Workers Compensation
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Specialty reinsurance MGU Waypoint has formed a strategic partnership with workers compensation carrier CompSource Mutual.
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Trends in IBNR might suggest over-optimism in carriers’ reserving outlook.
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AM Best then withdrew its ratings at the company’s request.
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Other liability adverse development is being offset by workers' compensation releases.
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Commercial lines difficulties continue to weigh down industry results.
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The agency cited the InsurTech’s material underwriting losses in 2023.
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Some carriers may be pressing too hard on reserve releases from recent years.
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Workers' comp saw an ongoing significant increase in losses.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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David Arick will design and implement Sedgwick’s risk management solutions.
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Commercial carrier earnings continue to show mixed prior-year development.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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Severe convective storms are the biggest overall driver of adverse results.
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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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S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.
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Christopher Laws is eligible to receive severance benefits under the severance plan for executive vice presidents.
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The company distributes insurance through leading national commercial broker partners and currently focuses on manufacturing, agriculture and the construction industry.
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The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.
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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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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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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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According to NCCI, sector-wide accident year ratios for 2022 clocked in at 98%, while calendar year ratios came in at 83%.
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