Excess casualty
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Idaho and Minnesota far outpaced other reporting states in premium growth, stamping office data shows.
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Reinsurers will likely push for double-digit US premium rate increases.
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Umbrella was the exception, ticking up slightly on the month.
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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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Executives flagged elevated packaged auto loss activity in Q2.
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Markel executive Alan Rodrigues will lead the unit.
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“Hammer letters” are going around, and insurers are struggling to coordinate on claims handling.
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The H2 rate predictions mark a slight moderation from those in H1.
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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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The executive joined the firm in January from Nationwide.
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The new suite of coverages is designed to meet the unique needs of healthcare organizations.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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But auto insurance is still a ‘hot-button’ item for carriers.
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It is backed by paper from MS Transverse, this publication understands.
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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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A quick roundup of this week’s biggest stories.
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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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The new financing builds on the $148mn raised to date and follows recent belt-tightening measures that included layoffs.
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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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On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.
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The unit will focus on commercial risks with a specialized approach in niche verticals, such as construction, commercial real estate, hospitality, manufacturing and technology.
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The executive joins Atain after over a year at German insurer HDI Global, where she was executive underwriter.
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The first signs of limit expansion, growing appetite in the admitted market, and retail brokers' impatience with wholesalers are all evident.
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The exit of the start-up line will allow the company to apply its resources and underwriting expertise to other segments.
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One question in the community is whether nuclear verdicts this year will spark a re-acceleration of rates, especially in the lead excess layers.
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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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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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General and products liability rate increases will slow down in 2023, with an expanding number of insureds expected to experience flat to 5% hikes as the year progresses, according to USI.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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Commercial auto, hospitality, public entity and higher ed are among the sectors seeing continued rate hikes and limited capacity, according to CRC Group.
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Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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Price increases for high-hazard risks range between 15%-25%, down from +30% increases last year, while better performing classes are seeing 5%-10% rate increases.
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The deal gives Dallas-based Scion underwriters primary and excess casualty risks, with a focus on trucking and transportation.
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Rate increases for all-sized accounts and across all lines of business slowed to 10% in the first quarter, down from 10.7% in Q4, according to recent survey data from the Council of Insurance Agents and Brokers (CIAB).
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