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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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The insurer's professional liability reinsurance book shrank by around 25%.
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The executive will also oversee premium audit and customer service.
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What past trends can tell us about the future of commercial reserving.
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Defendants claim that Tradesman lacks standing to bring the case.
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The InsurTech was also removed from under review, negative.
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Newly released annual stat filings on reserve data show some troubling trends.
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The industry continues to take reserve addition medicine in smaller doses than recommended.
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Executives see earnings benefits from workers’ comp beginning to diminish.
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Workers' comp continued to offset GL adverse development, but the bucket is running dry.
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Profitability over growth continues to be the company’s “mantra”.
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The bill was introduced shortly after a similar bill failed in Mississippi.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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The move will expand Nationwide’s stop loss insurance sales to SMEs.
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NCCI’s WCWMI posted 2.3% growth last year, below 2023’s 2.9%.
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The insurer’s strong Q4 results might not read across to the rest of its peer group.
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Trends leading into 2025 may indicate workers’ comp releases have peaked.
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Executives have said that the carrier’s conservative reinsurance program made losses sustainable.
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The law takes effect January 1.
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A jury found the retailer defamed a former driver with false claims of workers’ compensation fraud.
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Through Q2 2024, the index is up 10% since 2020.
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Executives said the company continues to shrink its book of business in markets with poor underwriting conditions.
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Plaintiff Ionian has alleged a “fraudulent scheme” under the Rico laws.
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Asbestos claims for exposed insurers could place more pressure on workers’ comp reserves.
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Despite pricing declines, state funds recorded their third year of DWP growth.
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Increasing loss picks in difficult lines suggest top writers are accepting shifting loss trends.
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The lawsuit names additional attorneys, doctors and medical practices.
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Umbrella was the exception, ticking up slightly on the month.
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The highest releases in nearly 15 years challenge conventional wisdom on reserving.
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States are grappling with first responder claims litigation as some move to expand presumptions to more worker types.
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The complaints are the first effort to crack down on existing suspicions.
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The report also noted that 35% of injuries occurred during an employee’s first year.
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The executive said the company remains optimistic about small commercial, where NWP grew 8.5% in Q2.
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Reserve analysis shows that OL reserving may be insufficient for recent AYs.
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Rising medical inflation, less favorable frequency trends and difficulty in getting rate are challenging the line.
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The first RICO complaint targeted medical providers and training centers.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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Reserve releases in workers' comp may have been premature despite industry confidence.
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Hansen joined the California-based workers’ compensation provider in 2006.
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The H2 rate predictions mark a slight moderation from those in H1.
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The firm’s underwriting performance is hard to piece together from the limited available data.
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Mental health problems account for 52% of all workplace injury cases.
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The segment’s accident year 2023 combined ratio moved up 1 point to 98% in 2023.
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The all-items CPI has increased 3.4% over the last 12 months.
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The carrier’s comments on claims severity should serve as a warning for the industry
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Yesterday, the carrier reported its Q1 CoR improved 2.3 points to 111.6%, reflecting a better CAY loss ratio.
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The business consists of the workers’ compensation book and auto casualty bill review solutions.
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Michael Smith is a former mortgage broker.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Specialty reinsurance MGU Waypoint has formed a strategic partnership with workers compensation carrier CompSource Mutual.
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Trends in IBNR might suggest over-optimism in carriers’ reserving outlook.
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AM Best then withdrew its ratings at the company’s request.
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Other liability adverse development is being offset by workers' compensation releases.
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Commercial lines difficulties continue to weigh down industry results.
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The agency cited the InsurTech’s material underwriting losses in 2023.
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Some carriers may be pressing too hard on reserve releases from recent years.
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Workers' comp saw an ongoing significant increase in losses.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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David Arick will design and implement Sedgwick’s risk management solutions.
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Commercial carrier earnings continue to show mixed prior-year development.
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