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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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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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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.