The move follows commentary on loss cost inflation exceeding rate rises in Q4 across Markel’s portfolio, driven by lines including public D&O and financial institutions.
Established players are walking away from writing IPO, SPAC and de-SPAC accounts as increased capacity and falling demand in the sub-class causes rates to crater.
The insurer estimated a 109% combined ratio for Kemper Auto in Q4, which included $7mn of adverse legal cost development for the first three quarters of last year.
