As $10 million jury awards rise, E&S carriers race to fill the liability gap

[ad_1] Before joining Sedgwick, Reelitz was CFO at Compass, where he led efforts that contributed to record profitability and operational improvements. He managed accounting and finance functions and, since November 2023, served as the company’s de facto chief operating officer, overseeing operations for a team that supported 250,000 transactions per day at the largest realtor…

[ad_1] The lawsuit brought to light a series of embarrassing exchanges between executives at Marsh where they discussed the escalating financial crisis engulfing Greensill and its main insurer, Australia’s Bond & Credit Co, in the run-up to Greensill’s collapse.    In an email exchange from 2020 that was shared with the court, a Marsh executive described the…

[ad_1] In 2023, the US P&C insurance sector recorded a net underwriting loss of $21.2 billion, a slight improvement from the previous year’s $24.9 billion loss. This period also saw the worst underwriting loss in a decade, primarily due to severe weather-related losses, persistent inflation, and rising reinsurance costs. [ad_2] Source link

[ad_1] Adaptive frameworks and external advisors are key [ad_2] Source link

[ad_1] The figures mark a significant increase for the private flood insurance sector, which has grown in recent years amid concerns over the sustainability of the federal National Flood Insurance Program (NFIP), the company highlighted. In a statement, CEO Trevor Burgess said the milestone demonstrates a growing demand for private flood coverage. “Reaching $300 million…

[ad_1] Vacant land is purchased for various reasons, such as long-term investment, customization for future development, potential appreciation, and minimal maintenance costs. It can also serve multiple purposes, including agriculture, storage, or recreational use, so it’s no surprise land sales rose 1.2% in 2023 and continue to rise. Insuring vacant land can present unique challenges…