The Hartford
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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Commercial carrier earnings continue to show mixed prior-year development.
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Commercial property pricing rose 11%, while personal auto grew 21.9%.
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Insurance Insider US runs you through the earnings results for the day.
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The insurer said it will continue to renew existing homeowners’ business.
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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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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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In tandem, the carrier announced that Stephanie Bush, who leads small commercial and personal lines, will retire after more than three decades with the company.
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The Hartford is "starting a conversation” about complex risks and possible solutions with its Risk Monitor Report 2023, the executive said.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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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 carrier’s Spectrum property business grew 13%, general property in the middle market segment was up 13% as well, and large property grew 16%.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Secondary perils are adding uncertainty, while modelling is still relatively unsophisticated.
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The carrier’s E&S property book is “up 29%, with 25 points of rate”, said the executive.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing 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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At the same time, insurers are assessing the level needed to address loss cost trends.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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The Inside P&C news team runs you through the earnings results for the day.
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The move is a promotion for Hamilton, who served for five years as regional vice president of Southern California.
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The company achieved renewal written price increases of 10% in the first quarter and expects increases to accelerate into the high teens later this year.
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The insurer made the payment on April 20, according to SEC filings reviewed by Inside P&C.
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The carrier booked $185mn in catastrophe losses from winter storms, as well as tornado, wind and hail events across several regions of the US, in line with its preliminary disclosure.
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Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.
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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 Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.
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The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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Net losses from Winter Storm Elliott included $151mn in commercial lines and $16mn in personal lines.
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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.
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Inside P&C Research examines E&S sector growth over the past year and revisits historic trends.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company aims to become a larger player in the E&S market and small commercial.
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