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US property capacity remains scarce as rates surge in 4.1 renewals
Quote submissions for April 1 were later than usual, with some coming down to the last minute, as carriers remained cautious over increasing exposure despite price increases.
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Root’s challenges generate lessons for other InsurTechs, as its stock value crash leads to a management exodus, and the banking collapse dries up funding needed to balance cash burn.
Recent data shows an increase in InsurTech short interest and a slight uptick for brokers and P&C insurers as a result of economic uncertainty following the banking crisis.
The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
Though the present banking sector turbulence might bring back memories of 2008, fundamental differences in banking and insurance risk make contagion less likely.
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Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.
Howden’s reinsurance unit has once again hired extensively from its larger rival in a move likely to spawn further litigation.
US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.
The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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Opinion
Opinion
Levered brokers: Boom Times give way to The Squeeze
Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
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The MGA is also looking at securing a captive wholesale broker, and a niche play within reinsurance broking.
Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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