Operations/tech
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The technology will drive hyperspecialization, panelists said.
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The MGA will be offering $10mn limits for $300mn-$10bn companies.
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The Coalition Cyber Threat Index predicts a jump in exploit-based cybercrime this year.
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The carrier laid off approximately 850 staff late last year.
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Putting together two “show me” stories risks investor skepticism.
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CEO Joseph Brown’s compensation will continue at $1mn with a minimum annual bonus opportunity of $2mn.
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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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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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The programme services carrier will serve UK MGAs from 1 January.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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The reduction in force amounts to less than 10% of the company’s total headcount of approximately 500, a spokesperson told this publication.
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The reorganization reflects the carrier’s prioritization of customer service and use of digital tools to help customers and partners.
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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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The cuts amount to roughly 2% of the insurer’s US workforce.
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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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New risk transfer platform will allow MGA, InsurTech, embedded insurance customers cost-effective path to building “full-stack” insurance operations
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The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.
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The exercise is understood to involve mainly junior and non-broking staff.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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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 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.
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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 rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.
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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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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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Issues with faked letters of credit are not limited to one banking provider, sources 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 firm said it had identified two specific transactions in which “collateral inconsistencies” were in 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 layoffs will be effective at the end of September.
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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 exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.
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The platform will connect MGAs with capacity from a wide range of providers.
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Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.
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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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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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The InsurTech has identified over $25mn in annual expenses to eliminate since February.
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The move follows a rebrand completed in November 2022.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.
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Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.
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As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.
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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 suggested that the layoffs at Buckle are more severe than at other InsurTechs that instituted headcount reduction programs with a view to preserving cash.
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The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.
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The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.
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The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.
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The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.
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It is understood that Lyons has been set to retire from the company in the summer of 2023.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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It is understood that most of the cuts affected employees in the sales and marketing division.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.
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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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The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.
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The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.
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Inside P&C’s news team runs you through the key highlights of the week.
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The members were unanimously selected by the board as part of its multi-year succession planning process.
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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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The carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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The new consulting arm will be led by Risk Strategies executive vice president John Greenbaum.
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The amount will be paid in one installment of $200,000, two of $100,000 and a final $175,000 payment over the next 18 months.
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The severance package will be paid in three separate installments of $250,000 over the next 18 months.
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The activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.
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The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.
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In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.
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Since joining the company in 2017, the executive has helped to spearhead a turnaround in performance for the carrier.
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The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.
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The likely windows for a secondary offering of Corebridge's common stock will be mid- to late March as well as mid-May to late June.
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In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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Argo is set to hold its annual meeting with shareholders on December 15, when seven nominees will be elected to the board.
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The activist reduced its position to 3.05% of the insurer from the ~6.6% stake it owned at the end of Q2.
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The company said longer term impacts of the pandemic, primarily significant prolonged inflation, have led to lower volumes of policies in force.
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The delisting comes after the insurer’s stock price fell below $1 for 30 consecutive days.
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The spun-off units include general wholesale, environmental, construction, cyber and professional liability divisions.
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While regulations and shareholder proposals draw concerns, the insurance industry also sees ESG efforts as tool for drawing new blood to the business.
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The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.
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The sale is part of the firm’s strategy to improve its capital structure and optimize operating expenses.
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Sources said that Gallagher is in the process of obtaining both retail and reinsurance licenses in the South American country.
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The bi-annual study produced by Aon’s Ward and The Jacobson Group found it's harder to hire than at an all-time high for the industry.
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Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.
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Next is the latest InsurTech to reduce its staff in what has become a widespread phenomenon within the space.
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The Aon president also dismissed the idea Aon is a “great stock, not a great company” and said brokers are not in control of the pricing cycle.
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The news comes as the steep correction that public tech valuations have suffered year-to-date spills over into the private InsurTech market, and private VC funding dries-up.
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The memo notes if an employee under Chubb's medical plan needs a procedure that must be performed more than 100 miles from their home, the carrier will cover it.
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Current CEO Bradley will receive 78,760 shares of restricted stock over a 12-month period, as well as 135,000 stock appreciation rights with an exercise price of $43.80.
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KPMG has been appointed to succeed its Big Four rival as the up-for-sale Bermudian tries to turn the page on its delayed annual filings.
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Policygenius laid off staff just two months after doubling its total funding to $250mn in a Series E round.
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The ~$60bn-premium marketplace is only going to grow, and in the aggregate can outperform insurers’ own underwriting.
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His comments come on the heels of Markel’s announcement last week that the co-CEO plans to retire by March 31, 2023.
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Hansen’s appointment is in support of the company’s decision to separate the roles of chairman of the board and CEO.
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Shareholders supported Buffett remaining as chairman and chief executive on a nearly 6-to-1 margin.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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Berkshire’s board opposed the proposal and recommended that the shareholders vote against it.
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Individual staff like the freedom and flexibility of hybrid working, but management is concerned about hidden long-term costs.
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The CEO says shortfalls exposed by responses to the pandemic can spur companies to finally take climate and other long-tail risks seriously.
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The US firm is looking at expanding across Australia, Canada and the UK after securing new investment.
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The activist investor cited progress on governance issues in pulling back two proposed directors but pushed Safety Insurance for further strengthening.
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The ratings agency has also terminated the provision and redistribution of all information products and services to clients in Russia with immediate effect.
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Board members include the former CEO of Assurant and the chief legal officer of Stripe.
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The newly installed CEO wants to build on the businesses the firm has and deliver a low 90s combined ratio.
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As well as wheeling out the same old products, the sector manages new risks through exclusion and does a poor job of telling its story to insureds.
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The investment firm said that pivoting to a pure-play insurance data business would unlock up to $20bn of value.
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In some cases, sources said, wages have increased between 25% and 35% over the last 12 months.
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Social media posts, campus recruiting and apprentice programs are all deployed to draw a new generation to insurance, but the broader industry is not focusing on refreshing the ranks.
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The company said it would look to use its program skillset strategically to enhance and position some of its new product verticals.
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As part of the revamp, Michael Chang has been named global head of customer and distribution.
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Inside P&C’s news team runs you through the key developments from the past week.
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The Hanover swung back to underwriting profit of $88mn after a cat-heavy Q3.
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The program replaces the existing share repurchase program, which has $24.2mn remaining of the original $40mn.
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Recently terminated Root employees took to social media platforms to announce their dismissals, after the company eliminated about 20% of its workforce.
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The company termed the massive headcount reduction as an “organizational realignment”.
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The OSHA regulation requiring employees at large businesses to get Covid vaccine was thrown out, but justices allowed the healthcare worker mandate to stand.
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Justices appear to lean toward overturning OSHA rule requiring jabs for 100 workers or more; medical mandate also in play.
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The Hartford-based carrier is the latest to rejigger its policies in response to the rapidly evolving pandemic.
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Staff who have not provided proof of vaccination will be terminated “for cause” and ineligible for future employment with the carrier.
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Employees have expressed frustration that accommodations on religious grounds have been denied.
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A company spokesperson confirmed the January deadline, stating the decision was based on “science and research” and avoiding preventable loss.
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Pricing and reserving are increasingly challenging in the absence of patterns to predict, executives warned.
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One executive explained how the supply chain crunch and talent shortages were interrelated.
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Citing increased work-from-home arrangements among its workers, Allstate announces the sale of its campus, which it has occupied since 1967.
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“There's a pool of employees internally with diverse backgrounds, but for some reason, they get overlooked,” the CEO of Axis’s US division said on a panel at WSIA’s annual meeting.
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Zurich will hire about 70 apprentices in at least nine cities where the carrier has offices, beginning in August 2022.
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The firm showed optimism for the future, but are recent gains the new normal or a temporary positive blip?
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Zurich’s apprenticeship program helps young talent develop skillset and has "great” retention rate, says North America CEO Terryn.
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Despite headlines of major turnover across intermediaries, Brown & Brown’s CEO suggested retention had been as good as ever.
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Sources indicated that Tesla could be self-insured for its employment practices liability exposure.
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The Aon claims platform incorporates tech that can predict attorney involvement and subrogation risk for auto claims.
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The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
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Increasing cat losses, combined with social inflation, put ESG and climate change at top of the mind even as the market sees strong growth, says Guy Carpenter’s John Trace.
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Gaining market share while avoiding any new business penalty will be an interesting balancing act if the firm is to meet its 2026 targets.
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The firm puts the failed Aon merger behind it and sets expansive targets, but those goals may prove hard to balance.
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After Willis Towers Watson’s attrition rate rose 22% amid the Aon merger uncertainty, executives are seeking to dial back a talent drain.
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“We think hard about culture in all of our companies, and that is our main competitive advantage,” the outgoing CEO said on a podcast.
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The Pennsylvania carrier had been critiqued by the activist Harbert for holding excess capital that it claimed was dragging down returns.
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Major increase in incentive pool represents an early step from management to shore up its staff base.
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Alkymi’s core products Data Inbox and Patterns allow businesses to accelerate processes by analyzing data in emails and documents.
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The company applies user-based technology already used in auto insurance to property business.
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The division will employ 60 data scientist and analysis employees to serve the group’s global customer base.
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The insurer has published its first-ever ESG report, detailing diversity and equality initiatives, along with pledges to cut carbon emissions.
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Universal Fire & Casualty Insurance Company said it is now accepting a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
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Many of the individual causes championed by CEOs are positive, but there are good reasons to separate the political and business spheres.
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The executive was speaking on a panel with AIG’s Peter Zaffino and CNA’s Dino Robusto.
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The executive also emphasized that his company’s merger was about innovation and not scale, following a series of announced divestitures.
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Marsh McLennan (MMC) is establishing a global MBA fellowship program in partnership with historically black university Fisk University and the National Black MBA Association (NBMBAA), offering participants a hybrid curriculum covering business knowledge and social justice issues beginning in September 2021.
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Axa has been amongst the insurers pushing for financial institutions to assess emerging nature-related risks and opportunities.
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Kenan Lucas of the Harbert Discovery Fund blasted the company in an open letter last week for enriching insiders at the expense of shareholders.
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The unit’s remit will also include the "investment and collaboration with InsurTechs".
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Insiders benefited from domicile changes at the expense of investors, Kenan Lucas of the Harbert Discovery Fund alleges.
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At the carrier’s AGM, more than a quarter of votes were cast against a non-binding resolution to approve compensation arrangements.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June.
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The carrier’s forensic investigators say the incident has been contained.
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The second half of 2021 could end up seeing a strong pick-up in repurchase levels.
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The group says investors should hold Tom Murphy to account for the company’s lack of climate reporting.
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The investment firm owns about 2% of the insurance company.
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The insurer’s surplus fell from $61mn to $22mn during 2020.
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The leader of Gallagher’s wholesale arm also stressed that he is undeterred by the scale of the Big Three after recent M&A.
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The German carrier is reportedly wary of Chubb’s bidding firepower because of the lack of synergies any takeover would yield.
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The potential disposal may help to alleviate competition concerns within the French market.
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The pair will depart after around a decade with the carrier.
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The deal places a $17.5bn enterprise value on the business which had only $38mn of revenues in 2013.
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The insurer said the attack impacted certain CNA systems, including corporate email.
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The management liability platform is supported by Evanston Insurance, a Markel company.
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In a letter to shareholders, the insurance group’s special committee said the deal represents ‘compelling value’ to FBL’s unaffiliated shareholders.
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The Tiptree subsidiary aims to raise $100mn.
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The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.
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Written comments should be submitted by email by 3 May and the draft methodology is available online.
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Marsh & McLennan Companies (MMC) has changed its name to Marsh McLennan.
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The company also has deals with major winners Webb Simpson and Jimmy Walker.
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The carrier will fold its US primary insurance subsidiaries into a new entity.
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Bryant returns to Marsh McLennan Companies after 14 years at Aon
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In a second hire within the broker’s offshore wind team, Sarah Burston returns.
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The risk analytics firm is also acquiring cyber analytics business Sentar and insurance modeller Tyche as part of the deal.
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Projects will span areas like criminal justice reform, climate resilience and education.
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Tucker previously worked for Axa XL, and AmTrust and Flagstone Re before that.
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The broker says it has already seen a number of whistleblower and retaliation lawsuits filed against employers.
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David Long said the carrier would continue efforts to foster dialogue on race.
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In other appointments David Govrin becomes global CUO and Americas reinsurance president, and Monica Cramér Manhem international reinsurance president.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The ratings agency says capacity in the market could further expand in the short term.
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She takes over the post from Alessandro Carriglio, who has become head of claims reporting an analytics.
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The new board member has worked for the Agnelli family for over 20 years.
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On its fourth quarter call, AIG management shared it received “quality” interest from parties willing to acquire a minority interest in its life and retirement business.
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An IPO remains on the table, alongside the option of a minority stake sale.
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The risk modeller pledges to review the offer but says its $6bn agreement with the PE firm still stands.
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The acquisition will help Progressive to expand into larger fleet business.
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AIG’s shareholders are getting a raw deal, with an outcome on compensation that does not look like value for money.
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The new CEO will receive a 70% boost against the pay in his prior role and 6% higher target comp than his predecessor.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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Our highest priority remains protecting the health, safety and wellbeing of our colleagues, said CEO Case.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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Mia Finsness and Richie Henry say insurers should take a more generalist approach to filling certain roles.
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Deanne Nixon is currently CUO at the Floridian insurer.
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Shaw was the first ever D&I chief for an NBA team and earlier worked at the NFL.
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The reinsurer completes its EUR453mn deal for 29.5% stake in French trade credit carrier.
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Willis grew free cash flow to $1.6bn in 2020 beating its own guidance of $1bn and up from $0.8bn in 2019.
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The broker consolidator is pursuing growth in the sector through acquisitions.
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He replaces Tim Mardon, who recently moved to Third Point Re as global head of property.
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The deal with CNA subsidiary Continental Casualty reinsures excess workers’ compensation business relating to 2007 and prior-year business.
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The default position for selling shareholders is stock and contingent value rights.
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Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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Gisele Norris has over 25 years' market experience and a doctorate in public health.
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The venture, Evolution Advisors, has Seahawks quarterback Russell Wilson and singer Ciara as partners and equity owners.
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The carrier trims its assessment of the impact of Covid-19 from the nine-month mark.
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French startup Akur8 automates risk modelling processes for insurers.
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The move follows the company hiring new InsurTech partner Adrian Jones last month.
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The mean value rose to $44mn over the period, up from $28mn in 2019.
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Shares in the Beijing-headquartered broker more than treble since last week’s listing.
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Jack Evans has been chairman since 2009 and has been with the company since 1995.
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Finance minister Nirmala Sitharaman said the government will lift the foreign direct ownership cap from 49% to 74%.
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Run-off business from the carrier’s general insurance and Fortitude Re units will now sit within its other operations segment.
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The broking executive retains his role as president of the intermediary’s southern region.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The Australian carrier centralises its inwards reinsurance operation within the international segment.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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CEO Case has given insight here into how he hopes to win the battle for hearts and minds within the enlarged firm.
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The InsurTech uses computer vision to assess photos of damaged vehicles to increase the speed of claims processing.
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An all-staff memo obtained by this publication stresses Case and Haley’s emphasis on a ‘one firm’ approach.
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Gebauer, Kent, Pullum and Garrard are among the Willis execs named to big jobs.
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The appointments comes after launches in Hong Kong and Singapore.
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The family is looking to put three representatives onto the insurer’s board including Daniel Shapiro.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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The Genstar-backed fronting carrier has struck its first deal.
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The target may find itself liable to pay $23.4mn plus costs, and its private equity bidders up to $41.5mn.
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Principals Patti Hull and Ross Schofield now report to NFP Canada managing director Brian Timmis.
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The executive will be tasked with growing the broker’s east coast business and brings deep experience in forming captives.
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The acquisitive PE-backed broker acquired businesses including Associated Benefits and Risk Consulting last year.
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InsureTrust founder and CEO Steve Haase is to retire following the sale.
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The executive, who has worked as a management liability underwriter, joined Hiscox in 2009 after nearly nine years at AIG.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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Jonathan Ritz will lead the target company, while existing CEO Hannon moves to become president.
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The acquisition from IA Capital is due to close in the second quarter.
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The outgoing finance chief will stand down in July but stay on in an advisory capacity until the end of the year.
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The broking and consultancy giant says it will also reduce carbon emissions to 15% below 2019 levels by 2025.
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On an annual basis, lawsuits were 1% up on 2019 despite success in cutting back AOB cases.
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Scully fills a gap left by the departure of Steve Hartwig to Ark last year.
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The new recruits are the latest in a raft of appointments to the new business division.
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Mike Jackowski says that during the pandemic, back-office tech has become a board-level issue.
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The insurer highlights the discrepancy between how the Trump rally and BLM protests were treated.
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The move comes as environmental policies move up the list of investor priorities.
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The broker joins a growing list of organizations severing commercial dealings following last week’s attack on Capitol Hill.
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AmTrust will use Bold Penguin’s in-app binding, while Bold Penguin will use the carrier’s payment plan options.
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He reports directly to Jonathan Zaffino and will join the business later in Q1.
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The outgoing chief will stand down in April after 23 years with the carrier.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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Patricia Armstrong will work as CUO of the tower, while Brian Powers has been named CUO for major accounts.
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The Bermuda (re)insurance trade body elects officers for 2021-2022.
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Craig was previously president of healthcare at One Beacon Insurance, where she worked for 12 years.
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The agreement follows a share-swap deal between the two companies.
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About 44mn additional shares in the carrier are expected to go on sale Tuesday.
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The InsurTech announced a partnership with Lockton Re earlier this month, and completed a fundraise in the fall.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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Assurant has been the primary underwriter on EPG’s protection products since 2018.
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The scheme is expected to commence following the report of Q4 earnings, and last until the end of 2022.
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The appointment comes after mass resignations in the Latin American team earlier in the year.
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The deal further expands the platform’s access to customers through the independent agent channel.
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The milestone was set out in a combined all-staff townhall as the firms look forward to an H1 close.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The newcomers join BHSI alumni Dan Fortin and Todd Greeley.
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The ratings agency has affirmed the reinsurer’s financial strength and long-term ICR ratings while flagging underwriting concerns.
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The Hartford continues to operate in the UK through its NIC UK branch and Hartford Syndicate 1221.
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Former Tiberius CIO Poole returns with a new blank-check firm.
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The transaction will be one of the largest P&C deals of the year.
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In an interview, Grahame Millwater and Jason Howard set out the synergies possible following the broker’s rebrand.
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The carrier is targeting growth in all key lines of business.
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The intermediary raises capital after an agreement to buy Burnham Benefits.
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The new entity will be named Unison Risk Advisors but the component parts will maintain independent branding.
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In five years’ time, the risk solutions unit will account for 30% of Munich Re’s P&C reinsurance portfolio.
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The US carrier has offloaded a tranche of liability business written out of London.
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Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
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The broker will add a Belgian office alongside its London operation for post-Brexit trading.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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Brian Johnston will work as CEO and CFO, with Tom Hodson as deputy CEO and Stephanie Mocatta leading business development.
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CEO Greg Hendrick said the composition of the new carrier would eventually be more heavily weighted to insurance business.
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The seller’s CEO previously noted InsuraMatch had problems with client retention but said annual losses of about $1mn were affordable.
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The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.
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The company said it would not be safe to host up to 40,000 delegates in May, but that physical meetings would return.
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The revamped insurer backs the intermediary’s long-term care binder.
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The CEO said that state-wide expansion would be a “substantial growth lever” for the business.
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The early January close rests on achieving regulatory approvals by the end of December.
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The new arrival at the M&A insurance specialist follows the departure of paper provider AGCS earlier this year.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Andrew Aldorisio is the latest of a series of senior hires at the newly established carrier.
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The French carrier pulls back from Axa Gulf, Axa Cooperative Insurance and Axa Green Crescent Insurance.
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The InsurTech’s president says possibilities include an IPO, a SPAC transaction or further private funding.
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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The tactic comes after the investors had three nominees installed on the risk modeller’s board this week.
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Sirius shareholders favour the deal but dissent on compensation proposal.
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The territory has been relatively untouched by outbreaks of the virus so far.
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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
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She will replace Kevin Condron in the position on his retirement due to a mandatory age limit for the role.
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The company is rebranding as Skyward Specialty Insurance as the revamp under the new chief executive moves ahead.
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Warren Buffett’s company trims its stake in Apple and exits Costco.
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A “change of control” clause also gives hosted MGAs the opportunity to find new platforms if they wish.
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The scheme will be expanded to six new US cities, including Houston, Minneapolis and Philadelphia.
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The market chairman says the new entry point for submissions will radically improve data quality for placements.
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The broker is continuing its push into insurance-backed IP financing.
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The broker had already reversed the 20% pay cut that was introduced for the majority of employees.
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Inside P&C looks ahead to the insurer’s results/call, with both comp and capital under scrutiny.
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The review comes amid a third-quarter net loss of $20.7mn driven by increased catastrophe losses.
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The company provided confirmation of its work to break up international and a $100mn expense reduction target.
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Former Pembroke CEO Mark Wheeler is widely expected to join the business after his restrictions end.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The risk modeller has been fending off Senator Investment and Cannae Holdings since their initial $5.2bn takeover proposal in June.
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The broker and MGA will give the acquirer a Californian toehold and boost its binding operations.
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D&O carriers are now assessing corporations’ board diversity plans as part of the underwriting process.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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She has led the business line since 2015 and will be replaced by Michael Furtschegger on an interim basis.
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The electric car manufacturer had earlier marketed the policy with an Elon Musk exclusion.
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The Lloyd's (re)insurer will deploy some of the funds to build its US onshore presence.
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Former international CEO delays retirement to fill top job gap, as Harris takes his role.
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Ronald Bolaños takes the helm of the Miami-based operation.
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Axis, Convex, Chaucer, BPL and Decus all have offices in the building.
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The InsurTech now provides cover in 36 states and Washington DC.
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The director spent 14 years at the Apollo-owned carrier.
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Former MS Amlin CFO Richard Hextall is also set to join Aquiline's Lloyd's business.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Global clients and Bermuda are also in the CUO’s purview as he replaces Peter Röder on the reinsurer’s management board.
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The PE house and the London market wholesaler will submit bids in just over a week.
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The ratings action follows the agreement with Arch Capital to buy the struggling company.
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Co-founders include former Lockton executive Bill Kost.
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Insider Elena Lieskovska will lead a new insurance segment.
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The brokers will work in risk analysis as well as directly placing coverage.
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The start-up counts Westchester, Hiscox and Beazley among its carrier partners.
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The funding round is the latest move in an arms race to reinvent back office functions.
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Former Markel underwriting executive Trevor Carvey will also be part of the leadership team.
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The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
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The per-share price is a 35% premium to yesterday’s close.
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The insurance holding company confirms it will take 72% share in the Lloyd’s (re)insurer.
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Clix index will provide insured loss data for all major nat cat events since 2000.
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The move gives the business EU passporting rights in time for the end of the Brexit transition period.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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All employees received a one-off special bonus in June using the company’s unused travel and entertainment budget.
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The case for an AIG break-up is clear, but the market remains skeptical. We outline the primary pushback and arguments against it.
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Gabe Mansky and Andrea Friedman will focus on Israeli-based corporations and banks and their US affiliates.
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Tamara Simpkins Franklin will join on 1 October and report directly to president and CEO John Doyle.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
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Cameron Martin, Katie Flynn, Erica Kasperkowiak and Matt Movafaghi have joined the business.
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The state’s financial services superintendent orders carriers to factor climate risk into governance frameworks and risk management processes.
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Susan Cross becomes an independent director and will serve on the company’s audit and risk committees.
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The reinsurance broker’s international chief leaves after 35 years.
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The newly created role will focus on broker relationships in the E&S markets.
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Chubb CEO Greenberg's near-$20.5mn pay narrowly beats that of his closest rival.
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The professional lines-focused underwriter has backing from Gallatin Point and BlackRock.
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The company is seeking a quote for a $100mn policy after previously opting to accept insurance from Musk.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
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Piccolomini and South pick up Advisory, while Clarke will head up global placement.
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Sources said a final decision on whether to proceed with the venture is still pending.
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The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
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Inside P&C takes a detailed look at the next steps including the potential for anti-trust issues and the brewing war for talent.
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The Illinois-based broker will use the proceeds to support ongoing growth and acquisitions.
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The changes stem from the creation of a new digital services unit at the Swiss carrier.
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The appointment follows Jon Christianson’s move to the CUO role.
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The insider replaces Jeff Consolino, who left to become CEO of StarStone US after a private-equity-backed buy-in.
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The July deal put the Karfunkel family in line for a payout of more than $1.5bn.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Aartie Manansingh joins in New York, while a London-based appointment for the international book is in the pipeline.
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In the first of a two-part series on a year of transition at AIG, we argue the board deserves more scrutiny for its role in tolerating persistent underperformance.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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The executive has served as chairman and CEO since 2016 following a 30-year career at Chubb.
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In June the 180-year-old insurance services business picked former Axa Corporate Solutions CEO Rob Brown as CEO.
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The PE fund was forced to raise its offer by 22% after an offer from an unnamed third party.
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John Lupica steps into the role of president for North America commercial and personal insurance.
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Response also rebuffs complaints over Goldman Sachs conflict disclosures.
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The program administrator expanded into the business line at the beginning of the year.
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Reinsurance chairman will take on the CEO role until a successor is announced
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Lara Mowery and John Crichton will also join the committee as global head of distribution and chief information officer, respectively
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The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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The global InsurTech chief warns of a potential “emotional reaction” towards the sector if the IPO experience at the renters’ carrier sours.
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Sources suggest the raise could take the (re)insurer's equity base up to the $3bn it initially targeted.
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The Marsh CEO outlined MMC’s five-point plan to improve racial equity during an Insider Progress webinar.
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Yesterday RLI reported Q2 earnings, putting up operating EPS of $0.77.
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He will assume management of AIG’s life and retirement, IT and enterprise risk functions alongside his existing roles.
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Ventosa joins Lockton as a director of energy, as the world’s largest privately held broking firm targets clients in the oil and gas industry.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.
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The pact involves P&C reinsurance business in the US and internationally.
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The executive says the initial decision to implement salary cuts was taken after “sober analysis” of the situation.
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Earlier this week, Allstate announced the $4bn acquisition of National General, the latest step in its efforts to improve its omni-channel presence and compete for market share.
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The two businesses, a $755mn revenue retailer and $140mn revenue wholesaler, have joined forces under the banner of holding company Galway.
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Joe Jackson becomes the latest in a line of retro or reinsurance brokers to transfer to the smaller intermediary.
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CEO Kevin Rehnberg continues to reshape Argo management following Mark Watson III’s departure.
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On Thursday, the last day of trading before the 4th of July weekend, Lemonade made its debut on the stock exchange.
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The parent company says it’s unclear whether data has been compromised or lost.
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Many questions abound concerning the business’ long-term viability.
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Over the last decade, a big three with a much higher percentage market share than its counterpart in the US retail market has emerged.
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The broker is about to tell staff how the long-awaited $125mn of incentives will be allocated.
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Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
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Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
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The exec said speed to market matters right now, with a start-up subject to more uncertainty.
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SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners have led the investment.
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