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Rina Visconti is joining the firm’s national casualty practice after 27 years at CRC.
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Farmers cited “positive changes” in the state's commercial insurance market.
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The executive will report to Aon fac head in south Florida Eduardo Hussey.
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The executive succeeds Rick Miller, who passed away last month at age 62.
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Based in Virginia, she will identify and pursue Mid-Atlantic opportunities.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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Christopher Cavallaro's appointment to the company's board of directors is effective this month.
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Deal volume for Q1 decreased to 111 transactions from 116 last year.
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The FTC issued a final rule on April 23 banning the use of non-competes nationwide.
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The underwriters will receive a 30-day option for an additional one million shares.
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The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
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Michael Yeats will now lead the automatic reinsurance facilities division in the US.
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Across three offerings, Victor increased coverage maximums by $33mn.
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The Insurance Insider US news team runs you through the key M&A deals from the past week.
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Some see flat renewals this year, while others report deployment of larger lines.
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It’s critical that insurers help clients to evolve and manage new and different risks stemming from AI, said Lucy Pilko, CEO of the Americas for AXA XL at RISKWORLD in San Diego.
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Data tools are helping businesses better understand and manage risk beyond just buying insurance, said John Merkovsky, global head of risk and analytics, WTW, at RISKWORLD in San Diego.
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Growth in the E&S market is expected to continue, as risks are continuing to become more complex and difficult to place in the admitted market, said Adrian Cox, CEO, of Beazley at RISKWORLD in San Diego.
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Businesses that have faced multiple years of rate increases are finding relief through innovative solutions including captives and telematics, said Mo Tooker, head of commercial lines, The Hartford, at RISKWORLD in San Diego.
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The firm will no longer have to compete with one hand tied behind its back.
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A quick roundup of this week’s biggest stories.
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E&S has thrived around innovation and will continue to grow in 2024 and 2025, said Chris Sparro, CEO of North America, Sompo Commercial and P&C Insurance at RISKWORLD in San Diego.
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Storms struck the Great Plains, the Midwest and the Southeast.
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The company plans to reduce its quota share to 20% from 40%.
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Only umbrella posted a higher rate increase, while workers’ comp continued to drop.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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Casualty is less of a concern, despite reserving issues.
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Insureds are finding relief from hard market cycles by turning to captives and self-insurance, said Katie McGrath, CEO North America Swiss Re Corporate Solutions at RISKWORLD in San Diego.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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Cyber attacks are increasing and becoming more complex, and large companies are facing more attacks, said Mario Vitale, president, Resilience at RISKWORLD in San Diego.
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A survey of 600 CFOs found cyber security, macroeconomic pressures, geopolitical risk, and talent acquisition and retention were key concerns among CFOs, said Joan Woodward, president, Travelers Institute.
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From transactional insurance to traditional property and casualty insurance, the active private equity space is seeking more complex and bespoke insurance, said Seth Gillston, private equity industry practice leader, Chubb at RISKWORLD in San Diego.
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Zurich North America is collaborating with other industry leaders to educate defense attorneys, said Keith Daly, chief claims officer, Zurich North America.
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During Q1, the firm’s E&S GWP dropped 6.6% to $213.7mn.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The business has ~$200mn of Ebitda, pointing to a likely multi-billion enterprise value.