Casualty/GL
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Reinsurers will likely push for double-digit US premium rate increases.
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US liability was a hot topic at the European conference.
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Increasing loss picks in difficult lines suggest top writers are accepting shifting loss trends.
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The lawsuit names additional attorneys, doctors and medical practices.
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The company is currently “underweight” in that line of business, he added.
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The reinsurer constructed a “social inflation index” for a new study.
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The broker reported that global reinsurer capital reached a record of $695bn as of June 30.
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The transaction complements its previous acquisition of RMS in 2021.
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Rate increases on primary liability placements range from 10% to 20%.
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The highest releases in nearly 15 years challenge conventional wisdom on reserving.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The lawsuit demands coverage from insurers following opioid and product liability-related settlements.
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While the alleged fraud is shocking, could it suggest the industry is under-investing in claims?
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This is in large part due to the current legal environment and inflation continuing to push medical pricing up.
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The top four lines posted low-single digit to high-single digit policy count growth.
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The executive joined Chubb in 2013 as assistant VP and regional manager.
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The executive brings more than 30 years of industry experience to the role.
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The complaints are the first effort to crack down on existing suspicions.
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Britt Sellers joins as head of brokerage casualty and Tyler Turk as director, primary casualty.
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Reserve analysis shows that OL reserving may be insufficient for recent AYs.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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Loss cost inflation remains an unknown and is sustaining price discipline.
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Executives flagged elevated packaged auto loss activity in Q2.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The all-items CPI increased 3% year-over-year, down from 3.3% in May.
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“Hammer letters” are going around, and insurers are struggling to coordinate on claims handling.
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“I think it just starts with people just being desensitized to these numbers,” he said.
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Claims department investment is needed to compete with the plaintiffs’ bar.
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The all-items CPI has increased 3.3% over the last 12 months.
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The number of nuclear verdicts rebounded to pre-pandemic levels by 2022, USCC data shows.
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Loss picks for other liability are at a 23-year high, but that still may not be enough.
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The H2 rate predictions mark a slight moderation from those in H1.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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He will oversee management of the P&C loss adjusting business.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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The executive’s experience centers on program design for complex risk.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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Ascot is supporting Trident, Paragon’s public entity casualty insurance program.
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The CEO said he is “optimistic” about the future of the commercial space.
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Casualty is less of a concern, despite reserving issues.
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Reserving actions have added pressure to upward pricing.
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The CEO said companies are still taking charges on years 2013 to 2019.
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As the industry gathers in San Diego, these are the key discussion points.
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Other executive hires include AIG’s Joseph Fitzpatrick as head of distribution.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
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Social and medical inflation and litigation financing were among the factors cited.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Joy had previously set up the casualty practice at Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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A more business-friendly approach will be offset by increased uncertainty.
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But auto insurance is still a ‘hot-button’ item for carriers.
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AM Best then withdrew its ratings at the company’s request.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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Other liability adverse development is being offset by workers' compensation releases.
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Some carriers may be pressing too hard on reserve releases from recent years.
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The firm took a major reserve charge and has gone into remediation mode.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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Given a number of complexities, the landing zone on a take-out price is small.
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Is this a temporary spike or the start of a multi-quarter trend?
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The drivers are not surprising, but the extent of development is, execs said.
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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 broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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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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