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The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.
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The broker’s “State of the Market: Real Estate” report says little change is expected in the property insurance marketplace for the rest of the year, but talk of more moderate rate increases in 2024 is “gaining momentum” specific to loss-free, properly valued and attractive accounts.
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Carlton Maner is stepping down after having served at AXIS for almost 22 years.
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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 International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.
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The executive will lead a new specialty business line focused on global credit and political risk.
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The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.
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In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.
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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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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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The rating reflects “the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States”, AM Best said.
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Commercial property rates in Hawaii, which sustained a major wildfire event in August, went up to 5.02% that month from 1.65% in July, but remained lower than the average even after the increase.