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Flexpoint secured a higher sum-of-the-parts valuation by facilitating the break-up.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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The oversubscription may signal additional capacity waiting on the sidelines.
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Attendees noted the increased presence of service providers and carriers.
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A more business-friendly approach will be offset by increased uncertainty.
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Long-term confidence in the market depends on the details of the new tax rule.
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Reinsurers are reporting stellar 2023 results – what they do with the earnings will be crucial.
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It’s unsurprising, following the Corvus-Travelers transaction.
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The firm took a major reserve charge and has gone into remediation mode.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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Given a number of complexities, the landing zone on a take-out price is small.
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Putting together two “show me” stories risks investor skepticism.
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The firm may be a victim of its own success and size but a challenging macro landscape is also presenting obstacles for levered brokers as The Squeeze 2.0 looms.
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Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.
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Carriers will be taking more risk net this year – which may arrest the speed of decline in cyber pricing.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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NFP will need to be brought close enough to realize the benefits, but not so close its talent feels smothered.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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The loss threats come as the space is going through a softening cycle, with 2%-2.5% rates and a few sources noting cases of 1.7%-1.8%.
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Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.
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AM Best’s decision to remove second-largest front Clear Blue from under review is a small positive development for the fronting sector, but caution is still needed.
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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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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
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APCIA's annual meeting last year took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s January 1 renewal, there are several key themes to debate at the event.
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The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.
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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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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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Inside P&C has independently confirmed that the bank is working on a full sale of its insurance operation amid a challenging banking environment.
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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise.
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Performance overall has been good, but there have been insurance M&A missteps and its share price has lagged.
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Reinsurers seem unwilling to concede on ground won, but insurers continue to feel the pain in an elevated cat environment.
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It is more dependent on property, and its longevity is uncertain.
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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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Industry loss estimates range from $3bn to $10bn, but loss figures will become clearer in the days to come.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.