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The HNW carrier will launch in Canada this year, starting with Ontario.
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A litany of underwriting and quoting constraints has made it much harder to write business.
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Light cat losses, reserve development, and pricing trends are key topics in Q1.
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Tim Cerio also credited litigation reforms for the current market recovery.
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This compared to a 20.6% YoY increase for February and January.
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He will manage the region’s sales and service teams.
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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The company has retained Tony Ursano’s IAP for the raise.
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Mutuals struggle to react and adapt to a worsening loss environment.
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The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
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The carrier stopped accepting new HO business in the state last May.