companies
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Doppstadt and Paglia have served on the board for 14 and 10 years, respectively.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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April Files is based in Houston, Texas.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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Preet Gill spent nearly 20 years with Marsh McLennan’s technology practice.
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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The value of the bridge is estimated at $1.2bn.
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The new facility is backed by Lloyd’s syndicates and London-based international insurers.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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There is more capacity in the market for long-term risks.
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Participating members can purchase up to $10mn in (re)insurance.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Based in Miami, the executive has worked at Liberty Mutual for nearly 13 years.
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Cove Street is 14th largest investor in Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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Deanna Brewer will work with NFP’s construction clients.
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The charity supports mental health causes such as research and education.
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The carrier stopped accepting new HO business in the state last May.
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This follows January pre-tax cat losses of $276mn.
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Sources said that the E&S carriers are now poised to enter due diligence.
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The MGU is exploring additional third-party capital relationships.
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The talks are advanced, and the process is likely to move rapidly.
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WTW said the rise of the risk from health and safety was “surprising”.
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Spina will be based in New York and oversee surety accounts along the East Coast.
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The executive’s exit is part of a reassessment of Axis’s primary casualty book.
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Glatfelter CEO Chris Flatt will become interim chief executive.
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Driscoll and Lubert have been promoted to presidents.
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The team members’ backgrounds include construction, bonding and surety.
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This publication revealed Chubb was planning to re-enter the London TL market.
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Erich Lowe most recently served as SVP with Aon’s property practice.
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The underwriter will report to Kristina Maffit.
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Shares had fallen over 20% since Monday.
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The all-stock indicative proposal values the business at more than 2x the share price.
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The executive previously worked at Guy Carpenter and AIG.
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The homeowners' CoR fell over 32 points sequentially to 75.8%.
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WTW said adverse development “is evident” in auto liability lines from 2015 to present.
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Non-renewals for certain policies will start on September 1, 2024.
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The carrier stopped accepting new business starting February 7.
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Rodrigues’s retirement caps nine years with Markel.
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Coppola was also a member of the NA exec management board.
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Vanessa Hardy Pickering and Lester Pun have also been promoted.
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Marsh Specialty has released its Political Risk Report 2024.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Twin Maples is expected to make its market debut in the next few months.
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Choosing to shrink a money-losing business when necessary is “a strength”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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Parties will be invited to submit bids again later this month.
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Estimates were revised from $845mn to $740mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Bermudian posted 18.5% top line growth in its first year as a public company.
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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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Personal lines rate filings are rising, even as some inflation drivers slow.
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Patterson will also serve as chair of the audit committee.
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The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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The InsurTech will push for its services segments as main growth drivers.
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Insurance Insider US examines public brokers’ 2023 M&A.
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Hank Dominioni will focus on Hartford, Torrington and greater Connecticut.
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Increased cat losses in property offset auto improvements.
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Dejung spent 13 years at Scor, most recently as cyber CUO.
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He was most recently cyber product leader at Zurich NA.
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WTW hired Kolos for transactional solutions, Chin for tax insurance and Kesack for contingent solutions.
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He was executive managing director in Aon’s wholesale treaty team.
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Larson and Godlis will be based in New York and Mohamed will be based in London.
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The transaction for the financial services book leaves the legacy behind.
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It will begin underwriting from April 2024.
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The firm’s growth focus for 2024 will be in property D&F.
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The Specialty Markets Group produced DWP of $388mn in 2023.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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As of Friday morning, the Smokehouse Creek fire was 5% contained, up from 3% yesterday.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The non-renewals will continue through June 15, 2025.
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The P&C business will be led by managing director Brian Fischer.
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Marty Becker was previously chair of QBE Insurance and Alterra Capital.
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The company’s board continues evaluating strategic options, including a full sale.
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The subsidiary generated 2023 gross revenue of $34mn and adjusted Ebitda of ~$5mn.
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The carrier’s sales process is ongoing, and it will provide an update “in due course”.
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Fourth-quarter results saw larger profits, but 2024 guidance was subdued.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The executive will continue in his role as global head of distribution.
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Workers' comp saw an ongoing significant increase in losses.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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He had most recently served as a managing director at Aon.
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The company reported 24% top line growth in Q4 2023.
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The approval takes account of several out-of-court settlements.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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The US tallies $97bn in economic losses from major perils each year.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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The carrier also plans to ramp up media spend.
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Root’s improved results make it an attractive acquisition, not a comeback story.
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The facility offers a range of $25mn to $50mn in excess capacity.
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The vulnerability updates are the biggest driver of loss changes.
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Personal auto rates increased 19% during the year.
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He will assume the role of office president in mid-2025.
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The executive will report to Acrisure North America president Michael Cross.
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The 1 January treaty renewal was “far more orderly”.
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He praised 2023 insurance results as other sectors were a “disappointment”.
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Geico reported lower frequency, higher severity and increased favorable development.
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The executive discussed Markel’s performance in an annual shareholder letter.
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The InsurTech’s shares gained over 50% in value on Thursday.
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The price movement came amid a tech stock rally on Wall Street.
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Procedural expenses in the case have been as high as $100,000 per day.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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The Insurance Insider US news team runs you through the earnings results for the day.
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On average, revenue was up 12.4% for the year, but expansion plans are slowing.
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Zurich NA's operating profit grew to $2.65bn in 2023 from $2bn the prior year.
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Jill Beggs has been named chief operating officer for reinsurance.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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The company posted favorable development in the last quarter of 2023.
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The firm is investing in the next stages of growth and enhancing operations.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The firm’s Q4 GWP grew over 21% fueled by surety, transactional E&S and captives.
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The carrier will prioritise underwriting profits over growth in 2024.
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The end of the waiting period effectively clears the path to close in the US.
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The exec was speaking alongside Doug Hammond after Aon agreed to buy NFP.
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Vesttoo is unable to make a similar request again.
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The Insurance Insider US news team runs you through the earnings results for the day.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The company’s book is being run off by Boost Insurance.
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The firm will have more flexibility around talent compensation and M&A activity.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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A review of commercial lines loss picks for AIG vs the industry
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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General liability represented the largest share of Kinsale’s reserves.
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The activist investor has accused Fairfax of “pulling levers” to produce “paper profits”.
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Ross' appointment marks the first of four hires to the new business lines.
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Tokio Marine's international co-head Williams is handing the role to TMK CEO Irick.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.
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CEO Grandisson described Arch as "bullish" in its prospects for 2024.
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Ross Bowie joins the MGA after serving as CUO at Orchid Insurance for two years.
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Two events comprised approximately 80% of the losses.
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Given a number of complexities, the landing zone on a take-out price is small.
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For 2016 and 2017, in particular, the loss picks were raised to 91% and 96%, respectively.
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Its property cat aggregate cover renewed with improved coverage.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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The homeowners’ CoR worsened 39 points sequentially to 107.9%.
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The recruits join from Ardonagh, Guy Carpenter, Howden and Miller.
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Insurance Insider US runs you through the earnings results for the day.
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NA commercial lines Q4 CoR increased 0.7 points to 85.1%.
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Peter Kestenbaum has nearly 20 years of industry experience, particularly in E&S.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The short seller has accused the company of manipulating asset values.
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With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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Justin Ward will lead the firm’s production efforts in the expanding MGA market.
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The executive will head a team of over 70 energy specialists.
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The company will hold its Q4 earnings call on Friday February 16.
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The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.
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Duties will include setting strategic direction in marine, aerospace, and specialty niche lines.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The broker has been adding to its capabilities in the region.
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Shannan Fort was a partner in McGill’s FI and cyber team.
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Aon approved Embrace as wholesaler late last year.
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Insurance Insider US runs you through the earnings results for the day.
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Chris Inglis served as the first US Senate-confirmed national cyber director.
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Treaty costs were slightly lower than for 2023 in risk-adjusted terms.
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Umbrella was "modestly profitable" in 2023, despite challenges in 2022.
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All parties interested in the case have agreed to participate in the process.
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Insurance Insider US runs you through the earnings results for the day.
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At market close, WTW shares were up almost $18.
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Wood started at the wholesale broker in February.
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Laura Johnson most recently served as head of E&S primary casualty.
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The CEO said winning back clients had “validated” the broker’s approach.
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Commercial carrier earnings continue to show mixed prior-year development.
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Risk and broking was driven by new business, client retention and rates.
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The pace of price decreases has eased since Q2 last year.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Commercial auto and medmal had slight unfavorable developments in 2023.
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Underwriting and investment income rose for P&C business.
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Falling rates in finpro and increased competition in property drove the trend.
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Commercial property pricing rose 11%, while personal auto grew 21.9%.
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The carrier laid off approximately 850 staff late last year.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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The $55mn hit is about 3% of the carrier’s general liability net reserves.
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Between 2009 and 2012, Therese Vaughan served as CEO at NAIC.
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The executive joins from Chubb where she was EVP, digital business officer.
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Insurance Insider US runs you through the earnings results for the day.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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Work is underway to line up a supporting debt raise that could be ~$7bn.
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The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
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The firm will still be prepared for ‘modest changes’.
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The figure was disclosed in the group's recent 8-K disclosure.
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Insurance Insider US runs you through the earnings results for the day.
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Chubb elevates Gillston to EVP, head of NA industry practices
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The initial plan was to renew $2.7bn of the acquired book.
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High frequency and severity have been more acute in exposure with wheels.
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She has over 15 years’ experience managing PL and cyber portfolios.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer recorded lower cat losses and higher favorable development.
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David Bigley will also continue as head of property and catastrophe reinsurance.
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The percentage of cases that could lead to higher losses increased in 2023.
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The executive will drive expansion in NJ and southeastern PA.
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The upgrade recognizes improving operating performance.
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Current CEO Steven Johnston will remain as executive chairman.
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The changes precede the retirement of direct markets head Vince Santivasi.
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The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.
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In Q3, RPS recorded 7% organic growth, marking a deceleration from 10% in Q2 and 8% in Q1.
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Jose Antonio Álvarez served as group CEO of Santander from 2015 to 2022
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The Insurance Insider US news team runs you through the earnings results for the day.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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Putting together two “show me” stories risks investor skepticism.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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On Wednesday, the insurer reported 12% growth in net written premiums.
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Todd Schwartz spent over 21 years at Hilb’s Rampart Insurance Services.
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The appointment expands Alliant’s presence in the Southeast.
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The company also increased participating reinsurers to 19 from 14.
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The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
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Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.
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The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
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The specialty carrier’s top-line growth accelerated throughout 2023.
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The firm does not expect reserve developments for its auto operations in Q4.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Partnerships can address growing cyber threats such as DDoS attacks and ransomware, as well as AI.
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Axis shares were trading at almost $59 after closing at around $55 Tuesday.
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The insurer said it will continue to renew existing homeowners’ business.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.
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More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
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The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
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The transaction would have been one of the largest the market has seen for years.
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In his first interview as CEO of the private brokerage, Zimmer said he will not change the DNA of the firm and that legislation around non-competes may help Alliant.
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The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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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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Glenn Pomeroy has over 30 years in the industry, including serving for eight years as the North Dakota Insurance Commissioner and, most recently, over 15 years as CEO of CEA.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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As part of Liberty Specialty Markets, John Krupczak will report to Manuel Moreno.
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Based in Nashville, Tennessee, Chris Meadows will focus on designing, implementing, and managing customized property and casualty insurance solutions for the broker’s Southeast client base.
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The firm may be a victim of its own success and size but a challenging macro landscape is also presenting obstacles for levered brokers as The Squeeze 2.0 looms.
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Shares rose to over $213 at one point – from their previous close of $198.35 – after this morning’s Q4 results, which included an 8.7 point combined ratio (CoR) improvement driven by a rebound in personal lines.
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The carrier also renewed the 20% quota share with Fidelis, maintaining the same loss ratio cap the parties agreed in 2023.
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The program’s retention remained the same at $3.5bn.
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The personal insurance segment’s CoR slashed to 86.8% from 105.3% in the prior year quarter, as the contribution of cat losses declined by 7.3 points to 2%.
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Jamie Secor has over 20 years of underwriting and senior management experience and joined Hamilton in 2021 to oversee its US E&O business.
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The transfer is intended to allow Brad Martz to “focus on his position as president of American Coastal,” the company said in a regulatory filing.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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The role marks Miranda Rodriguez’s return to WTW from Brookfield Asset Management, where she was vice president of risk and insurance.
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Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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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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Munich Re Specialty Insurance (MRSI) has promoted Jeffrey Marks to COO, effective immediately.
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Intact Insurance’s Regina Williams and Sandi McIntosh joined the new team in December.
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Greg Zimmer takes over from Tom Corbett, who served as Alliant’s CEO for over 30 years and will remain as executive chairman.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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It was announced earlier today that former Aspen UK CEO Richard Milner was set to join Chaucer as group CEO.
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Bill Hazelton replaces David Sandler, who is leaving Everest after six years.
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Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.
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Adrian Jones will report to Acrisure’s president of global insurance Grahame Milwater, a spokesperson for the broker confirmed Tuesday.
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In his new role Bolaños will report to both Matthew Moore, Liberty Global Risk Solutions (GRS) president of underwriting, and to Phil Hobbs, LSM president and MD.
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In the newly created position, Kunert will lead efforts to build out and manage Amwins' formal claims infrastructure.
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The $330mn funding round was led by Apogem Capital and jointly arranged by Crescent Capital, both existing lenders to the brokerage firm.
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Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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CFO Kirk Lusk’s base compensation went down 16%, to $800,000 from $950,000, while his annual bonus increased to 65% of base salary.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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The bank’s representatives have started reaching out to other potential interested parties.
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Anna Tan will play a pivotal role in elevating the position of AXIS in the US wholesale casualty market in alignment with the company’s position as a leading specialty insurer.
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John Schwirtz will report to Matt Waters, head of Axa XL's US mid-market business, and build out a mid-market underwriting team.
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Kevin Leach was formerly The Hanover Insurance Group’s financial institutions leader and VP.
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Based in Irvine, California, Tyler Banks brings more than 20 years' insurance experience to the position.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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Joining WTW in 2010, Despina Buganski has served as COO for the Ppersonal lines business since 2015.
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Jon Colello will become president in the management shake-up.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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This follows a challenging period for business last year.
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While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.
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The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.
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Mike Cueman will be based in New York and report to global head of construction Steve Cross and, via a matrixed structure, to Michael McKenna, head of North America.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Prior to his new role, which Matt Prevost began this month, the exec spent nearly 10 years as Chubb’s SVP, cyber and product line manager.
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Amanda Ruback will focus on driving commercial P&C business growth, including supporting new business and client acquisition/retention and managing the region's commercial P&C account teams.
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Darly Polenz will be working with Russ McGuire, head of origination, with a focus on accelerating BMS Re’s growth strategy with balance sheet businesses.
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Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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He most recently served as the Truist-owned broker’s national director of P&C.
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In this new role, she will manage cyber product and underwriting strategy across the globe, reporting to Matthew Hogg, global product leader, cyber.
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She joined The Hanover in 2015 and since 2018 has served as CUO of technology and life sciences underwriting.
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Andy Stirk comes to Marsh from Ascot Group but had previously been MD in Marsh’s financial and professional liability practice.
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The new team is one of several the broker has set up in the past 18 months.
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In addition, the executive is eligible to receive an annual bonus of $262,000 for threshold performance, and up to $437,500 for maximum performance.
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Buzz Mansfield will provide tailored P&C insurance solutions to the company’s growing southeast client base.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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He will be based in New York and report to Mike McKenna, head of North America.
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Devers’ was on the board of Ryan Specialty since 2013.
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The announcement closes the $435mn-deal which was announced in early November.
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Armijo will replace Bob Petrilli, who is retiring after serving as president since August 2018.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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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 deal was announced in April, whereby the firm agreed to purchase a further 46% stake to take its shareholding to 90%.
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The carrier believes its existing reserves account for any liability relating to claims.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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The broking firm promoted Rachael Yelverton to director of strategic projects while Jeremy McCaslin was named chief innovation officer.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.
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NFP will need to be brought close enough to realize the benefits, but not so close its talent feels smothered.
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The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.
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The decision is based on the belief that the clarity provided under the old structure outweighs the benefits of the co-CEO structure that was put in place two years ago.
-
Sources said that the Citi and Ardea-run sale process is being angled to potential strategic buyers in its initial stages.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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The actions follow James River’s recent announcement that it has identified a material weakness in its internal control over financial reporting and will sell JRG Re.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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The assumption brings TypTap’s total in-force premium to $1bn.
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Kevin Doyle joined RPS over five years ago as VP for the Western region, and in 2021 he was promoted to P&C Chicago area president.
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Based in Chicago, Michael Tate will be responsible for the design, implementation and execution of insurance solutions related to the US inland marine business.
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Peter Riihiluoma will succeed Richard Sammons, who is set to leave the business.
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Brian Costanzo, who joined the company in 2009, was previously CFO of Markel’s insurance business.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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Tyson Stevenson will be responsible for producing new business and driving growth in WTW’s real estate portfolio for 2024.
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The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
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It remains unclear whether there could be reputational damage after key shareholder CM Bermuda’s parent, CMIG International Holding, was taken into receivership.
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The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.
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Kelly Walsh has over two decades of insurance industry experience and will lead all underwriting functions at UFG.
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CEO Ernie Garateix, company director Paul Whiting and existing investor Raymond Hyer all agreed to purchase stock.
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His last day will be December 2023, according to an internal memo seen by this publication.
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Schuermann joined Berkley Entertainment as chief operating officer in 2021 from NN Inc. Broshcart served in the president role upon the unit’s formation in 2004.
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Michael served as RLI CEO for around 20 years until he stepped down from the specialty insurer in 2021.
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She will have responsibility for Intact’s Quebec, West, Ontario and Atlantic divisions.
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In May, KAP named Kinney as president as Turner stepped down as CEO, although the executive remained with the retailer as a strategic adviser to the board through 31 July.
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Over a 40-year career, the executive has held numerous high-level positions in the insurance and investment industries.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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For the month of November, Allstate brand’s auto rate increases totaled $262mn, after implementing $517mn and $1.49bn of rate increases in Q3 and Q2, respectively.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The exec has nearly 30 years of property and casualty insurance experience and succeeds interim CWG president Melodee Saunders.
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The executive will continue reporting directly to Mercury General CEO Gabriel Tirador.
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Based in Jackson, Mississippi, he will provide tailored property and casualty insurance solutions to the broker’s regional client base.
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She joins Marsh following a 20-year career at Aon.
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The subsidiary will offer clients and capital providers a wide-ranging, single platform of financial lines products, with operations across the US, Europe, LatAm and London.
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Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
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It is understood that the cuts are based on a review of five-year loss ratios, and that agents above 70% will be impacted.
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InsurTech Nirvana plans to expand its offerings with a program designed for fleets with fewer than 10 units.
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The newly created role will see Frederico Spagnoli oversee Chubb’s consumer lines in 51 countries.
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HCI sold a total of 1.15 million shares of its common stock at a public offering price of $78 per share, before underwriting discounts and commissions.
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S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.
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Commercial Property experienced the greatest rate increase, with a double-digit surge that came in slightly lower than the previous quarter.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.
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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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The executive joins Alliant after 13 years at rival broker Woodruff Sawyer, where until recently he was VC and private equity leader.
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Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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HCI is offering one million common stock shares priced at $78 per share.
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Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.
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Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.
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The commercial lines market is generally rational and disciplined, the CEO told analysts at the Goldman Sachs 2023 US Financial Services Conference.
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The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.
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Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.
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The executive joined the firm in 2019 as senior vice president of program management and has since led the program and fronting business within the specialty admitted insurance segment.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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Nancy Woode and Erinn Pearson most recently worked at McGill and Partners and will be based in Aon’s Atlanta office.
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Truist appointed Neil Kessler to lead the wholesale division as CEO, while Bill Goldstein will become CEO of the underwriting unit.
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Convergence Point Solutions, the new JV, includes identifying the collateral as credit risk on a portfolio basis and recognizing the regulatory protections for the true risk of default as part of its approach.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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James Dunne is vice chairman and senior managing principal of investment bank Piper Sandler.
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Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.
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AIG offered 35 million existing shares of Corebridge common stock priced at $20.50 per share Friday, out of 630 million total shares outstanding.
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A quick roundup of this week’s biggest stories.
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This is the first time since 2015 the company has offered a broad-based liquidity opportunity to its employee shareholders, which is around 20% of its entire staff base.
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Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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CORE plans to commence operations in February 2024 by assuming policies representing approximately $75mn of in-force premium from state-backed insurer Citizens.
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In addition, Westaim COO Robert Kittel also resigned from Skyward’s board while Tony Kuczinski was named lead independent director.
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After joining the firm in 2018 from Chubb, Cox oversaw the carrier’s Markel Specialty and Markel International divisions.
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He was previously president of Kelly Underwriting Services, now part of CorRisk.
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The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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This replaces a $750mn program authorized in February 2022, under which $633mn of the company's common stock was repurchased as of November 29.
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The underwriter will work in the retail property team at BHSI serving the central region.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The executive will remain with the company as vice president of field operations.
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In tandem, the carrier announced that Stephanie Bush, who leads small commercial and personal lines, will retire after more than three decades with the company.
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Berkshire Hathaway announced that Munger “died peacefully” in a California hospital this morning, citing the Berkshire vice chairman’s family.
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The company has promoted CUO Sim Bridges to president, while retaining the CUO role, and Kim Bushong Petrillo to president and COO.
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Coburn will report to Jason Busti, Axis Re president of North America.
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The appointment comes two weeks after this publication revealed that the executive had resigned from Lockton to join the rival broker.
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Hansen’s role will be effective after a transition period with departing COO Chris Brook.
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The programme services carrier will serve UK MGAs from 1 January.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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Based in San Diego, California, the executive will focus on clients across the West Coast.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The appointment follows Aon's recent hiring of Jeff Alpaugh, formerly Marsh McLennan’s US chief country officer, as president for North America.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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As part of the US standard casualty team, she will develop and manage a portfolio of assumed casualty treaty reinsurance business.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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James River’s potential sale could be an opportunity for an investor looking to tap the E&S market, but reserving noise means making a deal might not be easy.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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Marohn will lead the company's E&S business, specialty industrial business, Hanover Programs, specialty general liability and Hanover Specialty Insurance Brokers.
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Based in Richmond, Virginia, the executive will oversee clients throughout the Metro DC/Chesapeake region.
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The executive will be responsible for all aspects of Everest’s retail, middle market and builder’s risk businesses.
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As part of the changes, former Andean CEO Alejandro Gregory will take over as LatAm chief commercial officer.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.
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A quick roundup of this week’s biggest stories.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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In tandem, the Bermudian promoted David Corry and Greg Chilson to heads of casualty and professional lines, respectively.
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Meanwhile, the company’s October cat losses came in below the reporting threshold of $150mn, compared eith $317mn of cat losses in September and nearly $1.2bn for Q3.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.
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The executive will oversee AIG’s global technology and cybersecurity strategy and lead the insurer’s cloud strategy, along with other modernization technologies.
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In tandem, the firm elevated Cynthia Beveridge as global chief broking officer for commercial risk.
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The executive joined family-owned Lockton in 2020, as director of energy within the South Florida-based Latin America and Caribbean team.
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After the transaction completes, the employee shareholder group will own 40% of Amwins and remain the company's largest single shareholder.
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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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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2.
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As this publication previously reported, the IPO pricing came in under book value but has still narrowed the gap on predecessor Fidelis, listing at 0.9x book value vs Fidelis’ 0.8x.
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Everest is targeting a combined ratio of 89%-91% for 2024-2026, compared to the 91%-93% target range from its previous investor day event in 2021.
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The executive will be responsible for formulating and implementing the healthcare liability segment’s strategy and approach to underwriting.
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The executive has over three decades of surety experience in underwriting, consulting, and claims roles, including a stint as surety claims counsel.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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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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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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With the fundraising, Skyward will capitalize on market opportunities within existing lines of business, but also continue to expand into new products.
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Christopher Balch is succeeding Matthew Mueller, who has been named chairman of the business. Both appointments are effective immediately.
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The Inside P&C news team runs you through the earnings results for the day.
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Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.
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The broker said dynamics were dependent on full-year results, after years of poor returns.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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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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Hamilton’s IPO share price came in at the lower end of historical trends observed amongst insurers that have missed their target range upon listing.
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The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.
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Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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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 carrier’s $15 per share listing came in below its $16.90 book value per share at the mid-year reporting point, or a 0.9x multiple.
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The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.
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The Hartford is "starting a conversation” about complex risks and possible solutions with its Risk Monitor Report 2023, the executive said.
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Around 65% of the carrier’s claims costs were related to medical expenses, which the company attributed to increased costs for care of injured workers driven by healthcare wage inflation and medical advancements.
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James River’s stock price plummeted more than 30% on Thursday, after the firm sustained downgrades from equity analysts over concerns around the insurer’s E&S casualty reserves.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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John Owen has been with Axis – and Novae prior to its merger with Axis in 2017 – for 19 years in underwriting and leadership roles.
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The Inside P&C news team runs you through the earnings results for the day.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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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 CEO said Intact has done in-depth climate modeling “peril-by-peril, province-by-province” covering the next 15 years.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.
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The 0.75x book value of the recently announced casualty re sale reflected analysis of similar industry deals over roughly 15 years, the executive said.
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Michelle Bryer had been serving as senior vice president of claims operations at Combined, a Chubb subsidiary.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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The transaction follows the acquisition of Candence Insurance for over $900mn and Eastern Insurance for $510mn.
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The Inside P&C news team runs you through the earnings results for the day.
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Awaiting Floir approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
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The incoming chief exec was previously chief risk and strategy officer at TransRe from 2014 to 2023 and was CUO and held other strategic planning and underwriting roles at Harbor Point Re from 2006 to 2013.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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CEO Robinson said Skyward continues to see “strong submission activity” as business flow rose over 20% year-on-year.
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Aon’s Global Risk Management Survey also places failure to attract or retain top talent in the fourth spot.
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Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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The Inside P&C news team runs you through the earnings results for the day.
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The executive will focus on designing and delivering insurance solutions that address existing and emerging industry risks and exposures.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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The carrier is offering 50 million existing shares of common stock and granted a 30-day option for underwriters to purchase up to an additional 7.5 million shares.
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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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Lower losses reflected higher average premiums per auto policy, increased reserve releases and lower claims frequency, which were partially offset by higher severity.
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“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.
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Based in Washington, DC, she will report to Pat Tomlinson, Marsh McLennan US and Canada CEO and Mercer president.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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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 decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.
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In Q3, inorganic growth added over four percentage points to the brokerage’s top line, as multiples remain “pretty consistent”.
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The Inside P&C news team runs you through the earnings results for the day.
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Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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Its Q3 cat losses of $196mn primarily resulted from severe convective storms in the region, and drove the overall combined ratio to come at 104.4%.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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Current EMEA CEO Eduardo Dávila is to leave the firm to “pursue the next chapter” of his career.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.
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Brodeur will have executive leadership and oversight responsibility for RLI’s pricing, reserving, risk management, reinsurance and due diligence functions.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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The Inside P&C news team runs you through the earnings results for the day.
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The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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The InsurTech announced a strategic partnership with Allstate to combine the companies' expertise in small business insurance, and a stronger reinsurance relationship with Allianz.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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The carrier has appointed Scott Bailey as vice president of field operations for contract surety, among seven recent hires.
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Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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The carrier is offering 15 million Class B common shares, according to a registration statement filed with the SEC.
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In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.
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Anthony Kuczinski has over 38 years of (re)insurance experience, including 15 years as president and CEO of Munich Reinsurance US Holdings.
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The Inside P&C news team runs you through the earnings results for the day.
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Jeff Alpaugh spent 34 years at Marsh McLennan, last serving as its US chief country officer.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The medical stop-loss MGU produces annual revenue of around $25mn.
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As the market hardens, Kemper plans to “open the filters and see what comes through” as another quarter of rate earns in, CEO Joseph Lacher told analysts on Monday.
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The Inside P&C news team runs you through the earnings results for the day.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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The cuts amount to roughly 2% of the insurer’s US workforce.
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She will work with Atlantic Region, industry group, and risk practice leaders to grow NFP’s commercial P&C business.
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CNA continued to push for rate in lines of business affected by social inflation in Q3, as CEO Dino Robusto said the carrier was “pleased that there is an increasing awareness for this need in the marketplace”.
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The executive left the company in June following a period of medical leave.
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The carrier reported better investment returns, improvements in underlying P&C performance and lower cat losses.
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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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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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The economic losses from the event are expected to exceed $10bn, the report added.
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The stock closed at $342.87 per share, down 19.56% from yesterday’s close of $426.22.
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The plan is projected to deliver savings of $100mn in 2024, $250mn in 2025 and $350mn in 2026.
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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.
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The loss was well within the company’s net retention. Losses from other weather events during the quarter added up to another $10mn-$15mn.
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The carrier’s Spectrum property business grew 13%, general property in the middle market segment was up 13% as well, and large property grew 16%.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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Markel named Alex Martin, Markel’s current CFO, as Sanders’ successor.
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Investors must weigh a differentiated investment strategy and true specialty opportunity against partial third-party investment control and historical losses.
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The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
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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 unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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The move follows an earlier announcement in May, when SiriusPoint disclosed that its equity stake in the Bermuda-based MGA was reduced to 49% from 100%.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Pat Gallagher, who previously held the role of president since 1990, has “no plans to retire” and will remain as chairman and CEO.
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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
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In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.
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A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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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 company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.
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The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.
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Chubb NA property soared 23% in Q3 with rates up 16.6% and exposure change of 5.5%, as casualty pricing rose 11%, with rates up 8.7% and exposure up 2%.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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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 carrier grew NWP in Q3 by 8.4% to roughly $11.7bn, as NA commercial P&C lines rose 8.7% to over $5.1bn and personal lines increased 9.6% year-on-year to over $1.5bn.
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Simon Burton has been CEO of the Cayman Islands-based total return (re)insurer since mid-2017.
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On the company’s Q3 earnings call, COO Jennifer Klobnak said the E&S property division grew 39%, including via a 42% rate increase.
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The departure of the president of North America retail was disclosed in an internal company memo.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.
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The firm has also hired William Lemos and Mike Griggs from USI, appointing them as SVP of Alliant Americas, based in Boston and Nashville, respectively.
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Karna has previously served as global chief data officer at Axa XL, while Gauthier is the former chief investment officer of Allied World.
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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 agreement comes a month after Inside P&C revealed that the Southern bank had retained Morgan Stanley to run a sale process of its insurance business.
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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 company also continues to be “very mindful” of medical cost trends, which CEO Berkley noted were shifting very quickly after a benign period.
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The Inside P&C news team runs you through the earnings results for the day.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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The company expects a net loss of between $140mn-$150mn for the quarter and a net operating loss in the range of $25mn-$35mn.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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The Inside P&C news team runs you through the earnings results for the day.
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Concern around prior-year loss development and social inflation is impacting the market.
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“As we look to January 1, the market appears to be more orderly than last year, but we expect underwriting discipline to continue,” CEO John Doyle told analysts.
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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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Most of the losses, around 80%, were the result of two wind and hail events.
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Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.
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Adjusted earnings per share increased by 33% and the group also reported margin expansion.
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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 carrier is also pursuing growth in the political violence and US E&S market.
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“In the next few weeks, the third chapter will begin and I am excited to engage with the new team. I can’t share the details just yet but will provide an update in the near future,” Joseph Meisinger announced.
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The carrier’s cat loss estimate for Q3 2023 is more than twice Q3 2022’s $90.1mn, which included $28mn attributable to Hurricane Ian.
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The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.
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The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.
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The broker’s “State of the Market: Real Estate” report says little change is expected in the property insurance marketplace for the rest of the year, but talk of more moderate rate increases in 2024 is “gaining momentum” specific to loss-free, properly valued and attractive accounts.
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Carlton Maner is stepping down after having served at AXIS for almost 22 years.
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CFO Frey noted that there was “nothing terribly significant in this quarter” with regards to the company’s view of loss trends.
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The exercise is understood to involve mainly junior and non-broking staff.
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Catastrophe losses of $850mn were primarily the result of “numerous” severe wind and hail storms in multiple states, the company said.
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The broker said that $100bn+ loss years have become the “new normal”.
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Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.
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AIG’s combined ratio improved to 92.6% in 2022 from an average of 106% between 2018 and 2020.
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Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
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The executive will lead a new specialty business line focused on global credit and political risk.
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Based in Boston, the executive will focus on designing and delivering insurance solutions for an expanding range of clients across the Northeast.
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The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.
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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 carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.
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Sources said the roughly $2.7bn book value business is likely to target a valuation of 1.5x book or above — pointing to a valuation in excess of $4bn.
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The carrier intends to list its common shares on the New York Stock Exchange under the ticker symbol “HG”.
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The executive remains based in New York and will report to Jennifer Bell, Aon’s CEO of North America, and to Joe Peiser, CEO of CRS.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Rising counterparty risk from economic slowdown will support prices and growth.
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The new number, an update from the C$570mn ($419mn) estimate reported on August 31, reflects non-weather events.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
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The payment represents the largest ever made in a team lift case in the London market.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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Pat Tomlinson will also step into the role of president and CEO of Mercer and vice chair of Marsh McLennan when his predecessor, Martine Ferland, retires in March 2024.
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The executive said he was “shocked and heartbroken” in a message circulated to Chubb staff.
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Jon Hancock has also been named as international insurance CEO.
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It is understood that Padin will take on a treaty role overseeing client relationships across LatAm and the Caribbean while Martinez will lead fac re for Central America.
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Inside P&C has independently confirmed that the bank is working on a full sale of its insurance operation amid a challenging banking environment.
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Kenneth Gould and Frank Scardino resigned “effective immediately” in early October to join WTW, allegedly forgoing a required 30-day notice period.
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She retired from Zurich last month following a 20-year career at the firm.
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Insurers across most sectors have shown a healthy risk appetite, which has driven competition for premium and market share, the broker said.
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The private equity house already owns 20% of Truist’s insurance business following a deal earlier this year.
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Scott Canales, Richard Roderick, and Greg Barnes will join as executive vice presidents, and Mark Racunas as senior vice president, of Alliant Specialty.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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Insurance regulators in California and other states signed off much-needed personal lines rate hikes in September.
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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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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.
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Inside P&C’s news team brings you all the top news from the week.
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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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HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
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The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.
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The two executives, based in Dallas, Texas, have close to 60 years of combined insurance experience.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.
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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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Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
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California-based retailer Alliant Insurance has recruited Kurt King as SVP, to be based in Rhode Island, overseeing mid-market industrial commercial accounts in the New England region.
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The start-up MGU will initially focus on real estate, hospitality and leisure, financial institutions and professional services industries.
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Pellegrini succeeds Michelle Sartain, who was promoted to US and Canada president earlier this year as Pat Donnelly took over as Marsh specialty president.
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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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Chief accounting officer Anthony Harnett will step in as interim, while Selective conducts a global search process to identify a new CFO.
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The alternative energy warranty captive solutions will be available throughout the United States and Canada.
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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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Joining the company in 2014 as senior underwriter, casualty, Meyer has held increasingly senior positions in BHSI’s North America casualty organization.
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The executive has prior experience at USI, WTW and Aon, where he worked for almost 12 years.
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This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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The executive was most recently global engagement partner at Marsh.
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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 first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
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Forte joined the specialty insurer in early 2018 as public entity SVP, CUO and COO after a spell at AIG based in New Jersey.
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AM Best recorded 2022 US E&S direct written premium at just under $100bn in another year of strong growth.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.
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The business reductions will affect policies up for renewal from December 2023 to July 2024.
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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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Survey participants said "much work remains post-implementation".
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The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.
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Executives emphasized the importance of taking on enough risk to have "skin in the game” in the wake of Vesttoo’s bankruptcy and noted that the use of LOCs may require additional layers of risk management.
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The report also highlighted general liability policies as an area of potential exposure to insurers.
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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
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Executives on the morning panel at the Inside P&C conference discussed current market cycles, return on capital, E&S growth, and Vesttoo.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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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 executive will oversee all aspects of managing direct insurance operations at the business.
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Ryan Powers will report to QBE NA president of commercial insurance Mike Foley.
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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
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The ratings agency affirmed its financial strength rating of A++ and long-term ICR of aa+ on the mutual and its affiliates.
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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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In addition to price, E&S insurers need to pay close attention to terms and conditions, as well as quality of risk.
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Secondary perils are adding uncertainty, while modelling is still relatively unsophisticated.
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The decision to align across business units had removed the need for the regional presidents' roles, the company said.
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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 InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.
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Eastern Insurance Group, a wholly owned subsidiary of Eastern Bankshares, is the third largest bank-affiliated insurance brokerage in the US, according to the company’s announcement.
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Patin will oversee Somers’ overall investment strategy and direct its investment managers.
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Having joined AIG in 2000, Poux was one of the Private Client Group’s founding members.
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Wood had been serving as interim CEO since the departure of Todd Jones at the end of August.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.
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Hohman succeeds Elizabeth Kramer following her recent appointment as president of E&S Lines. He will also become a member of the MRSI executive leadership team.
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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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Everest North America insurance president Mike Mulray will head up the business on an interim basis while the carrier appoints a permanent unit leader.
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In his stead, the company has named Bradley Camden as interim CFO and initiated a formal search process as part of the selection of a permanent CFO.
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The rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.
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Nearly half of the cat losses incurred during the month of August were attributable to Idalia.
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Yesterday, Inside P&C revealed that the secondary deal takes the total equity raised to $4.1bn, with ~30% of the equity set to change hands.
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In tandem, the carrier initiated a formal search process as part of the selection of a permanent CFO.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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The Official Committee of Unsecured Creditors is turning the spotlight on Vesttoo’s current board and management.
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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 specialty insurer agreed to pay $2.5mn in cash for the exclusive right to underwrite the security and alarm business through October 2025, and the unit’s renewal rights.
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Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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The shareholders are among the company’s top 10 largest and hold nearly 2.5% of outstanding shares.
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According to a Chubb survey, 59% of respondents said inflation has impacted their ability to replace covered assets under existing coverage; 76% said they are considering increasing coverage amounts to compensate for inflation.
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The impact of the Hawaii wildfires on the wholesaler’s Q3 contingents is anticipated to be between $2mn to $4mn.
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Ali previously led Amwins Specialty Casualty Solutions, a full-service MGA specializing in niche workers' compensation, casualty and professional liability products.
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After dropping out of the strategic process in the spring, Blackstone has now come in as an investor.
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Based in New York, the executive will report to Axa XL CUO Libby Benet.
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The consortium is supported by 11 other Lloyd’s businesses.
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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 migration is due to admitted carriers not being able to get the rate filings approved in a lot of the states – an issue that is extending beyond California and Florida, to the east coast.
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Wu will focus on supporting and growing the broker’s existing US, Canada and Bermuda strategic partnerships.
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The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.
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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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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 executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
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The segment will be co-led by Sean Hannah and Joe Koebele.
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Last week, the Bermudian carrier filed its draft registration statement for a proposed IPO to the US Securities and Exchange Commission.
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Lamba joins as head of reinsurance, Canada, while Sheehan joins as senior vice president, head of North America accident and health reinsurance.
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The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.
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With the deal, KKR purchased over half of USI shares held by Canadian investment firm CDPQ in addition to stock from other investors.
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Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
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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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Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The move to gear up for a listing follows a non-deal roadshow held over the summer.
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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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Yu Po provided 79% of supposed capacity behind the 65 transactions closed by Vesttoo since 2020.
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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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Besides reinsurance broking, MGAs and MGUs, affinity is another segment where WTW can scale its operations, the executive noted.
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Since 2020, Vesttoo has quoted 96 and closed 65 transactions with collateral totaling roughly $3.9bn, according to a court filing.
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Sources said the mid-market retailer has retained Morgan Stanley and Goldman Sachs to advise, and is open both to PE suitors and trade bidders.
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Through legal representatives, Bertele “strongly” rejected all allegations made against him by Vesttoo in a Thursday statement.
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The executive said the company will likely start with builders’ policies and then gradually continue to other segments.
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The carrier’s E&S property book is “up 29%, with 25 points of rate”, said the executive.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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Mike Bruce was previously CEO for Global Risk Partners, acquired by Brown & Brown last year.
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The carrier has not determined the number of common shares to be offered, nor the price range for its proposed IPO.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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As part of the initiative, recently appointed MD John Hyland will join David Bowcott and Adrian Pellen as co-leaders of the C&I group.
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The former general counsel and communications chief will move to the role on 1 October.
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Prior to his stint at WTW, the executive worked for three years at Aon after a seven-year spell at Marsh.
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HOA has secured approximately $147mn in supplemental reinsurance coverage, replacing 84% of what was in place under a terminated agreement with Aon White Rock.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
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Zurich North America has named Eric Cittadino head of programs effective September 1, the carrier announced on Thursday.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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The estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under Intact's catastrophe treaties.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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Pilko will succeed Joseph Tocco, who is retiring after more than 12 years with the company. He will remain as special adviser for the remainder of the year.
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The firm has also appointed Sean Chen as CEO of Starr International Insurance, Singapore.
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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 Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.
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Based in New York, the executive will report to Markel’s terrorism director Ed Winter, who is based in London.
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The company is looking to intensify its underwriting focus following the split of Fidelis in July.
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The story will play out through bankruptcy court filings, but other exposed players and segments will be on watch for ratings agency findings and legal action.
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These measures are intended to create a more efficient organization, and they follow a thorough evaluation and reduction of operational expenses across Farmers, the announcement noted.
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In her new position, McDermott will report directly to Everest insurance CEO Mike Karmilowicz, effective immediately.
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AIG has been course-correcting since 2008, but recent efforts including AIG 200 seem to have finally set it in the right direction.
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The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.
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Some carriers have already hit GWP targets for this year and are refraining from writing any new cat risks unless it fits a very favorable profile, the firm said.
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The upgrade follows a period of underwriting volatility, with management instituting several initiatives to refine underwriting focus and risk selections as a specialty lines writer.
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The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.
-
Inside P&C’s news team runs you through the key highlights of the week.
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The affirmations reflect Kemper’s recent rate increases in California and its exit of the preferred home and auto insurance market to redeploy capital to the carrier’s core segments.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
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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 estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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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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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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Insurance's GWP decline was driven by a couple of programs that were underperforming, while reinsurance's deceleration was driven by a deliberate slowdown in the mortgage book.
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The review reflects Moody's concerns around Farmers' underwriting results in its core personal lines and its capital adequacy.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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Net income increased to $219mn over the period, up from $48mn in the same period last year, while underwriting income increased by 33% to $208mn.
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Rate declines have not been as pronounced in private D&O, though competition is increasing.
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The appointment follows that of Williams and Drakontaidis as head of contract surety and head of commercial surety respectively.
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Julie Wood, group head of distribution, will step into the role of interim CEO until a replacement is found.
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Effective August 24, Kristen Hunter will start as head of inland marine – North America at Axis, bringing a team of three with her from Berkshire Hathaway.
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The executive has 15 years of underwriting experience and most recently led Liberty Mutual’s North America specialty primary casualty business.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Swyfft is one of Clear Blue’s largest partners, writing nearly $135mn of premium of its $519mn portfolio in 2022, according to its NAIC annual statement.
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Having already served in the role in an interim capacity, Hopkinson will now permanently head up the company’s insurance operations north of the border.
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Carriers continue to adapt their appetite, capacity deployment, coverage language, attachment points and pricing to manage portfolio performance.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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The executive will be responsible for overall performance of the company’s insurance operations in the region and report to Axa XL’s US country manager Matt O’Malley.
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Guerville has worked at Ryan Specialty for nearly seven years in various positions, including actuarial director, director of underwriting and deputy CUO.
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Hamann previously served as the company's deputy president and CUO of small commercial.
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The top five fronting companies by dollar exposure to CCB are: Clear Blue, Homeowners of America, Clear Blue Specialty, Trisura Specialty and Highlander Specialty.
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The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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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 incoming deputy CUO spent 10 years at AIG, holding roles such as global head of portfolio analytics and chief risk officer for financial and liability lines.
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The executive brings 17 years of industry experience and joins from N2G Worldwide Insurance Services, where he served as SVP of underwriting.
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The appointment confirms this publication's report earlier this week that former Howden treaty specialists Posada and Ivan Monroy are joining Gallagher’s regional unit.
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For July, Progressive’s underlying combined ratio improved 4.7 from last month to 87.9%, driven by significant rate hikes and more selective underwriting and risk selection policies.
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The embattled ILS InsurTech said its investigation into fraudulent letters of credit used as collateral in the company’s transactions was in “advanced stages”.
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A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.
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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
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Spore will be responsible for driving growth with Lockton's insurer partners, focusing on financial, professional, and cyber risks.
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The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
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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 Omaha conglomerate held its ~2.1% stake in Aon valued at nearly $1.5bn and its interest of over 3% in Markel, worth over $652mn at the end of Q2.
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The process is being initiated to facilitate restructuring and “provide breathing room” to pursue legal actions against all parties responsible for damages caused to the company, Vesttoo said.
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The broker has also appointed Paul Shedden as head of advanced risk analytics for its Risk Capital business.
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The investor’s stake in WTW is now valued at roughly $120mn, while its position the prior quarter was worth around $423mn, according to its Q1 13-F filed with the SEC.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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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 incoming CEO said initial recommendations from investigators had been adopted in full.
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The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.
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White Rock’s petition to the New York Southern District Court stated that, "on information and belief, Vesttoo intends to remove all or substantially all funds from its US bank accounts”.
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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 Inside P&C news team runs you through the earnings results for the day.
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Aggregate pricing for GRS North America increased 12.1% with a rate hike of 9.6%, exceeding loss cost trends of 8.4%. Competition retaining quality accounts partially offset these increases.
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She succeeds Jonathan Schriber who joined Arch Reinsurance as US division president earlier this month.
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NA commercial rates accelerated 9% in Q2 as property pricing rose 18% and auto pricing went up 9%.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The Inside P&C news team runs you through the earnings results for the day.
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The activist investor agreed not to acquire more than 9.5% of the outstanding shares of the company or an amount of ownership requiring regulatory approval.
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Skyward saw 15%-20% risk-adjusted rate increases during its property cat renewals as its attachment point rose to $12mn from $10mn the year before.
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Executives noted that the company has been cautious about releasing prior year reserves because of inflationary impacts on policies written later in 2022 and into 2023.
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New CEO Ami Barlev – who has a background in tech, AI, comms and real estate – said he took the role at an “extremely difficult moment” for the InsurTech.
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Executives were speaking after the company reported that its Q2 CoR decreased 4.3 points to 95.1% as Florida policies declined 15.8% from the prior 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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A total of 10 events caused more than $1bn in losses each.
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The company had assumed 200,000 policies by the end of Q2 and will now “resume growth to a higher number in the future”, Patel told analysts.
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As part of a restructuring, Vesttoo is liquidating its collateralized insurer in Bermuda, but continues to operate its branches in New York, London and other territories.
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The Inside P&C news team runs you through the earnings results for the day.
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In Q2, 80% of Hippo’s cat losses were caused by five major wind and hail events in Colorado and Texas.
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The program accounted for approximately 7% of company-wide gross written premiums and 2% of net earned premiums over the last four quarters.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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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 segment will now be a non-core part of the business and will no longer be reflected in future reporting, Lacher told analysts on the carrier’s Q2 earnings call on Monday.
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The Inside P&C news team runs you through the earnings results for the day.
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All policies will be non-renewed or canceled in accordance with state regulations, according to an announcement released ahead of the company’s Q2 earnings call on Monday.
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The firm has written to brokers and counterparties urging them to continue working with it to deliver solutions.
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The company said it had completed ‘Know Your Customer’ checks on all parties, as the alleged fraudulent LOC crisis continues.
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Differences in reinsurer strategies and risk management lead to differentiation in stock multiples and long-term value creation.
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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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Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.
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The COO noted that despite being able to get rate in excess of inflation, particularly social inflation, the carrier is watching casualty lines “very closely”.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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Additionally, the recent takeovers of medical stop-loss firms Ace Benefit and Point6 accounted for an aggregate cash consideration of $46.8mn.
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Chubb’s Victoria Learned-Fenty stepped down as insurer member following the resignations of agent members Joshua Morey and Ben Rathbun.
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Inside P&C’s news team runs you through the key highlights of the week.
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The executive said he was prepared to accept volatility rather than passing margin to reinsurers.
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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 company has yet to see the standard market meaningfully impact rate or flow in the aggregate.
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The upgrade reflects improvements in C&F’s financials and those of parent company Fairfax.
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The Inside P&C news team runs you through the earnings results for the day.
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The CEO said he expects the total number of policies from the October takeout to “be substantially lower than 100,000”, roughly around 30% to 50% of the approved figure.
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Prior to joining WTW, Bryce was a partner and private client practice leader at Canadian broker The Magnes Group.
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These changes include increasing all payroll deductibles to specific minimum levels by coverage A limit, adding wind and hail deductibles in multiple states and transitioning to an ACV schedule for roofs as the standard offering.
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After launching in West Virginia and Maine in early 2024, the New Jersey-based firm will target expansion in the western half of the country.
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This is manifesting itself in sharp rate gains in the specialty insurer’s property book, while public D&O continues to decline at alarming rates.
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The InsurTech formed a new Cayman Island-domiciled risk bearing entity Lemonade Re, where it plans to hold some of the retained risk.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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In the quarter, Root saw its auto policies in force shrink 31.5% to 203,840, though they were up slightly from 199,685 policies in Q1 2023.
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As part of a number of senior role changes, the reinsurer promoted Ben Hodge to the role of head of US property, treaty and facultative.
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The co-founders will be on paid leave until a final decision is taken.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.
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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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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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The Inside P&C news team runs you through the earnings results for the day.
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In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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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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Market conditions remain “vibrant” with substantial rate increases in property business.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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According to a source familiar with the matter, policyholders will see four changes coming – some nationwide and others specific to certain states.
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AIG expects to add new capital providers to its recently launched HNW MGA “in the coming quarters”.
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AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group ahead of the wind season.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The embattled ILS platform took the decision in an attempt to reassure its trading partners.
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The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.
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The Inside P&C news team runs you through the earnings results for the day.
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AIG grew GI NWP in NA by 17% to nearly $4bn as both commercial lines and personal lines NWP rose 17% to over $3.4bn and $563mn, respectively.
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Personal auto loss severity rose about 12% year-over-year. The carrier also experienced a “modest” year-over-year increase in frequency of about 1%.
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She succeeds Noel MacCarthy, who announced his retirement earlier this year.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
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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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Some 81.5% of policies renewed with the same limit and deductible, marking a return to historic levels after bottoming out in Q3 2020. Among those policies, the average price decrease was 13.8%, while the average price increase was 30.2%.
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The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.
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This resulted in a rate decline of 1% in the company’s specialty business, compared to a 7% increase in the prior-year period.
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The Inside P&C news team runs you through the earnings results for the day.
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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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At the same time, insurers are assessing the level needed to address loss cost trends.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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Overall, the executive said the company feels “really good and bullish” about the personal lines business for both its HNW and middle market books.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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“The broad E&S market is quite attractive today, and we’ve got a good level of confidence going forward,” CEO Michael Kehoe said.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
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WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.
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The growth figure represented a 1-point deceleration from the previous quarter.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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The company also expects to record an after-tax goodwill impairment charge of approximately $45.5mn following a strategic review of its personal insurance business.
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The Inside P&C news team runs you through the earnings results for the day.
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This will be the second senior appointment for Everest in LatAm after the (re)insurer hired Chubb’s Jaime Chaves as CEO in Mexico as part of its global build-out.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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CFO Morin said Arch was able to deploy more capacity, resulting in a significant premium growth for property lines.
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Outgoing CEO Brian Hanuschak was named chairman and will remain as a strategic advisor to the MGU.
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The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
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The broker said that key hires – including Lucy Clarke – would pay off in improved results.
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The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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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 broker said it experienced headwinds from prior-year book sales, inflation and investment costs.
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The Inside P&C news team runs you through the earnings results for the day.
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Kattan’s role will include establishing the strategy and structure of SiriusPoint’s global ceded reinsurance function, managing the ceded team based in Stockholm and overseeing all reinsurance placements.
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In her expanded role, she will work with trading partners to represent Aspen in the US for all business segments and build out existing distribution strategies.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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It will also start non-renewing its current book in this line of business beginning in December.
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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
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The insurer reported that the NA personal lines reserve release recorded in Q2 was primarily related to its auto portfolio.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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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 fronting company says it has sufficient premium to pay all claims on the affected programme.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The Inside P&C news team runs you through the earnings results for the day.
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The firm posted a total of $400mn in P&C pre-tax cat losses, up from $291mn, while reserve releases were $200mn, down from $247mn.
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The ratings agency is currently in discussions with Clear Blue’s management regarding the company’s ability to replace certain programs or letters of credit.
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The January decision affected the company’s ability to offer primary-only policies and it subsequently did not believe the business model was viable long term.
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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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In this new role, he will help shape the overall direction of the company’s specialty programs portfolio business.
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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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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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Rowley joins the broker after nearly five years at WTW, where he was most recently head of North American property.
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The appointments include elevations within wholesale and retail distribution, as well as commercial lines and construction.
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The Inside P&C news team runs you through the earnings results for the day.
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Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
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The non-renewals would have impacted Georgia homeowners with roofs over 15 years old, said Insurance Commissioner John King, calling it a “blatant violation of Georgia law”.
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Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman role.
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The executive, based in Morristown, New Jersey, will be responsible for the company’s US reinsurance operations.
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Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.
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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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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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Chubb has appointed Ryan France to an EVP role as technology industry practices leader.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Apart from public D&O and workers' comp, the specialty lines insurer is seeing “very strong submission growth”.
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The Inside P&C news team runs you through the earnings results for the day.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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After the $1.5bn cat loss, CFO Dan Frey said Q2 was the second largest ever cat amount the insurer has seen for a second quarter with six events over the $100mn mark.
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Global property cat rates were up 30% during the quarter.
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Global property cat reinsurance posted the most notable risk-adjusted rate increases, spiking about 30% on average, with loss-impacted clients seeing higher pricing.
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Rees joins from Chord Re, where he was head of casualty for nearly two years.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
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The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 2022.
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The results represent a return to double-digit expansion following three quarters of single-digit growth.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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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 firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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Liz King Kramer will be responsible for executing the sector’s business plan and driving growth.
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The loss tally comes in 39% above the average for the 21st century.
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Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The executive has worked at the Bermudian carrier for more than two decades.
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It is understood that London-based SVP Andrew Drysdale, who has worked at Marsh for over six years after almost five years at Aon, will relocate to Chile.
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At CNA, the executive managed a $500mn P&L for mid-market business out of New York.
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The company also announced that Asia retail markets will join global risk solutions and that it was launching its enterprise transformation and solutions unit.
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Inside P&C’s news team runs you through the key highlights of the week.
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Farmers Insurance becomes the latest major national carrier to pump the brakes in California, limiting new business to only 7,000 policies per month, signaling further problems in the state’s homeowners’ market.
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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 executive will be responsible for shaping the business unit’s strategy in alignment with the wider reinsurance business.
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Assuming the new role immediately, she will oversee growth, innovation and talent development for Icat and its Boulder Claims subsidiary.
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Allegretti joins as WTW’s personal lines P&C sales director for the ICT division, while Anderson-Higgins will step into the corresponding role for commercial insurance lines.
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The partnership demonstrates MS&AD Insurance Group Holdings’ commitment to the North American market, according to a joint statement.
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The carrier could be the first tech-enabled underwriting business to test public investor appetite since the heady days of 2020.
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Sources said the Japanese insurer will pull back from the California personal auto market in June 2025 as it is set to exit the state’s admitted personal lines market on June 1, 2026.
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The company added that prior and current accident year increases were related to a higher ultimate severity on previously closed claims in its property damage coverages.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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The pair will retain their leadership roles for MGUs WKFC, CorRisk and AgRisk.
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The underwriter replaces Stuart Liddell, who is leaving the business.
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The executive joins Alliant from rival Californian broker Woodruff Sawyer, where he worked for almost 16 years and until recently served as SVP and partner.
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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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Romeo will be responsible for building out the US cargo program and charting a course for growth ahead of its launch later this year.
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Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.
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CNA said in a filing with the SEC that the $1.8mn will be paid in two installments, in addition to certain health and welfare benefits.
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The move is a promotion for Hamilton, who served for five years as regional vice president of Southern California.
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Marsh joins Alliant after over 16 years at Business Insurance Services, where he was an independent agent based in Hilo.
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The news comes just over a month after two other large carriers, State Farm and Allstate, announced that they’d no longer accept new business in the state.
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Inside P&C’s news team runs you through the key highlights of the week.
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Leach joins the MGA as a founder of K2 Financial’s US operations and was previously head of FI at Hanover.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Its long-term issue credit ratings was upgraded to “aa-“ (superior). The changes were made in recognition of the parent company’s improved financials.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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Hub International has tapped former Aon national property broking officer Blake Giannisis as its North American property practice leader.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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The first signs of limit expansion, growing appetite in the admitted market, and retail brokers' impatience with wholesalers are all evident.
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The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.
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In addition, the insurer completed the $240mn sale of its agribusiness unit Crop Risk Services to American Financial Group (AFG).
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The carrier experienced a downturn in investment performance during 2022.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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The executive will be responsible for the growth of the hospitality insurance portfolio and for providing service to current and prospective clients in this segment.
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Johnson will assume the role July 3, taking over from Marc Orloff.
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After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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The announcement follows reports that Root has filed a lawsuit against Embedded related to the violation of a non-disclosure agreement.
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The broker’s latest report finds stability but continued price discipline in most lines and regions.
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The executive joins Alliant after over 23 years at Gallagher, where he began his broking career based in Jackson, Mississippi.
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The broker reported double-digit growth across US, international and global reinsurance operations.
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An uneven loss environment in personal lines calls for a cautious reading of reserves.
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The carrier stands to raise $210mn from the offering.
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Before joining AIG, the executive had served as chief underwriting officer of marine at The Hartford.
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The industry’s ROE is expected to reach 8% in 2023 and 9.5% in 2024, up from 2.5% in 2022.
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In addition to his new role, the executive will retain his current position as head of marine for the Australasia region.
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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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Based in New York, the executive will report to Lockton cyber and tech practice leader Michelle Faylo.
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The suit is related to the violation of a non-disclosure agreement between the parties.
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The broker has also announced several internal promotions, including Jack Snowden’s to lead the GRC London team.
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Berding will retain his current role as president of American Money Management Corporation, AFG’s investment management services subsidiary.
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Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,
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California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.
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Formerly head of AIG’s separation management unit, Tarpey joined Corebridge last August.
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He was previously CEO at consulting firm Andros Risk Services and has written two books on D&O insurance.
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O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
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Inside P&C’s news team runs you through the key highlights of the week.
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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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 executive joins from Crum and Forster, with 20 years’ cyber experience.
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There has been no official response from Root, but Inside P&C took a look at the company reportedly making the takeover bid, Embedded Insurance.
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The insurance industry is looking to play a part in supporting the rebuild of the war-torn country.
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The retailer recruited Eric Harper as EVP, managing director, Bill Havard and Steve Sclimenti as SVPs and Robert Engles as first VP.
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The exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.
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The broker has published research identifying transformative trends in the insurance industry.
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The increased facility will be used for “additional acquisitions while fueling investments in strategic initiatives that drive organic growth”, the company said.
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The programme was "oversubscribed on all dimensions”, the company said.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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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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Mark Drummond-Brady will be providing advice and counsel to support the broker’s growth plans.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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This would be a premium to Root’s closing price on Tuesday of $6.02 per share, which gives the company a market value just north of $80mn, significantly below its peak of roughly $7.5bn.
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The executive worked for over four years at CMF first as specialty coordinator and then as Latin America leader of portfolio solutions.
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Sources said the company decided to outsource its claims function to Sedgwick, a third-party administrator in which Stone Point Capital is a minority investor.
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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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Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.
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Based in White Plains, New York, the executive will focus on designing, implementing, and managing risk mitigation solutions and strategies for the firm’s growing client base across the Northeast region.
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Before working at ICS, Robert Nizzi spent over six years at Enterprise Risk Strategies, where he was president until 2017.
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Tartaglia will focus on driving process, data and systems excellence to support Aspen’s commercial and business strategy.
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The broker said the risk from wildfire is also set to increase substantially.
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The carrier has set its IPO price at between $16 and $19 per common share, and will trade on the New York Stock Exchange under the ticker FIHL.
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In an interview with this publication, the executive added that jury sentiment is driving these large awards.
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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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Interim CEO Luke Lichty will become head of commercial and specialty insurance for Canada.
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
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The broker will report directly to Greg Case and move away from day-to-day client responsibilities.
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The broker said increased reinsurance costs had not been passed onto customers.
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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 report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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Inside P&C’s news team runs you through the key highlights of the week.
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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 comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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The group’s returns have been driven by Two Sigma, but the total return model is perceived as toxic.
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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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Based in Irvine, California, the executive will focus on designing, implementing, and managing risk mitigation solutions and strategies for a diverse and growing client base across the state.
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The company booked another 4.6 points of adverse reserve development during the quarter, with 85% attributed to personal auto and 20% to commercial auto.
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The incoming executive brings over 25 years’ industry experience, having previously held roles at Allianz Trade, Altradius and Zurich.
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CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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He will join the North America regional management team, in addition to continuing to serve as a member of the company’s Canada management team.
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Gallagher has over 25 years of insurance experience and joins Everest Re from AIG.
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InsurTechs are still the most heavily shorted among P&C names, though they likely have been beneficiaries of a short squeeze for most of 2023.
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Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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The intermediary’s latest study shows double-digit rate increases in commercial property and auto lines.
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John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle.
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Katie McGrath said the insurer continues to be deliberate in decision-making amid market opportunity.
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The broker said clients could save money, increase limits and buy extra coverage.
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The company’s existing share repurchase authorization will remain effective through June 30.
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The Canadian investment company sold 3.85 million shares of common stock, priced at $23 per share.
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Sources said the executive, who has over two decades of experience in the (re)insurance sector, will take a position at regional intermediary Reasinter.
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The carrier said the purpose of the changes is to mitigate risk and manage its personal and commercial lines portfolios.
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Anat health insurance leader Jim Stelling will join Core as part of the deal.
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The executive was previously co-CEO of First Republic Bank.
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Jarrier has been with the carrier for over two decades, most recently as head of worldwide pricing and analytics.
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The aviation programme manager will exclusively use SiriusPoint’s paper across the US.
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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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Abram will not stand for re-election at the company’s 2023 annual meeting, according to the company, and will be succeeded by lead independent director Ollie Sherman.
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AIG offered 65 million existing shares of common stock, or about 10% of approximately 648 million total shares outstanding.
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Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch.
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Hot and dry weather in the summer and fall is also a conditional factor.
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He was previously North America Cyber Growth leader and before that Midwest Regional Leader - FINEX Cyber/E&O.
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Any capital event is likely to take place following the hurricane season, Reuters reported.
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Recent top line growth and improved performance will need to be weighed against historical underperformance at group level, but the opportunity could attract a non-traditional buyer.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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Skyward Specialty Insurance completed its initial public offering at the beginning of the year.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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Pollaro joined Markel in 2009 and most recently served as managing director of management and professional liability for Markel Specialty.
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The carrier is offering 65 million shares of common stock, out of approximately 648 million total shares outstanding.
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The company reportedly recently applied for a rate increase of about 40% on California homeowners’ business.
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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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Gregg Cunningham joins from Liberty Mutual Insurance, where he was executive vice president for nearly six years.
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She will report to global head of cyber and technology Dan Trueman and play a key role in shaping the team’s strategic direction.
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Other carriers reportedly pulling back from writing business in California recently include Mercury General and Safeco, while Oregon Mutual is said to have exited the California market altogether.
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The legacy carrier’s wholly owned subsidiary will reinsure 80% of RACQ’s motor vehicle compulsory third-party insurance liabilities of accident years 2021 and prior.
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Everest Insurance has appointed Glen Browne as head of international corporate strategy.
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Bronek Masojada served as CEO of Hiscox until January 2022 and was appointed to SiriusPoint’s board in May.
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Douglas spent the last decade of his 23-year tenure as head of WTW’s climate and resilience hub.
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Markel established the new positions to address the unique needs of its wholesale and retail business models.
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The deal will result in a pre-tax net realized gain of $86mn in the second quarter.
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He will be responsible for QBE NA’s more than $1bn commercial programs portfolio, which includes both property and workers' compensation.
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Veiga joins from IRB Brazil, where he spent the last 19 years in a variety of underwriting and executive roles across several business lines.
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Maritzen joins Everest after less than six months as head of underwriting for Berkshire Hathaway’s property program business.
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Johnson will be responsible for producing new business for large casualty structured reinsurance solutions, as well as driving talent recruitment and retention in North America.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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The new business unit will offer excess liability coverage to specialized markets, starting with environmental and energy industries.
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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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The carrier is obligated to use the RAP program and upped its ceded premiums.
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Continuing rises in loss frequency and severity plus a difficult regulatory framework make the situation in California highly challenging for carriers.
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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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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.
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The company wrote the most California homeowners multi-peril insurance, at $2.56bn, and fire lines and home multi-peril insurance, at $2.66bn, in 2022, according to AM Best data.
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Marcial will take over the position left vacant after the departure of Juan Costa, who moved to Berkshire Hathaway as casualty VP in Atlanta.
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Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50.
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Inside P&C’s news team runs you through the key highlights of the week.
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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 review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.
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The executives join the family-owned broker after a stint at Marsh, where they were both SVPs.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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Onex reduced its position in the wholesaler by almost two-thirds to nearly 3.7% from around 11.3%, while president Tim Turner sold ~700,000 of his nearly 4.9 million shares.
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The pivot from the industry’s arch decentralizer underscores the opportunities brokers are chasing in a deteriorating operating environment.
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Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.
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Argo has also hired former RLI surety head Greg Chilson as an adviser.