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The improvement in 2022 was attributed to a favorable loss development of $6.5bn on older accident years and anticipated “probable” reserve releases in 2023. -
CEO Adam Kembrooke said some markets would struggle to maintain the results they’ve posted historically, after the point of pricing equilibrium in the cyber class.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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Capacity is still short of demand, even in the non-admitted market where carriers are not subject to regulatory approval for prices.
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Liz King Kramer will be responsible for executing the sector’s business plan and driving growth.
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Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
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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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Following media reports last week that AAA had plans to pull out of the Florida insurance market entirely, the home and auto carrier "set the record straight” on Monday.
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The layoffs will be effective at the end of September.
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The executive joins Atain after over a year at German insurer HDI Global, where she was executive underwriter.
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The practice is banned under present legislation, which carriers say has led to unprofitability and continued recent exits from new homeowners’ business.
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Nationwide’s recent exit from its E&S commercial auto business has spurred a flurry of speculation as to what's next for the space.
