Property
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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The US large property team will support middle-market and corporate clients.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Freeman has spent 11 years in property leadership roles with BHSI.
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Duncan Milne and Cabot Lyman are both leaving Aon for McGill.
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The ratings agency cited erosion in the company’s surplus position, among other developments.
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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Compared to March, more sources shared accounts of rate declines and oversubscription.
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Westchester’s Kyle Garrett was named VP, executive underwriter for property.
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The oversubscription may signal additional capacity waiting on the sidelines.
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Ten states joined in the original suit.
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The announcement confirms earlier reports from this publication.
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Rate increases are expected to continue, but at a slower pace.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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The value of the bridge is estimated at $1.2bn.
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After the 2007-17 decade of “bad underwriting” carriers are recovering from “past sins”.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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Sizeable investment returns masked 10-year high underwriting losses.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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London underwriters are getting aggressive in the US.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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Commercial property was at 10.30%, down from 10.67% in December.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Severe convective storms are the biggest overall driver of adverse results.
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
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While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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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 syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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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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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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Nancy Woode and Erinn Pearson most recently worked at McGill and Partners and will be based in Aon’s Atlanta office.
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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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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Issues over reinsurance pricing and capacity continued to plague commercial property.
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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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RPS said higher excess layers in the E&S property sector are still seeing increases north of 50% while primary and lower buffer layers are seeing average increases of 10%-15%.
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Everest is targeting a combined ratio of 89%-91% for 2024-2026, compared to the 91%-93% target range from its previous investor day event in 2021.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Around 85% of companies mistakenly believe that their property insurance covers some, all or most types of flooding.
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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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The broker’s “State of the Market: Real Estate” report says little change is expected in the property insurance marketplace for the rest of the year, but talk of more moderate rate increases in 2024 is “gaining momentum” specific to loss-free, properly valued and attractive accounts.
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In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
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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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Administered by FEMA, the NFIP holds 4.7 million policies in force and provides $1.28tn in coverage across 56 US states and jurisdictions.
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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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Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.
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Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.
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Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.
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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.
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European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
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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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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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It is more dependent on property, and its longevity is uncertain.
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Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
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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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Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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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 nod follows that of Mainsail Insurance Company, owned by Hippo subsidiary Spinnaker, in August and HCI-owned Tailrow Insurance Company in April.
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The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
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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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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Nearly two years since the start of the program to lift NFIP rates, (re)insurers remain hesitant to fully commit to flood.
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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 news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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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 risk of US wildfire in 2023 is expected to be lower than in recent years, except in the Pacific Northwest, namely Oregon, Washington and Montana, according to analytics firm ZestyAI.
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Inside P&C’s news team runs you through the key highlights of the week.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Capacity is still short of demand, even in the non-admitted market where carriers are not subject to regulatory approval for prices.
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Inside P&C’s news team runs you through the key highlights of the week.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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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 utility previously bought a $1bn policy from the (re)insurance market.
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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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Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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The broker’s latest report finds stability but continued price discipline in most lines and regions.
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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 reciprocal’s purpose is to deliver additional US property catastrophe capacity to existing and new policyholders of Victor's subsidiary, International Catastrophe Insurance Managers LLC.
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Inside P&C’s news team runs you through the key highlights of the week.
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The hard reinsurance market and elevated cat losses continued to drive rate increases.
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New homeowners' policies in wildfire-prone areas will have to flow to the non-admitted market or the state’s last resort, the California Fair Plan.
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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 executive first joined Vantage in 2021 after stints at Hamilton and Allied World.
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The intermediary’s latest study shows double-digit rate increases in commercial property and auto lines.
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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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Hot and dry weather in the summer and fall is also a conditional factor.
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H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.
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In the non-admitted property market, more policies are including language that discourages clients from hiring adjusters.
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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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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Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near normal" hurricane activity in the Atlantic this year.
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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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Early private deals have provided far more stability in this year’s renewal than last.
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The average increase in commercial property premiums was 20.4% during the quarter due to inflation, natural catastrophes and persisting supply chain issues.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
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In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure board of managers.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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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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Client fatigue has transitioned to frustration as buyers face a hard commercial property market and inconsistency of coverage.
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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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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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On March 31, the National Weather Service counted 618 storm reports and 104 tornado reports, both records for the year to date.
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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 forecast included two intense hurricanes, six hurricanes and 12 tropical storms.
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Reinsurers achieved an average ROE for 2022 of 5.2% – far below the cost of capital – in what Aon described as a “poor year for reinsurance sector earnings”.
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Prior to 2019, the Fair Plan’s commercial limits had not been adjusted in over two decades.
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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 US continues to experience catastrophic flash flooding and heavy rainfall events that are impacting “inland” areas across the country, as well as coastal areas.
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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Carriers will address exposure to catastrophe losses, higher reinsurance costs, macroeconomic factors and inflation.
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Across Mississippi, Alabama and Tennessee, around 34,000 customers remained without electricity as of Monday morning.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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Business is surging into the E&S market, with rates up in the triple digits in some instances, as carriers combat claims volatility.
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2022 statutory data is now available, and results show winners and losers
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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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Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.
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Carrier and broker sources canvassed by this publication indicate that whatever they imagined pre-January 1 reinsurance renewals, the community is experiencing an even harder market.
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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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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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Respondents attributed this increase to inflation’s effect on property valuations and the cost of goods, as well as to the natural catastrophe losses.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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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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Global P&C insurers must reassert their relevance by reducing cat-related protection gaps rather than retreat from nat cat risk, McKinsey said.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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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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This was the highest single-year increase for the US index since 2006.
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Sources said that the company initially claimed to have secured support from London underwriters Canopius, Tokio Marine Kiln and Liberty Syndicate.
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Louisiana governor John Bel Edwards, state insurance commissioner Jim Donelon, and legislative leadership are in discussions about a potential special session.
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The association has also set its 1-in-100 PML at $4.45bn for the year.
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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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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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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 ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Through the reciprocal exchange, the homeowners InsurTech plans to enter new markets in the first half of 2023, including catastrophe-prone states.
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The Californian insurer secured approximately $50mn of additional excess reinsurance limit for residential and commercial earthquake insurance markets.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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Cedants are grappling with rising rates while coverage narrows.
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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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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Severely distressed, cat-exposed E&S property accounts could even face 100% price increases, while retentions move significantly upwards.
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On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.
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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 storm in Florida will drive primary loss costs up for property carriers even more, due to higher treaty attachment levels, the company’s report read.
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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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While Canopius has been in the US for 10 years, the insurer has been building “a multi-platform approach” in which underwriters can write business on several different types of paper.
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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 forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
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The California Earthquake Authority expects difficulty sourcing capacity well into 2023.
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With weaker economic growth and competitive pressures hindering insurers' efforts to push through offsetting price increases, the ratings agency expects the sector's underwriting profitability to weaken.
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The reinsurer said the appointment comes as it looks to grow in the property treaty arena.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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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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Secondary perils – which have traditionally been high-frequency, low-severity events – accounted for 70% of all insured losses in 2022.
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Sources said Miami-based Everest fac VP Sean Berry is set to move to London as head of international property.
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The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.
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The CEO addressed the progress of the strategic process in his first interview since taking the role.
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Marsh McLennan is mobilising the insurance industry to support the UN’s Race to Resilience initiative, starting by featuring 17 climate adaptation projects.
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The industry’s recognition of valuation risks has spiked since carriers were “caught off-guard” by the impact of losses outpacing reported values.
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The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Sources estimated potential losses incurred by Coldeco at $400-$500mn, by Arauco at $100mn-$150mn and by CMPC facilities at $100mn.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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 reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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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 broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Other firms such as Lexington, QBE and Zurich ranked among the top 20 underwriters in the six counties with highest exposure to Ian.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
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Florida homeowners insurers, cat reinsurers and the ILS market could all face crises as a result of the loss.
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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 storm has sped up considerably over the past six hours.
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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 dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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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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Cat 4 Hurricane Charley made landfall on Florida’s west coast in 2004, while Tarpon Springs (1921) was the last major storm to hit Tampa.
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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 storm is not expected to be a threat to the order of Jebi or Hagibis.
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Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The executive has over two decades of experience in the property underwriting sector, having worked for various carriers, including PartnerRe and RSA.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The executive pointed at cyber and excess and surplus carrier Lexington as businesses that AIG was seeing rapid growth.
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The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
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Insured losses in 2021 alone hit $20bn.
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After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
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Less confidence in the ability of insureds to properly value property will make insurers seek to hedge concerns through coverage restrictions or rate increases.
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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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Consumers expect broad inflation to be around 5% to 6% over the next year but return to pre-Covid levels in the medium term.
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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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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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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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Cedants will either have to cede away more margin to reinsurers, re-underwrite their portfolios to reduce volatility, or dial up their cat bets.
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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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Twia noted that the cancellations had come as Texas enters peak hurricane season.
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The broker sees rising costs pushing more careful underwriting and rate rises across multiple business lines for the rest of 2022.
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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The carrier will operate regional offices in New York, Chicago, Atlanta and San Francisco.
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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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A further 3,271 structures, including both homes and businesses, are under threat from the wildfire.
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The two products offer coverage for high-value residentials in a state where frequency of wildfire is highest in the US.
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It’s still a great time to be a specialty insurer, but uncertainty about future prospects is mounting.
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The state-backed carrier has seen massive growth in the distressed Florida market.
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Aon said supply chain disruptions are easing, shipping costs are receding and building materials and vehicle pricing are decelerating.
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The decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.
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The firm announced that it is exiting the property reinsurance business.
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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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Around 16% of the wholesaler’s accounts absorbed rate rises above 20% in March and the other 31% saw rate increases between 10% and 19%.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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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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April 1 reinsurance treaty renewals saw increased retentions and rates that were up on average of 7.5% to 12.5%, the wholesaler reported.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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The NICB has estimated that fraud adds 5%-10% to the total claims paid following a disaster.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
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A string of Florida carriers have had their financial stability ratings downgraded by Demotech in recent weeks.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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Discussions around rates remained amicable despite years of compound rises.
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The move is part of the process that allows the Louisiana Insurance Guaranty Association (LIGA) to take over claim payments, ensuring most policyholders with pending hurricane claims will get paid.
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Based in Boston, the executive will report to Michael Garrison, head of Navigators wholesale.
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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 study says a more La Niña-like environment has driven the trend.
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In some cases, sources said, wages have increased between 25% and 35% over the last 12 months.
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By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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Low property valuations, misunderstanding of CBI coverage and increasingly unpredictable natural catastrophes are top challenges for 2022.
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In Madison County, 52 homes were damaged or destroyed across nearly 14 miles, and many homes had just the foundation left.
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The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
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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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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Terminated staff had hoped the dismissals might be forestalled after the company pushed back the soft reopening of offices until at least February.
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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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Rates have risen, but cost inflation, climate change, retro renewals and S&P changes mean cat reinsurers are worse placed than in 2021.
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The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.
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Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.
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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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In an interview, Phil Bowie said the company plans to access reinsurance capacity directly, and called current market conditions “the best” for savvy underwriters.
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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
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The deal is the latest in a flurry of MGA M&A activity and comes after it sought to raise a balance sheet earlier in the year.
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The ratings agency has proposed a significant change to how it assess insurers’ risk-based capital adequacy.
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Grace, who had originally left Everest in May, will be based in London, after previously working out of Boston.
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The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
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Icat’s Ashleigh Cashman was also bullish on 20%+ rate increases next year, after originally expecting rate gains between 5%-15%.
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The advent of radar technology, satellite imagery and ground-sensor technology has allowed brokers and underwriters to develop better tailored products.
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The acquisition comes as Argo works to reduce volatility in its portfolio, including selling Ariel Re and shedding limits in its property book.
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Many insurance carriers will struggle to make a profit this year, as despite increased rates, carriers’ books are still underperforming, according to RPS executive James Rozzi.
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The (re)insurer remains committed to cutting volatility and adjusting its risk profile by moving to specialty segments and repricing businesses where margins are inadequate.
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The business will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance.
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The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.
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