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Earthquake capacity remains constrained following over a decade of soft pricing.
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The broker says that in the private D&O market, underwriters are seeking to at least double retentions and hiking rates by 10% to 20%.
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Some sub-classes of the cyber market such as industrial manufacturing and retail wholesalers are seeing rate hikes of as much as 40%. -
Christopher Swift says more rate is needed in some areas including the London market and certain excess lines.
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The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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Event definitions were also tightened at renewals, the broker said.
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Including two large 18-month placements, the index would have recorded an average pricing increase of 46.6%.
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The carrier achieved rate rises of about 11% across its US commercial lines portfolio during Q4.
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CEO Manning Rountree says its new Lloyd’s investment “hit the ground running” at the renewals.
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Property and financial lines business led the momentum, although there are signs of pricing plateauing.
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Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.
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The number of policies bound in the E&S market fell, while premium rocketed.
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