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The executive noted that the quarter marked the 21st quarter of rate increases.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The insurer estimated a 109% combined ratio for Kemper Auto in Q4, which included $7mn of adverse legal cost development for the first three quarters of last year.
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The executive said the January 1 renewal was the “most challenging” in almost two decades.
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Organic growth has been slowing after a period of bumper double-digit expansion.
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The insurer’s NWP grew 14.4% to $298mn, while GWP rose almost 14% to $384mn in Q4.
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The company's net cat loss ratio increased to 18% from 8.3% in November, attributed primarily to winter storms, wind and thunderstorms.
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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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Property rates increased 20% to 40% in Q4, and some customers were unable to buy full limits and ended up increasing their deductibles or purchasing lower limits.