Property
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The company says its insurance policies “include significant property and inventory coverage”.
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Approximately 1.2 million units are vacant throughout the state.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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The US large property team will support middle-market and corporate clients.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Freeman has spent 11 years in property leadership roles with BHSI.
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Duncan Milne and Cabot Lyman are both leaving Aon for McGill.
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The ratings agency cited erosion in the company’s surplus position, among other developments.
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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Compared to March, more sources shared accounts of rate declines and oversubscription.
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Westchester’s Kyle Garrett was named VP, executive underwriter for property.
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The oversubscription may signal additional capacity waiting on the sidelines.
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Ten states joined in the original suit.
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The announcement confirms earlier reports from this publication.
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Rate increases are expected to continue, but at a slower pace.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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The value of the bridge is estimated at $1.2bn.
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After the 2007-17 decade of “bad underwriting” carriers are recovering from “past sins”.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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Sizeable investment returns masked 10-year high underwriting losses.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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London underwriters are getting aggressive in the US.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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Commercial property was at 10.30%, down from 10.67% in December.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Severe convective storms are the biggest overall driver of adverse results.
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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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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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
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While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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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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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.
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The syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.
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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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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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The commercial lines market is generally rational and disciplined, the CEO told analysts at the Goldman Sachs 2023 US Financial Services Conference.
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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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Nancy Woode and Erinn Pearson most recently worked at McGill and Partners and will be based in Aon’s Atlanta office.