Property
-
Average premiums rose 5.8% across all major lines, roughly flat from 5.7% in Q4.
-
The CEO said he is “optimistic” about the future of the commercial space.
-
Farmers cited “positive changes” in the state's commercial insurance market.
-
The executive succeeds Rick Miller, who passed away last month at age 62.
-
Casualty is less of a concern, despite reserving issues.
-
Habitational, lessors’ risk and BOP accounts are among the most challenged.
-
As the industry gathers in San Diego, these are the key discussion points.
-
The company says its insurance policies “include significant property and inventory coverage”.
-
Approximately 1.2 million units are vacant throughout the state.
-
Overall economic losses hit $45bn in the first quarter of 2024.
-
The carrier is also targeting E&S growth in property brokerage and global specialty.
-
The US large property team will support middle-market and corporate clients.
-
Concern about vague cat modeling language was a theme at a Tuesday workshop.
-
The casualty segment posted $18mn of favorable reserve development across multiple accident years.
-
Freeman has spent 11 years in property leadership roles with BHSI.
-
Duncan Milne and Cabot Lyman are both leaving Aon for McGill.
-
The ratings agency cited erosion in the company’s surplus position, among other developments.
-
CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
-
Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
-
Compared to March, more sources shared accounts of rate declines and oversubscription.
-
Westchester’s Kyle Garrett was named VP, executive underwriter for property.
-
The oversubscription may signal additional capacity waiting on the sidelines.
-
Ten states joined in the original suit.
-
The announcement confirms earlier reports from this publication.
-
Rate increases are expected to continue, but at a slower pace.
-
Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
-
The value of the bridge is estimated at $1.2bn.
-
After the 2007-17 decade of “bad underwriting” carriers are recovering from “past sins”.
-
Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
-
Sizeable investment returns masked 10-year high underwriting losses.
-
The Truist-owned cat MGA had reduced its line size to $50mn last year.
-
London underwriters are getting aggressive in the US.
-
The company provides reinsurance to insurers in LatAm and the Caribbean.
-
Commercial property was at 10.30%, down from 10.67% in December.
-
The index’s 2023 peak was Q2, when rates increased 19%.
-
Severe convective storms are the biggest overall driver of adverse results.