North America
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The storm’s track has pulled further offshore, but uncertainty remains.
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The only Covid-related item cited was a decrease in fair value of certain investment securities which recovered in Q2.
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O’Donnell said that the environment of “pervasive claims fraud” remains unchanged in Florida.
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Following last week when the market heard from Travelers, Berkley, RLI, Employers, and Old Republic, the Q2 earnings season kicks into high gear this week.
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Last week featured the first new data points on Q2 earnings with Progressive and Truist reporting. But P&C earnings season really kicks off this week with the traditional frontrunners set to report.
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The losses were driven by severe weather events in Florida, Texas and Louisiana.
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The LPT could help make the E&S writer a more attractive takeover target.
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The insurer is currently engaged in a fracas with a Dowling-Lancer consortium.
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The Floridian insurer expects to incur net catastrophe losses of about $17.6mn from the quarter.
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The Chicago-based InsurTech has so far raised $64mn since it was founded in 2016.
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The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.
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With all P&C major target asset classes up in Q2, carriers are set to report substantial book value gains from investments, reversing the balance sheet hit from the previous quarter.
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