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The carrier is also targeting E&S growth in property brokerage and global specialty.
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Specialty reinsurance MGU Waypoint has formed a strategic partnership with workers compensation carrier CompSource Mutual.
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Trends in IBNR might suggest over-optimism in carriers’ reserving outlook.
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AM Best then withdrew its ratings at the company’s request.
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Other liability adverse development is being offset by workers' compensation releases.
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Commercial lines difficulties continue to weigh down industry results.
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The agency cited the InsurTech’s material underwriting losses in 2023.
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Some carriers may be pressing too hard on reserve releases from recent years.
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Workers' comp saw an ongoing significant increase in losses.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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David Arick will design and implement Sedgwick’s risk management solutions.