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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability. -
The firm reported encouraging quarterly earnings, but social inflation and other challenges still loom.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.
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Joe Murphy has left his senior underwriter post to join the Ryan Specialty Group-owned MGA.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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Capping the firm’s positive quarterly results, Travelers noted a strong but moderating rate in the business insurance segment in a positive read-through for commercial lines carriers.
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Price increases for high-hazard risks range between 15%-25%, down from +30% increases last year, while better performing classes are seeing 5%-10% rate increases.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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Social Inflation could rebound faster than expected and disrupt the industry's narrative on margin expansion.
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The deal gives Dallas-based Scion underwriters primary and excess casualty risks, with a focus on trucking and transportation.
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A jury in Missouri originally awarded women involved in the case $4.7bn in compensation and damages in 2018, an award later reduced to $2bn by a state appeals court.
