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The ratings agency said over-capacity could snuff out recent pricing momentum.
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Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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The action reflects Mexico’s foreign currency sovereign rating.
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Derivative actions and social inflation have created a significant uptick in claims activity.
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A state report said non-renewals were down 10 percent in some high-risk areas.
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New data from CIAB shows commercial property saw rates rise by 8.5 percent in 2019’s second quarter owing to wildfires and midwestern losses. -
The 2017 and 2018 wildfires have led to double-digit rate rises, reduced capacity and a more cautious attitude from reinsurers.
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The carrier meaningfully cut back gross limits while booking rate gains to improve the quality of its general insurance portfolio in Q2.
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The latest quarter was the second-lowest Q2 for issuance volume in the past eight years.
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The reduction in rate rises permitted for the class of insurance follows a public pricing review.
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The executive said certain excess and surplus (E&S) business – including property -- is flowing back to the US from Lloyd’s and other markets.
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Encouraging signs that the (re)insurance industry will continue to see rate rises, says Everest Re’s CEO.
