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The new suite of coverages is designed to meet the unique needs of healthcare organizations. -
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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Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
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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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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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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.
