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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities. -
The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The executive said the floor on D&O pricing is in sight.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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The professional lines market remains ‘challenging’ overall, however.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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Pricing was “virtually flat” in the second quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
