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Berkley news from Insurance Insider US
Industry trends show the Axis book value growth goal may be hard to hit.
Focus on reserves to continue as gap between cautious reservists and others emerges.
The Insurance Insider US news team runs you through the earnings results for the day.
Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.
Reinsurers will try to put pressure on insurers for casualty and liability lines, as they did in property.
Carriers expressed confidence on the line’s ability to withstand medical inflation.
Commercial carrier earnings continue to show mixed prior-year development.
On Wednesday, the insurer reported 12% growth in net written premiums.
The specialty carrier’s top-line growth accelerated throughout 2023.
The Insurance Insider US news team runs you through the earnings results for the day.
The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
Schuermann joined Berkley Entertainment as chief operating officer in 2021 from NN Inc. Broshcart served in the president role upon the unit’s formation in 2004.
The exec has nearly 30 years of property and casualty insurance experience and succeeds interim CWG president Melodee Saunders.
S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.
Christopher Balch is succeeding Matthew Mueller, who has been named chairman of the business. Both appointments are effective immediately.
The company also continues to be “very mindful” of medical cost trends, which CEO Berkley noted were shifting very quickly after a benign period.
The Inside P&C news team runs you through the earnings results for the day.
Forte joined the specialty insurer in early 2018 as public entity SVP, CUO and COO after a spell at AIG based in New Jersey.
Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
Apart from public D&O and workers' comp, the specialty lines insurer is seeing “very strong submission growth”.
The Inside P&C news team runs you through the earnings results for the day.
The deal will result in a pre-tax net realized gain of $86mn in the second quarter.
The new business unit will offer excess liability coverage to specialized markets, starting with environmental and energy industries.
Inside P&C’s morning summary of the key stories to get you up to speed fast.
Competitor news

Competitor news

With the appointment, current division president David Furby will step down from the role.
This is Chubb’s second MGA deal in the past few months.
MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
Changes in investment strategy and strong results show carriers can weather financial storms.
The CEO said he is “optimistic” about the future of the commercial space.
The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.
The conglomerate exited its $620mn position in Markel, which it has held since 2022.
Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
The CEO said companies are still taking charges on years 2013 to 2019.
In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
There is a high likelihood the property claim will be subrogated.
The CEO said Q1 was “one of the best quarters” for casualty pricing.
Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
The executive has been with the firm for 30 years.
Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
The insurer is currently transitioning Corvus' ‘profitable’ $200mn book of business.
Underlying improvement was driven by a decrease in the personal lines core CoR.
The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.
The value of the bridge is estimated at $1.2bn.
This publication revealed Chubb was planning to re-enter the London TL market.
The homeowners' CoR fell over 32 points sequentially to 75.8%.
Choosing to shrink a money-losing business when necessary is “a strength”.
The carrier also plans to ramp up media spend.
Personal auto rates increased 19% during the year.
On average, revenue was up 12.4% for the year, but expansion plans are slowing.
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