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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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Overall economic losses hit $45bn in the first quarter of 2024.
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Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
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The company reported 25.5% increase in GWP, down from the 40% growth in prior years.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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The US large property team will support middle-market and corporate clients.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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Executives are seeing 5%-15% rate declines on intense competition but in excess layers pricing is down as much as 40%.
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Despite a smaller number of claims, ransomware payments hit all-time highs last year.
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It is understood that the company needs to secure cash within less than 30 days.
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The hire comes after the company’s recent rebrand from Capitola Insurance.
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There is a high likelihood the property claim will be subrogated.