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A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
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A more litigious environment in the country has pushed up claims frequency and severity. -
The AIG subsidiary achieved rate rises of 30 percent across commercial D&O while also reducing its portfolio loss exposure.
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Paul Rivett said social inflation, interest rates and tightening capacity at Lloyd’s had heightened pressure on underwriters.
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It’s Halloween and the (re)insurance industry is running scared. But the ghastly sounds are not the groans of ghouls or the shrieks of spectres. Instead, it is the moaning and wailing of underwriters astonished at the latest vast liability award.
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The conference in Boston also flagged anxiety about a third year of wildfire losses from California.
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The new business segment will target premiums of about $50mn-$100mn over the next five years.
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The executive was talking to analysts during a call to discuss Markel’s third-quarter 2019 results.
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The Bermudian company wrote 70 percent more casualty and specialty premium year on year.
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Olivier Antiphon and Anne-Sophie Bonifay will join as head of construction and head of casualty, respectively.
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Great American replaces Axa-XL as a paper provider for the AJ Gallagher-owned marine managing general agent.
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Reinsurers look set to largely ride on the coat-tails of insurers on rate rises, with ceding commissions relatively steady.
