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In contrast to the second and third quarters, when Kemper took $81mn and $25mn reserve charges, the fourth quarter loss came from a spike in severity on current AY claims. -
The company’s 79% jump in underwriting income to $109mn benefitted from $61mn in reserve releases.
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The new entity will expand its operations into the specialty commercial auto space, with a workforce of around 600 employees and over $1.1bn in equity capital.
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The reinsurer and the tech firm will collaborate on driverless vehicle products.
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Personal lines giant Allstate is increasing rates for its auto insurance business in response to rising loss severity that has hit the segment, the firm’s CEO Tom Wilson said.
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The firm’s margin expansion – despite rates tapering in some lines, including excess casualty – offset Ida losses during Q3.
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Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.
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The commercial auto specialist MGA secured the new capital from Ambac Financial Group and TigerRisk Partners' subsidiary Applied Financial Technologies.
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James River ceded approximately $345mn of commercial auto liabilities relating to business written for Uber’s ridesharing business.
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The rebooting of efforts to find a buyer was considered, but CEO David Disiere has decided to retain the business.
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Texas-based InsurTech Overhaul has entered a strategic partnership with commercial P&C insurer CNA to mitigate cargo-theft risk within the trucking industry by way of Overhaul’s TruckShield technology.
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The carrier seeks to reduce commercial auto category below 20% of its overall book.
