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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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The new financing builds on the $148mn raised to date and follows recent belt-tightening measures that included layoffs.
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The carrier has appointed Scott Bailey as vice president of field operations for contract surety, among seven recent hires.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The cuts amount to roughly 2% of the insurer’s US workforce.