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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. -
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.
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In the quarter, Root saw its auto policies in force shrink 31.5% to 203,840, though they were up slightly from 199,685 policies in Q1 2023.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.
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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 Inside P&C news team runs you through the earnings results for the day.
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In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.
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Market conditions remain “vibrant” with substantial rate increases in property business.
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AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group ahead of the wind season.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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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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