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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The carrier believes its existing reserves account for any liability relating to claims.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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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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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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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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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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According to a survey, 35% of small businesses do not have general liability insurance, and 39% of those operating for 10 years or more have never updated their GL coverage.
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Inside P&C’s news team brings you all the top news from the week.
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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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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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It is more dependent on property, and its longevity is uncertain.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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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’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Nearly 30 new players have entered the market in the past two and a half years, with three already having closed.
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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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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Inside P&C’s news team runs you through the key highlights of the week.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The hard reinsurance market and elevated cat losses continued to drive rate increases.
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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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H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.
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The bishop’s insurance policies include general liability coverage, auto, employment practices, E&O, D&O, excess liability, cyber and sexual misconduct.
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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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During the first quarter, Chubb paid $200mn and another $300mn last month, according to the company’s Q1 10-Q filed with the SEC.
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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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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.
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The US continues to experience catastrophic flash flooding and heavy rainfall events that are impacting “inland” areas across the country, as well as coastal areas.
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