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A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
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The AIG subsidiary achieved rate rises of 30 percent across commercial D&O while also reducing its portfolio loss exposure. -
Paul Rivett said social inflation, interest rates and tightening capacity at Lloyd’s had heightened pressure on underwriters.
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The conference in Boston also flagged anxiety about a third year of wildfire losses from California.
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The new business segment will target premiums of about $50mn-$100mn over the next five years.
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The executive was talking to analysts during a call to discuss Markel’s third-quarter 2019 results.
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Great American replaces Axa-XL as a paper provider for the AJ Gallagher-owned marine managing general agent.
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Sources said the cyber market has paid out at least $75mn in Ryuk ransom claims since the start of the year.
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Social inflation has come under sustained focus in recent months amid a sudden rise in jury awards.
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Limit control, emerging risks and cat losses have all contributed to rapidly changing conditions.
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Asbestos payments in 2018 declined by 14 percent to $2.1bn, according to the ratings agency.
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David LeBlanc takes over for Douglas Nelson who has vacated the role to become chairman.
