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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points. -
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).
