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Inside P&C breaks down some of the key themes and commentary from commercial, personal and specialty line carriers, as well as brokers, during the season so far.
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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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Zurich NA’s P&C CoR decreased to 91.3% in 2022 from 92.4% in 2021 while the group’s CoR remained at 94.3%.
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The executive said the broker stopped receiving client proposals whilst it was set to be taken over.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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The broker has experienced a resurgence in growth under new leadership and strategy.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Overall, the company booked C$167mn of cat losses in Q4, or C$24mn above the C$143mn estimate that Intact reported on January 12.
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The carrier will now share the next $900mn with reinsurance for a catastrophe event, while in 2022 it retained the first $100mn and shared the next $800mn.
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While executives remained upbeat about property rates through 2023, commentary surrounding casualty rates were a bit more cautious, especially on the public D&O space.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.