Reinsurance crunch raises insolvency fears in the Midwest
Midwest mutual insurers are bracing for steep reinsurance costs ahead of January 1 renewals, as the region contends with rising loss ratios caused by increasingly unpredictable severe convective storms (SCS), on top of the nationwide challenges plaguing the homeowners’ and auto segments.
While some of the largest mutuals are big enough to withstand these challenges, many of the smaller players have small capital bases and a high degree of reliance on reinsurance that makes them more exposed to higher reinsurance costs...
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