Umbrella
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Several lines had price decreases, while growth in most sectors slowed from previous quarters. -
Only GL and workers’ comp had renewal rate increases compared to Q2.
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Workers’ compensation was the only line that saw a YoY decrease.
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The fashion brand says the insurer failed to defend it in multiple lawsuits.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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The Delaware high court’s reasoning could find application in other cases.
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GL and workers’ comp, however, may benefit from a more competitive environment.
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Commercial auto saw the largest rate change, which was down about a half point by the end of July to 7.96%.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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The pace of increases ticked down in the second quarter compared to Q1.
