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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening. -
Fronting doesn’t look any better when it’s broken down by segment.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The broker will now have access to an M&A war chest for inorganic growth.
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The WCB has denied the allegations, claiming its decisions were based on “reasonable investigations”.
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The deal values the Onex-backed P&C broker at over $7bn.
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Persistent social inflation challenges evident across key long-tail lines at half-year mark.
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All rates were up on a year-over-year basis, except for workers’ compensation.
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High H1 reserve releases of $7.4bn were driven by the largest of carriers.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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Equidad earlier sold its soccer team to group of US investors that includes actor Ryan Reynolds.
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GL and workers’ comp, however, may benefit from a more competitive environment.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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The alleged insurance fraud targeted anyone who could fund the settlements, argued the plaintiffs.
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The investigation follows several civil racketeering cases filed by Tradesman based on similar facts.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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The exec said the feds have been given data to potentially pursue criminal charges.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The rules would require paid rest breaks, among other measures.
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High general liability losses are cause for concern despite modest improvements in other lines.
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Sources said that the program manager is being advised by Dowling Hales.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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Macroeconomic volatility could also create top-line headwinds.
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