Property

Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.

Compared to March, more sources shared accounts of rate declines and oversubscription.

Westchester’s Kyle Garrett was named VP, executive underwriter for property.

The oversubscription may signal additional capacity waiting on the sidelines.

Ten states joined in the original suit.

The announcement confirms earlier reports from this publication.

Rate increases are expected to continue, but at a slower pace.

Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.

The value of the bridge is estimated at $1.2bn.

After the 2007-17 decade of “bad underwriting” carriers are recovering from “past sins”.

Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.

Sizeable investment returns masked 10-year high underwriting losses.