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Comp is a line where prices continue to soften on the back of favorable loss trends and elevated competition. -
The carrier reports a fall in compensable losses in nearly all states, including California.
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The carrier reported a 14% fall in gross premiums written during the period.
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The carrier anticipates a combined ratio of between 122% and 125% for the quarter.
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The elevated claims tally follows the introduction of new state legislation in September.
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The drop was mostly tied to the spike in unemployment from the pandemic, though rate declines also played a role.
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The executive will also retain his position as president of workers' comp subsidiary Strategic Comp.
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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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The potential for an inflection point on pricing in the near future was a key Q3 conference call theme.
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The workers’ comp specialist has been up and running since 2017.
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The company previously offered workers' comp in Colorado, Florida, Georgia, Illinois, Nevada and Texas.
