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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.
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Insured loss estimates are not yet available.
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The company’s board continues evaluating strategic options, including a full sale.
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GL reserves continue adverse development trend for 2015-2019 accident years.
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The carrier’s sales process is ongoing, and it will provide an update “in due course”.
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Workers' comp saw an ongoing significant increase in losses.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.