Old Republic

Old Republic Aerospace CEO Ralph Sohl will continue in his current position.

The company outlined compensation for its chief executive in its performance recognition plan, as well as for other employees.

In this position, the executive will work closely with the claims divisions from Old Republic’s subsidiaries across the US.

The 2.8-point decline in the division’s loss ratio outweighed a 1.3-point increase in the expense ratio.

The company's first quarter combined ratio increased by one point year-over-year to 91.9%.

Derek Hopper is named CEO of workers’ comp specialist PMA as John Santulli becomes chairman and Steve Olson is set to take the helm at Great West Casualty, with Jim Jensen named chairman.

Capital requirements for the new unit will be extended internally from available funds, and operating infrastructure will be provided by the group’s subsidiaries.

The company’s 79% jump in underwriting income to $109mn benefitted from $61mn in reserve releases.

The Chicago-based insurer also grew NPW by 11.1%, its fastest clip in recent memory.

With the deal, the specialty carrier adds nine office locations and 86 employees to its current network of direct operations.

The Chicago-based company grew NPW by 4%, helped by 24% growth in its financial indemnity business, which wrote over $100mn in net premiums in the quarter.

Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.