15 years of underwriting experience and most recently led Liberty Mutual’s North America specialty primary casualty business.
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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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Aggregate pricing for GRS North America increased 12.1% with a rate hike of 9.6%, exceeding loss cost trends of 8.4%. Competition retaining quality accounts partially offset these increases.
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The Inside P&C news team runs you through the earnings results for the day.
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She succeeds Noel MacCarthy, who announced his retirement earlier this year.
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It will also start non-renewing its current book in this line of business beginning in December.
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The company also announced that Asia retail markets will join global risk solutions and that it was launching its enterprise transformation and solutions unit.
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Johnson will assume the role July 3, taking over from Marc Orloff.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.
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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 quarterly performance was driven by the global retail market unit which reported $892mn in catastrophe losses during the quarter.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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2022 statutory data is now available, and results show winners and losers
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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The improvement was driven by higher earned premium and lower employee-related costs, as well as more favorable cat-loss development.
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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 unit will be led by GRS insurance solutions president Liz Geary, until the appointment of a global head of cyber, who will report to her.
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In this newly created position, Korte will report to GRS NA CUO Brandon Fick.
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In his new position, the executive will report to GRS North America specialty president Matt Dolan.
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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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 Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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In her new role, Sutton will report to GRS COO Susanne Figueredo Cook and GRS North America president Kevin Smith.
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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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The appointment completes the CUO team at Liberty Mutual’s Global Risk Solutions office of underwriting.
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The proportion of notifications reporting high severity ($10mn+) remains unchanged at 9%, according to the report.
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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 increases were driven by higher US non-cat losses, primarily due to personal auto, personal property and business lines, as well as higher current-year losses in global risk solutions.
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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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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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Both Chu and Leahy will report to GRS president of underwriting Matthew Moore.
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The company acquired Ironshore from Fosun in a $2.9bn deal that closed in May 2017.
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