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“We really haven't observed any material signs of market hardening,” the executive tells analysts. -
The workers’ comp specialist's gross written premiums fell 20% for the fourth straight quarter as the pandemic-induced downturn continues to hit the top line.
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The Coordination of Medicare Payments and Workers’ Compensation Act has been proposed by a bipartisan pairing of senators.
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The cover will be distributed by CRC subsidiary 5Star Specialty Programs.
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The sale of the subsidiary is the latest step in CEO Kevin Rehnberg’s plan to dial down risk and free up capital at the carrier.
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The new unit is led by national product manager Justin Dorman.
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Comp is a line where prices continue to soften on the back of favorable loss trends and elevated competition.
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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.
