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The cuts amount to roughly 2% of the insurer’s US workforce.
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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 stock closed at $342.87 per share, down 19.56% from yesterday’s close of $426.22.
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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.
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Investors must weigh a differentiated investment strategy and true specialty opportunity against partial third-party investment control and historical losses.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
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In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
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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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This is the fourth national practice that The Liberty has unveiled this year, having launched workers’ comp, healthcare and human capital units in recent months.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.