Rates

The firm adjusted 2022 projected revenues for the acquired Willis Re book down by $10mn from its 2020 figures due to forex and Ukraine changes.

Coupled with potential new capacity and pricing adequacy on the horizon, the tumultuous medmal space may see stability in the medium term.

Prices in February rose at a 7.9% annual pace, a 40-year high, accelerating as the effects of the Ukraine-Russia conflict intensified and concerns over global energy disruptions grew.

Historically, February is often the lowest month for premium submissions within each annual reporting period.

The company said it introduced cyber into the survey for the first time and that the line showed a significant rate increase.

The company will continue to exit non-Florida markets and focus on the local homeowners' sector with increased rates.

Unlike other P&C lines who managed to deliver combined ratios averaging in the low-to-mid-90s, commercial auto averaged 106% for around the last decade.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The market is about to pass a fourth round of broad-based commercial lines rate rises following a Q1 2019 inflection point.

The protracted firming phase of the cycle continues, with E&S firmer than the admitted market.

The broker has reported successive slowdowns since price increases climbed to a peak in Q1 2020.

The insurer reported total P&C rate increases of 8% for the third straight quarter, down from the 13% gains in last year’s fourth quarter.