Financial institutions
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Ongoing rate declines have been seen in recent renewals though the pace of decreases, particularly for established public companies, has slowed.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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A subtle, decade-long shift toward equity investments halts as rising interest rates push carriers back to short-duration bonds.
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While there were sparks of cheerfulness among attendees, a careful reading of the room showed that rationalism is superseding optimism.
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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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Recent data shows an increase in InsurTech short interest and a slight uptick for brokers and P&C insurers as a result of economic uncertainty following the banking crisis.
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In addition to the loss-share transaction, First Citizens has agreed with the US regulator to share losses to provide future protection against potential credit losses.
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Inside P&C’s news team runs you through the key highlights of the week.
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A group of lenders have provided uninsured deposits of $30bn to support the ailing bank.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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Though insurers are not heavily invested in Silicon Valley Bank, Signature Bank, or in other regional banks at risk of contagion, the developing macroeconomic situation could impact P&C carriers more 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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The FDIC said that as of December 31, 2022, the bank had approximately $209bn in total assets and about $175.4bn in total deposits.
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Established players are walking away from writing IPO, SPAC and de-SPAC accounts as increased capacity and falling demand in the sub-class causes rates to crater.
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2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.
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Inside P&C’s news team runs you through the key highlights of the week.
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Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.
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GDP drops haven’t guaranteed RoE declines, and the yield curve is inversely correlated with industry P/B.
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Yield curve inversion, thoughts on a potential recession and impact on the property-casualty industry.
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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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Corvus touts AI and data tools as it launches its financial institutions coverage, backed by Accredited and an A+ rated reinsurance panel.
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Falcon Risk Holdings will initially focus on financial and cyber lines in the US.
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Rob Green transfers from AGCS London while Rick Hornby joins from NFP.
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The former financial lines CUO will start at the end of the month and be based in Switzerland.
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Steve Kammann has switched roles at AIG, moving from CUO for North American financial lines, to be the division’s head of product.
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Imran Pira has joined the business as a senior vice president.
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Lawyer Trevor Kirsh will report to Jason Stone, who joined in September to lead the Canadian M&A team.
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Keith Lavigne is the latest executive to leave his post as the war for casualty underwriting talent heats up.
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Carriers are reducing policy limits, increasing deductibles and imposing tighter T&Cs.
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The duo move to the carrier from BHSI.
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Lauren Kim has joined the broker’s financial institutions practice in New York.
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Carriers on risk are understood to include AGCS, QBE and Axa XL.
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The use of exclusions could leave the personal assets of directors at risk in the event of legal action.
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The recruit was the US carrier’s head of UK claims and international financial lines claims.