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The company’s Q2 report also noted higher loss costs in commercial auto and general liability.
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Insurers are looking to cover recent claims and prepare for potential losses.
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CEO Horton says a "material change in sentiment" has pushed pricing up well above the carrier's earlier expectations.
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The ending of a prolonged period of flux may entice new market entrants despite the disappointing size of the rate increase.
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The broker will use proceeds for M&A.
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The trade association criticised the justice secretary’s rationale for the smaller-than-forecast rise in the personal injury discount rate as flawed.
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The carrier prices its stock at between $16 and $18 for the offer, and plans to sell up to a 23.9 percent stake.
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The overall reduction in payouts from the discount rate change could exceed $500mn, a UK government impact assessment has found.
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Carriers and market bodies said the decision will pass costs onto policyholders
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Moody's warns Direct Line and Admiral will face a one-off earnings hit.
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Increased competition has made the class one of the few in EC3 that is not seeing a rating upswing.
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Professional lines underwriter Lillies joins from Everest Re.
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