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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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Based in London, the executive will report to Ocean Re CUO Jamie Wakeling.
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Average premiums rose 5.8% across all major lines, roughly flat from 5.7% in Q4.
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The former Everest executive will look to roll out a range of new product lines at the heavyweight MGA.
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A quick roundup of this week’s biggest stories.
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The executive had previously worked at global talent agency William Morris Endeavor.
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Rappa will take on the role effective May 20.
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She will retire as CEO of North America at the end of 2024.
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The CEO said he is “optimistic” about the future of the commercial space.
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In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.
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The executive announced last month that he was leaving Parsyl, where he had worked since 2021.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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Beazley has tapped Melissa Carmichael as head of US cyber, effective immediately.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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Spreads on all tranches of notes settled above the initially guided range.
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The deal represents a major milestone in AIG’s repositioning as a pure-play P&C insurer.
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The conglomerate exited its $620mn position in Markel, which it has held since 2022.
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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YoY Ebitda margins for private brokers declined two points, to 29% in Q1.
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The suit also names CEO William Spiegel and CFO Tom Solomon as defendants.
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The segment’s accident year 2023 combined ratio moved up 1 point to 98% in 2023.
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The company said Matson’s transition to vice chairman is voluntary.
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The all-items CPI has increased 3.4% over the last 12 months.
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The executive is to pursue “a different entrepreneurial path”, according to an internal memo.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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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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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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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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A quick roundup of this week’s biggest stories.
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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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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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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.
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Mizell will be based in IMA’s Houston office, its fastest-growing regional division.
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CEO Joseph Brown said only that GBLI has had ‘conversations’ with James River.
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The vehicle will give the legacy carrier a US platform.
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Reserving actions have added pressure to upward pricing.
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Paragon co-CEOs James Kalbassi and Tara Falk will become Ardonagh shareholders.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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The carrier is also seeing growth opportunities across the West.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The promotions are within RT Specialty's environmental and construction professional practice.
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The executive has worked as a casualty treaty underwriter at QBE Re and Scor.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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The CEO said companies are still taking charges on years 2013 to 2019.
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Harney has also worked at Alliant, WTW and Marsh, among other firms.
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Yesterday, the carrier reported its Q1 CoR improved 2.3 points to 111.6%, reflecting a better CAY loss ratio.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
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The carrier said it has “moderate exposure” to the bridge collapse.
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Tailwinds from a profitable 2023 sent insurers into strong markets in Q1 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.