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Some disagreement remains in where rate declines have been swiftest and how much further they could go. -
The specialty carrier’s share price fell nearly 7% on the day of the call.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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MGAs that are good operators will stick out compared to the rest.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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An average of 81% of property accounts renewed flat or down.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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