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MGAs going public is now a viable option, but dominating a market comes first. -
Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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Building electrical capacity quickly requires carriers to do due diligence on who’s behind the new power plants.
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The MGA began offering US commercial E&S property products in December.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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Shared and layered accounts are seen as reaping the biggest benefits.
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Growth concerns were top of mind at this year’s conference.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company also encouraged insurers and brokers to support the initiative.
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Rate gains are easing across many commercial and personal lines.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Few claims have been filed thus far, as damages have been highly localized.
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