-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
-
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.
-
The Bermudian also revealed a $29mn restructuring charge for Q3.
-
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.
-
California E&S premiums, however, fell 20% year over year for the month and declined 1% for the first 10 months of 2023.
-
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.
-
-
The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
-
The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
-
Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
-
Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.