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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%.
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Strong pricing and stable loss costs yield solid results for the early reporters, but social inflation could turn the tables during the course of this earnings season.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.
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As of 11:30am ET, WR Berkley stock price was $67.25 per share, 6.9% higher than Monday’s close, while RLI was trading at $138.92 per share, 7.5% higher.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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The AI-driven platform, backed by Rubicon, Oak HC/FT and Optum, will offer customized pricing for physicians and real-time quoting and binding for brokers.
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Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.
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The Brown & Brown CEO noted that property cat remains "the most challenging" line, while workers' comp decreases have continued to slow.
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Ongoing rate declines have been seen in recent renewals though the pace of decreases, particularly for established public companies, has slowed.
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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 appointment is the latest senior hire from AIG for the MGA, which recently hired Jordan Lanford as aviation head.