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The revision reflects Ategrity’s pivot away from more volatile property cat business to focus on medium-sized commercial clients.
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Directors and officers face an increased risk of litigation next year, according to a report.
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Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
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The 2024 budget increases net operating expenses to $40.2mn, up from $35.2mn in the 2023 budget.
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It is understood that the cuts are based on a review of five-year loss ratios, and that agents above 70% will be impacted.
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Medical care prices – an indicator of medical inflation, a key input to long-tail loss costs – were up 0.2% YoY, after an 0.8% drop for October and a 1.4% drop for September.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Williams is taking over for LeAnne McCorry, who will take on a new role as head of enterprise clients, North America.
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The continued negative outlook in Europe and the US can in part be attributed to inflation and the challenge of catastrophe risk management.