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Few claims have been filed thus far, as damages have been highly localized. -
Rates have fallen an average of 10%, though changes can be highly specific to each property.
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They cover environment, political violence, equipment and cannabis.
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The MGA market now makes up 10% of the overall P&C market.
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In Partnership With ArchToday’s casualty market is “challenging” driven by shrinking capacity and tightening excess layers, said Pete McGuinness, EVP, national accounts casualty, for Arch.
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The program is designed to address a changing risk environment.
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Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.
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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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The program will offer liability coverage up to $5mn per occurrence.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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The coverage will only be available in Illinois and Michigan at first.
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The program is being launched through subsidiary Southern Marine.
