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S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer. -
Christopher Laws is eligible to receive severance benefits under the severance plan for executive vice presidents.
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The company distributes insurance through leading national commercial broker partners and currently focuses on manufacturing, agriculture and the construction industry.
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The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.
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According to NCCI, sector-wide accident year ratios for 2022 clocked in at 98%, while calendar year ratios came in at 83%.
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The improvement in 2022 was attributed to a favorable loss development of $6.5bn on older accident years and anticipated “probable” reserve releases in 2023.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
