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Changes in cat activity and social inflation have impacted carriers focused on the mid- and small commercial market. -
The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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Average revenue per agency acquired was $3.1mn, down 21.2% from 2023.
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Hurricane Milton brought the firm net losses of $270mn in Q4, while it forecast up to a $750mn wildfire hit for Q1.
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Chubb’s Q4 cat losses more than doubled to $607mn, driven by Hurricane Milton.
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The AIG subsidiary says it has no obligation to “defend or indemnify” McKinsey.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Brown also said California needs a Marshall Plan-like strategy after the wildfires’ devastation.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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Daniela Mills joins after more than eight years at Lockton.
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The executive joins after 20 years with Lexington.
