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The subsegment is the latest commercial auto sector to feel the heat of litigation losses. -
Loss ratios in troubled casualty lines ticked down year-over-year despite worsening loss costs.
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Kemper and Selective’s woes stem partly from own issues, but industry-level issues persist.
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Workers’ compensation was the only line that saw a YoY decrease.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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Success in the soft market will be had when careful preparation meets opportunity.
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Joseph Lacher will step down as president and CEO and resign from the board.
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