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Sizeable investment returns masked 10-year high underwriting losses. -
Bill Fahrner most recently served as CUO at Joyn Insurance.
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The company’s book is being run off by Boost Insurance.
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The company would ideally like to target a minority investment.
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He joins Fairmatic’s executive team to lead new product production.
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Koffie began work on a sale earlier this month following major layoffs.
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December’s increase was an acceleration from 19.2% in November and October, with the CPI all-items index up 3.4% vs a 3.1% YoY rise for November.
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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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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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.
