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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The improvement in 2022 was attributed to a favorable loss development of $6.5bn on older accident years and anticipated “probable” reserve releases in 2023.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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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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Aguilera will be joined at the practice by Leidy Rivera, who moved to The Liberty Company after over 12 years at Brown & Brown.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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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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2022 statutory data is now available, and results show winners and losers
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The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.
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The increase in GWP was driven by higher new and renewal business writings and higher final audit premiums, the company said.
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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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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.
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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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The pandemic was “not a significant loss driver” for most industry segments as of late 2021, the report read.
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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 CEO’s comments follow yesterday’s Q3 earnings report, in which the carrier’s GWP grew 24% year-on-year, accelerating for the third consecutive quarter.
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The firm reported better than anticipated earnings factoring in Ian, but a slowing economy could cloud the outlook.
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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 multi-year smooth cycle may face disruption from factors like the great reshuffle, inflation and long-lasting health impact of Covid-19, according to its latest report.
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Small businesses and accountants can obtain insurance quotes and bind coverage without leaving their QuickBooks account.
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The Hartford has reduced the share of workers’ comp in its portfolio by nearly 16 points over the last five years.
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Rising wages, particularly in leisure and hospitality, are offsetting the effects of rate slippage, Employers says.
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The workers’ compensation specialist saw premium growth in both its traditional and digital lines.
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Danny Engell will serve as chief underwriting and analytics officer, succeeding Mark Barba who retired in June.
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Alaska National’s Wayne Bryan will lead the new venture.
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While most state laws requiring workers’ comp coverage for contracting Covid-19 have expired, an industry group is watching for laws making presumptions permanent.
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The expansion increases the company’s coverage footprint to 38 states and DC.
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Month over month, rates were up across business owners’ policy, general liability, commercial property and workers’ comp.
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The executive said his company is still “strongly capitalized” after raising its $118mn Series C round in March.
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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 industry group reported that Covid-19 driven claims reached 60,000 during 2021, with losses from the pandemic totaling $500mn.
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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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Now Seaglass CEO, Austin was previously president of the Atlantic region at Memic Group.
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The workers' comp specialist looks to digital gains and expense controls to counter a decline in underwriting profit.
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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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Peters will help guide Kinetic Insurance’s growth strategy after its recent launch in partnership with Nationwide.
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The company also announced the appointment of Prudential’s Billy Greer to its board of directors
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The company recognized $24.2mn of favorable prior-year loss reserve development this quarter, versus $39.7mn last year.
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Co-CEO Carl Lindner said his company has made “some adjustments” in staff compensation in response to higher inflation rates.
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The lingering pandemic leaves the industry with uncertainties over return to work, labor shortages and Long Covid.
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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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Woodruff Sawyer said insureds still have leverage in competitive marketplace even as carriers eliminate communicable disease extension endorsements.
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InsurTech Slice Labs and workers’ comp MGA Appalachian Underwriters have expanded AERO’s contractors’ general liability insurance to two additional states – California and Colorado – the companies said.
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Neal Fuller has served as CFO for the workers’ comp specialist since 2015 and plans to retire in 2022
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The CEO said Pie is “actively pursuing” additional shell companies in commercial insurance to further facilitate its transition to full-stack insurer.
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The ratings agency attributed the reversal to the “muted” impact from the Covid-19 pandemic, favorable combined ratios and a redundant loss position.
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Kinetic Insurance offers a patented safety device with a tech-driven approach to reducing injuries.
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Labor shortages and post-pandemic anxiety contribute to rise in severity of claims in ProAssurance’s workers comp business, even as frequency falls.
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CEO G. Janelle Frost said rising wages and employment signaled inflationary pressures in workers compensation as the US economy rebounded.
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