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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
In tandem, its long-term issuer credit rating was revised to “a+” (excellent) from “aa-” (superior).
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The legacy carrier’s wholly owned subsidiary will reinsure 80% of RACQ’s motor vehicle compulsory third-party insurance liabilities of accident years 2021 and prior.
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The unit – which will serve both large healthcare providers and smaller clinics and private practices – will work alongside carriers including CNA and Chubb.
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Uncertainty around war exclusions and systemic risks and the potential impact of the spike in ransomware on the profitability of the class were discussed at the event.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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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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Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
