Proassurance Group
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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Workers' comp saw an ongoing significant increase in losses.
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Around 65% of the carrier’s claims costs were related to medical expenses, which the company attributed to increased costs for care of injured workers driven by healthcare wage inflation and medical advancements.
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Executives noted that the company has been cautious about releasing prior year reserves because of inflationary impacts on policies written later in 2022 and into 2023.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s news team runs you through the key highlights of the week.
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In an interview with this publication, the executive added that jury sentiment is driving these large awards.
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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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Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50.
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With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Two of the verdicts were around $15mn and two were between $40mn and $45mn.
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The specialty P&C segment’s underlying loss reflected claims severity trends, largely from prior accident years, which adversely impacted the calendar year loss ratio.
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The firm booked a Q4 $5mn reserve release that represented a favorable effect on its results of 2%, down from 6.7% in Q4 2021.
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The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.
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The chief executive added that his company will continue to take a conservative approach to reserving, as the process remains less consistent amid Covid’s enduring impact on closing patterns.
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The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.
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Ned Rand said that while the ruling opens up exposure for physicians and hospital operators, he anticipates more criminal exposure than medmal exposure.
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Social inflation an increasing concern for the specialty P&C and workers comp carrier as courts resolve pandemic overhang of cases.
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The insurer has seen claims frequency decline but is still cautious in translating it to reserving and pricing.
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