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The carrier’s comments on claims severity should serve as a warning for the industry -
Yesterday, the carrier reported its Q1 CoR improved 2.3 points to 111.6%, reflecting a better CAY loss ratio.
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The business consists of the workers’ compensation book and auto casualty bill review solutions.
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Michael Smith is a former mortgage broker.
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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.
