Personal auto
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Hits to personal auto, workers’ compensation led to a drop in NWP. -
At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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But automotive repair costs are likely to increase faster than home repair.
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The Lone Star State has seen rapidly increasing rates in recent years.
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CEO Marchioni said the overall hit would likely be “in the low single digits”.
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The sale price represents Elephant’s approximate net asset value.
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In operation since 1991, Pearl represents Ocean Harbor and Equity insurance companies.
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Auto and homeowners’ insurance will see effects from the tariffs.
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Customers will keep their agent relationship and policies will not be impacted.
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The investment firm’s holdings were down to $59mn at the end of Q4.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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