General casualty/GL
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The CEO said he is “optimistic” about the future of the commercial space.
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Casualty is less of a concern, despite reserving issues.
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Reserving actions have added pressure to upward pricing.
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The CEO said companies are still taking charges on years 2013 to 2019.
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As the industry gathers in San Diego, these are the key discussion points.
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Other executive hires include AIG’s Joseph Fitzpatrick as head of distribution.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Social and medical inflation and litigation financing were among the factors cited.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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Joy had previously set up the casualty practice at Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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A more business-friendly approach will be offset by increased uncertainty.
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But auto insurance is still a ‘hot-button’ item for carriers.
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AM Best then withdrew its ratings at the company’s request.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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Other liability adverse development is being offset by workers' compensation releases.
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Some carriers may be pressing too hard on reserve releases from recent years.
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The firm took a major reserve charge and has gone into remediation mode.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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Given a number of complexities, the landing zone on a take-out price is small.
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Is this a temporary spike or the start of a multi-quarter trend?
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The carrier said it has acted prudently on 2016-19 GL loss trends.