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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said. -
The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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Susan Arnold, co-vice chair of NAIC’s P&C Insurance Committee, also urged passage of legislation exempting mitigation grants from taxation.
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The carrier is now working with Stonybrook Capital on a mix of equity and debt as it looks to expand its capital base beyond $100mn.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.
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California E&S premiums, however, fell 20% year over year for the month and declined 1% for the first 10 months of 2023.
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The shortage of affordable reinsurance cover has forced several carriers to withdraw from the market, and for those who remain, concerns about insolvency, downgrades and displaced policyholders are paramount.
