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Normalized growth and peak multiples confirm we are headed towards a Darwinian race. -
Workers’ comp rates dropped again, but the decline slowed from last quarter.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Joseph Lacher will step down as president and CEO and resign from the board.
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Fronting doesn’t look any better when it’s broken down by segment.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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Reinsurers will not back business indefinitely where loss ratios continue to exceed the industry by a wide margin.
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Persistent social inflation challenges evident across key long-tail lines at half-year mark.
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High H1 reserve releases of $7.4bn were driven by the largest of carriers.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Commercial auto saw the largest rate change, which was down about a half point by the end of July to 7.96%.
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Appointments include leadership in transportation, energy, marine and others.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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The company also purchased $15mn of SCS parametric coverage.
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The pace of increases ticked down in the second quarter compared to Q1.
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The regional insurer has increased its weighting to OLO and commercial auto, versus comp.
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Morgan Stanley first invested in Cover Whale in May 2024 with structured debt.
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The executive said the claims industry is going to “be transformed”.
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Rising inflation could raise claims severity but also increase investment income.
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All lines except workers’ comp are up year over year, however.
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Under the new law, vehicles will only be required to carry $100,000 in PIP per person.
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Premium rose across the top 15 P&C risks in 2024.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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A deep-dive analysis shows LitFin is not the boogeyman this industry paints it out to be.
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Rates need to be fair but also should not be “destructive of competition”.
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The suit, filed in Florida federal court, is Uber’s second Rico case.
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The former Hub executive has over 30 years of experience in transportation.
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Increases dropped to 5.3% from 5.6% for the previous quarter.
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The NYC taxi insurance market is on the brink of collapse. Regulatory relief has been nowhere to be found.
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High general liability losses are cause for concern despite modest improvements in other lines.
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Inflation indices fell in April, but some items related to P&C are still elevated.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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The two deals bring the combined company’s Ebitda to about $25mn-$30mn.
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The MGA market now makes up 10% of the overall P&C market.
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The company has reduced its exposure on large commercial auto and property.
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The executive has been with the firm’s underwriting team for over 12 years.
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The Lone Star State has seen rapidly increasing rates in recent years.
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Rates for umbrella accelerated to 9.26%, from 8.76% in Q4 2024.
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Despite positive inflation headlines, there are issues for insurers under the surface.
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The executive will also oversee premium audit and customer service.
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Data, technology and telematics could turn the struggling sector profitable.
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Korte had been serving as interim president of the unit since December.
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The costs of accident/casualty-related claims continue to rise.
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The InsurTech was also removed from under review, negative.
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Surplus lines are still strong, but not the standout they used to be.
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Newly released annual stat filings on reserve data show some troubling trends.
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Last month’s inflation figures were lower than expected, but tariffs continue to loom.
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Auto and homeowners’ insurance will see effects from the tariffs.
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The industry continues to take reserve addition medicine in smaller doses than recommended.
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The funding round valued the company at around $850mn.
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Excess/umbrella liability and commercial auto broke the trend with high price increases, however.
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Workers' comp continued to offset GL adverse development, but the bucket is running dry.
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Approximately 12% to 13% of Skyward’s premium was in commercial auto in Q4.
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Technology is key to streamlining the value chain and mitigating loss ratios.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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January CPI/PPI heats up but won’t translate to higher loss costs.
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Carriers that started earlier in correcting their books and catching up with loss trend may be reaping rewards.
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The company’s combined ratio rose 6.5 points from 2023.
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The executive joins after 20 years with Lexington.
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Loss-cost indicators are high for liability, low for property.
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The suit seeks compensatory and punitive damages from 180 defendants.
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Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.
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A quick roundup of our best journalism for the week.
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The MGA secured backing from buyout heavyweight KKR in March 2021.
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Newcomers enter on the belief that they have a “better mousetrap”, said Donato Monaco.
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Sources said that the underwriter has been working with Houlihan Lokey to find a potential backer.
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Initial expectations for the later storm prove overblown, while inland auto losses mount for the earlier event.
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Excess casualty rates were up 10% and have been double-digit all year, the executive said.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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Worrisome trends in the line may be warning signs of worse to come.
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It’s time regulators take decisive action regarding the company and regulation, sources say.
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The storm is projected to make landfall in the next 24 hours in the highly populated Tampa Bay region.
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Milton stole the limelight from slightly stuck PE-backed brokers, acquisitive globals and the casualty conundrum.
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Sources expect loss amplification in claims from Georgia, the Carolinas and Tennessee.
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In Q2, median property price increases decelerated to 2.3%.
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Idaho and Minnesota far outpaced other reporting states in premium growth, stamping office data shows.
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No-fault state regulation and alleged fraud continue to plague the fraught market.
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Hereford and Maya have written $141mn and $15mn in DWP for H1 2024, respectively.
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ATIC insures about 60% of the NY livery market.
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