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Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses. -
The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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The broker says it has already seen a number of whistleblower and retaliation lawsuits filed against employers.
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The executive previously spent 10 years at AIG in energy underwriting roles, including in the carrier’s North American oil and petrochemical segment.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The decision contrasts with a ruling against the industry in the Henderson Road case last month.
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Paragon CEO Ron Ganiats says the MGA is “leaning in aggressively” as it builds an extensive admitted lines portfolio.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The ratings agency expects the residential real estate market to remain strong during 2021.
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The carrier anticipates a combined ratio of between 122% and 125% for the quarter.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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The note is included as an exhibit in a recent BI claim filed against the carrier.
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