The Hartford
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The carrier’s Spectrum property business grew 13%, general property in the middle market segment was up 13% as well, and large property grew 16%. -
AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Secondary perils are adding uncertainty, while modelling is still relatively unsophisticated.
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The carrier’s E&S property book is “up 29%, with 25 points of rate”, said the executive.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
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At the same time, insurers are assessing the level needed to address loss cost trends.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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The Inside P&C news team runs you through the earnings results for the day.
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The move is a promotion for Hamilton, who served for five years as regional vice president of Southern California.
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The company achieved renewal written price increases of 10% in the first quarter and expects increases to accelerate into the high teens later this year.
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