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Labor shortages and post-pandemic anxiety contribute to rise in severity of claims in ProAssurance’s workers comp business, even as frequency falls. -
CEO G. Janelle Frost said rising wages and employment signaled inflationary pressures in workers compensation as the US economy rebounded.
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Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.
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David Zimmerman is named to lead the company's new workers' comp division following its acquisition of AmFed.
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The company was launched in 2016 to underwrite small to mid-sized businesses and has underwritten $120mn in premiums.
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First-year employees pose the highest injury risk for contractors, accounting for 33% of claims, AmTrust research found.
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Mutschink previously served as Employers’ top HR exec since joining in November 2019.
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he executive pointed to the reported outline of the bill – including $100bn to spend on roads and bridges, $65bn for broadband, and $17bn for ports – as having the potential to increase demand for insurance.
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The workers’ comp insurer reports a Q2 drop in combined ratio and net premiums earned.
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The executive added that her company had built in a possible rise in loss activity into its estimates, as payrolls move closer to pre-pandemic levels.
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Underwriting income plummeted to $2mn from $18mn last year, hurt by less favorable development and lower earned premiums.
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Workers’ compensation InsurTech Foresight is on track to underwrite more than $50mn in annual gross premiums by the end of 2021, co-founder and CEO David Fontain has told Inside P&C.
