News

The company’s rate increase in Q4 was 18% for its national accounts property portfolio, clocking in 6 points higher than Q3.

CEO Dino Robusto hailed “strong underwriting profitability” and voiced optimism about opportunities in 2023.

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The attempt to increase the supply of insurance in the state has been submitted for governor approval.

Jonathan Zaffino joined Ascot in 2020 and was responsible for running the carrier’s (re)insurance platforms in the US and Bermuda.

Primary liability rate increases currently range from flat to 10% for most commercial projects, private broker Lockton disclosed in its annual construction market report.

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The carrier also increased its casualty loss cost assumption to 6% from 5.5%, driven by increased economic and social inflation.

The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.

The ratings agency also affirmed the financial strength rating of A and the long-term issuer credit rating of “a” for Fidelis and its subsidiaries.

The broker’s president also noted a stabilization in primary pricing outside of property.