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Top Stories / Ad / Most Recent
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Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
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Light cat losses, reserve development, and pricing trends are key topics in Q1.
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Tim Cerio also credited litigation reforms for the current market recovery.
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The carrier stopped accepting new HO business in the state last May.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The deal comes after Insurvia was seeking a new sponsor.
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Premium inflation holds, as loss-cost inflation trends continue to moderate.
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Commercial lines difficulties continue to weigh down industry results.
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Increased cat losses in property offset auto improvements.
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GL reserves continue adverse development trend for 2015-2019 accident years.
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Auto-related CPI values continue to drop, while premium inflation hits new highs
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The changes will be up for discussion at a March 26 public hearing.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.
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The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.
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The continued negative outlook in Europe and the US can in part be attributed to inflation and the challenge of catastrophe risk management.
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The commercial lines market is generally rational and disciplined, the CEO told analysts at the Goldman Sachs 2023 US Financial Services Conference.
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Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.
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A quick roundup of this week’s biggest stories.
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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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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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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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The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.
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The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.
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The company is now open to accepting homes up to 75 years old, and future effective date requirements have been reduced to one day.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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The shortage of affordable reinsurance cover has forced several carriers to withdraw from the market, and for those who remain, concerns about insolvency, downgrades and displaced policyholders are paramount.
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The Inside P&C news team runs you through the earnings results for the day.
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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
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In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
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This is the fourth national practice that The Liberty has unveiled this year, having launched workers’ comp, healthcare and human capital units in recent months.