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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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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise.
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Performance overall has been good, but there have been insurance M&A missteps and its share price has lagged.
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Reinsurers seem unwilling to concede on ground won, but insurers continue to feel the pain in an elevated cat environment.
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It is more dependent on property, and its longevity is uncertain.
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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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Industry loss estimates range from $3bn to $10bn, but loss figures will become clearer in the days to come.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
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The consequences of Vesttoo will hurt the fronting companies, but the changes are less important than the role it plays in uncovering what was already there.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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Adoption of telematics is the first step, but the next step is analyzing the data and using it to make better drivers via retraining, rewards and incentives.
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