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He was most recently cyber product leader at Zurich NA. -
It’s unsurprising, following the Corvus-Travelers transaction.
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The ratings agency said growing competition has led to lower pricing.
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Premiums rose an average of 7% across all lines, down from Q3.
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It will begin underwriting from April 2024.
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Some carriers may be pressing too hard on reserve releases from recent years.
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The carrier has filed to withdraw from nine states total.
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Florida again saw the largest increase, up 66.2% year-over-year.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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The firm took a major reserve charge and has gone into remediation mode.
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The company reiterated its commitment to consummating the Accredited sale.
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The non-renewals will continue through June 15, 2025.
