Chartis cuts back workers' comp on rates warning
Chartis has continued to pull back from its exposure to US workers' compensation business, warning that insurers undercutting prices in the line will go bust.
Nic Walsh, vice chairman of American International Group's (AIG) property and casualty (P&C) insurance business, told an industry audience in London that the rate softening in this market had prompted it to significantly curb its underwriting.
After writing $4.7bn of premium in 2007, the figure was scaled back to $2.7bn in 2009 and is still...
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