Universal
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The Insurance Insider US news team runs you through the earnings results for the day.
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In addition, the executive is eligible to receive an annual bonus of $262,000 for threshold performance, and up to $437,500 for maximum performance.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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The loss was well within the company’s net retention. Losses from other weather events during the quarter added up to another $10mn-$15mn.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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At the same time, insurers are assessing the level needed to address loss cost trends.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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The Inside P&C news team runs you through the earnings results for the day.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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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 compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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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 pullback mirrors what the state went through last year before and after June 1.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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The executive steps into the role at a significant time where the company faces the task of dealing with the consequences of Hurricane Ian.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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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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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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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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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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He continued that the program contains full protection for hurricanes and tropical storms with no gaps in coverage and no co-participation.
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The company cited the challenging Florida claims environment and inflationary and weather trends as the key reasons for the loss ratio increase.
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For most policy forms, all roof types must be 15 years or newer to write new business in certain counties.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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