RLI
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The firm’s margin expansion – despite rates tapering in some lines, including excess casualty – offset Ida losses during Q3. -
GWP at the carrier grew 18%, a slowdown from the 25% expansion in Q2, while underwriting profits were also boosted by stronger favorable prior-year development.
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The carrier’s disclosure on Wednesday is among the earliest looks at Ida's toll across the sector.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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Employment data indicates that easy growth and margin expansion may slow soon.
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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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The pace of rate change was “flattening,” with casualty pricing up 6% on average.
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RLI’s all-in combined ratio dropped to 84.8% from 88.4%, midway through Jonathan Michael’s final year at the helm.
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Rate increases in the niche market segment remained in the double digits, but the pace of gains was slower than in prior periods.
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The carrier’s results showed its biggest reserve release on record, and the highest growth in 36 quarters.
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Catastrophe losses climbed higher, totaling $16mn, but underwriting income still grew by 75% to nearly $30mn.
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Branch operations vice president Jill Johnson takes over from Raudins as vice president of personal lines.
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