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Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.
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The COO noted that despite being able to get rate in excess of inflation, particularly social inflation, the carrier is watching casualty lines “very closely”.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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The legacy carrier reported unrealised losses of more than $345mn for 2022, up from $78mn the year prior.
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The executive said he was prepared to accept volatility rather than passing margin to reinsurers.
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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 company has yet to see the standard market meaningfully impact rate or flow in the aggregate.
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The Inside P&C news team runs you through the earnings results for the day.
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These changes include increasing all payroll deductibles to specific minimum levels by coverage A limit, adding wind and hail deductibles in multiple states and transitioning to an ACV schedule for roofs as the standard offering.
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After launching in West Virginia and Maine in early 2024, the New Jersey-based firm will target expansion in the western half of the country.
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This is manifesting itself in sharp rate gains in the specialty insurer’s property book, while public D&O continues to decline at alarming rates.
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The InsurTech formed a new Cayman Island-domiciled risk bearing entity Lemonade Re, where it plans to hold some of the retained risk.