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Severe convective storms, wildfires and hurricanes increasingly moving inland are top concerns for the industry. -
Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The downstream market is also starting to soften after a “massive influx” of premium income.
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Manufacturing now accounts for 41.7% of all claims, from 15.2% previously.
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The carrier has made several recent high-level promotions.
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The July downtime will increase relevance, demand and innovation for the market.
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Palomar acquired FIA for 1.7x closing book value to enter the surety market.
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The CEO said he expects cyber rates to start flattening post-loss.
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He succeeds Rob Clark, who was appointed global broker account lead.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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In tandem, Mike Falvey will transition to executive chairman, effective January 1.
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