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Sizeable investment returns masked 10-year high underwriting losses. -
The Truist-owned cat MGA had reduced its line size to $50mn last year.
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London underwriters are getting aggressive in the US.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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Commercial property was at 10.30%, down from 10.67% in December.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Severe convective storms are the biggest overall driver of adverse results.
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
