Chubb

The executive said he was “shocked and heartbroken” in a message circulated to Chubb staff.

According to a Chubb survey, 59% of respondents said inflation has impacted their ability to replace covered assets under existing coverage; 76% said they are considering increasing coverage amounts to compensate for inflation.

The consortium is supported by 11 other Lloyd’s businesses.

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Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.

Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.

The carrier was originally in the market for extra capacity at January 1 before pulling plans.

Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.

Chubb’s Victoria Learned-Fenty stepped down as insurer member following the resignations of agent members Joshua Morey and Ben Rathbun.

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

At the same time, insurers are assessing the level needed to address loss cost trends.

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