Interviews
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The MGU is exploring additional third-party capital relationships.
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May and June takeout requests for Citizens are exceeding expectations.
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Existing taxes could be lowered under a potential new structure.
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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 firm’s growth focus for 2024 will be in property D&F.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The exec was speaking alongside Doug Hammond after Aon agreed to buy NFP.
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The firm will have more flexibility around talent compensation and M&A activity.
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RPS saw organic growth of 12% in Q4 of last year.
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This follows three new investments and partnerships in the US recently.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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The percentage of cases that could lead to higher losses increased in 2023.
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The executive added that he expects “some level of consolidation” in the fronting space, estimating that there are 24 players in the US market.
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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 mid-market build-out comes in response to trading partners' needs for more on-the-ground-support for more complex risks and the constraints of a digital-only product.
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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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The CEO emphasized that while trading conditions are favorable for the specialty segment, the company would make the decision to go public based on its own merit rather than market timing.
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The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
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The CEO said the strong performance of MGAs during market dislocation has made it more challenging to accurately value future growth potential of M&A targets.
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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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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
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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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“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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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 executive estimated nearly 30 fronting carriers in the market right now and anticipates that condensing to 10 to 15 fronts.
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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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Resilience CEO and co-founder Vishaal Hariprasad said cyber rates are expected to even out, and possibly creep back up, in the near term.
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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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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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The carrier is now working with Stonybrook Capital on a mix of equity and debt as it looks to expand its capital base beyond $100mn.
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There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO 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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Pennsylvania Lumbermens Mutual expects to face higher rates and tighter terms and conditions at the upcoming January 1 reinsurance renewals.
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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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A typical cat year should now be thought of more as a $100bn-$150bn potential loss, as volatility leads to surplus lines growth.
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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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