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Sources noted that competition has expanded from excess layers into the primary market – and that has been a major development since the beginning of the year. -
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Cyber continued to register the largest increase in the period, while D&O saw a small price drop compared to a moderate increase in the previous quarter.
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Ryan Specialty president Tim Turner said that the overall flow of submissions into the excess channel “continues to grow at a record pace” with no signs of slowing down.
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The program will offer limits of up to $2mn to a wide range of professionals in the industry from agents, brokers and property managers to consultants.
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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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Public companies’ primary prices renewed with the same limit and deductible were down 0.5% year on year in Q2 2022, marking the first decline in 17 quarters.
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The broker noted that a few market sectors such as life sciences will see healthy decreases, often around 20%, along with improved retentions and coverage.
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The downward trend of securities class actions against public companies is expected to continue in 2022, with the annual filings projected to drop by 7% this year, Woodruff Sawyer said.
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The policy, which Beazley claims to be the first of its kind in London and the US, will offer $10mn of capacity.
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The hires include Melissa Sowa from AXIS, John Birkhofer from Hallmark and Michelle Anderson from Argo.
