Brown & Brown
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Cat rates meanwhile are seeing downward pressure from 'pricing fatigue’ and limit expansion.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The announcement was made in a securities filing Thursday morning.
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The charity supports mental health causes such as research and education.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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Brown & Brown Q4 organic growth slows to 7.7% on programs deceleration
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The executive retired from Zurich effective 31 December, 2023, most recently serving as chief transformation officer, after beginning her career with Zurich in 1991.
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Founded in Volusia County, Florida in 1948, Caton Insurance merged with John Hosey agency in 1993 to create Caton-Hosey Insurance.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.
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The Brown & Brown CEO noted that property cat remains "the most challenging" line, while workers' comp decreases have continued to slow.
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The Inside P&C news team runs you through the earnings results for the day.
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Mike Bruce was previously CEO for Global Risk Partners, acquired by Brown & Brown last year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Brown & Brown CEO will cycle 470 miles in seven days through the Alps, climbing 66,000 feet, with his brothers.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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Still, the slowdown doesn't mean that a good business won't trade at high multiples, and the marketplace remains competitive for high-quality acquisitions, executives noted.
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The Inside P&C news team runs you through the earnings results for the day.
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Krump retired from Chubb in January of this year, while Masojada retired from Hiscox in 2021.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
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“In a business that’s $2bn+ of revenue, the impact of Florida today vs 15 years ago is much different,” president and CEO J Powell Brown said on a conference call.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Competitor Marsh McLennan also reported a reacceleration of organic growth in the first quarter to 9%, coming above the 7% reported in Q4 2022.
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Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
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The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.
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Property rates increased 20% to 40% in Q4, and some customers were unable to buy full limits and ended up increasing their deductibles or purchasing lower limits.
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Consolidated organic growth on a year-on-year basis, however, fell by 1.2 points amid a slowdown in the broker's retail segment.
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For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.