ProAssurance Group

Inside P&C’s news team runs you through the key highlights of the week.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Two of the verdicts were around $15mn and two were between $40mn and $45mn.

The specialty P&C segment’s underlying loss reflected claims severity trends, largely from prior accident years, which adversely impacted the calendar year loss ratio.

The firm booked a Q4 $5mn reserve release that represented a favorable effect on its results of 2%, down from 6.7% in Q4 2021.

The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.

The chief executive added that his company will continue to take a conservative approach to reserving, as the process remains less consistent amid Covid’s enduring impact on closing patterns.

The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.

Ned Rand said that while the ruling opens up exposure for physicians and hospital operators, he anticipates more criminal exposure than medmal exposure.

Social inflation an increasing concern for the specialty P&C and workers comp carrier as courts resolve pandemic overhang of cases.

The insurer has seen claims frequency decline but is still cautious in translating it to reserving and pricing.

The insurer maintained its cautious stance on fully accepting a lower claim frequency trend.