Nationwide
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The executive previously worked at Guy Carpenter and AIG.
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Non-renewals for certain policies will start on September 1, 2024.
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The non-renewals will continue through June 15, 2025.
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The executive joins from Chubb where she was EVP, digital business officer.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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The executive will lead a new specialty business line focused on global credit and political risk.
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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 changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.
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The business reductions will affect policies up for renewal from December 2023 to July 2024.
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Inside P&C’s news team runs you through the key highlights of the week.
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CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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The carrier said the purpose of the changes is to mitigate risk and manage its personal and commercial lines portfolios.
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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 pullback mirrors what the state went through last year before and after June 1.
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The executive will start in his new role on April 10.
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The MGU will help the carrier build its stop loss medical insurance portfolio.
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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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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Nationwide will provide paper via traditional risk transfer through Ryan Specialty’s managing general underwriters or through the formation of a captive.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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The two appointments follow a senior management revamp that Nationwide has executed at its E&S business in recent months.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The mutual has written about $50mn in premium in a little over two months, while working with four distribution partners in targeting risks with around $10mn in TIV.
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Kinetic Insurance offers a patented safety device with a tech-driven approach to reducing injuries.
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Excessive speed and distracted driving are among some of the monsters scaring drivers and passengers this spooky season.
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The executive will oversee the company’s E&S and specialty business operations, claims and Nationwide Indemnity.
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Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.
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Interest in cybersecurity products has recently jumped by 10%, while insurance buyers feel more comfortable working with agents remotely.
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While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.
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Tim Frommeyer is set to take over as CFO.
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Three-fifths of the cash will be contributed to the American Red Cross to fund emergency aid.
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Paragon CEO Ron Ganiats says the MGA is “leaning in aggressively” as it builds an extensive admitted lines portfolio.
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Johnston’s arrival fills a gap left by the exit of Tom Clark from the $4bn unit.
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