segment
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The FTC issued a final rule on April 23 banning the use of non-competes nationwide.
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Michael Yeats will now lead the automatic reinsurance facilities division in the US.
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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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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 buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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Harney has also worked at Alliant, WTW and Marsh, among other firms.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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Craig Hanrahan joins as Northeastern region leader from Chubb.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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Industry results look good despite recent GDP/CPI numbers, but there is still cause for concern.
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Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
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Heron has over 25 years of brokerage experience, mostly in real estate roles.
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The market has advanced in sophistication but must tackle talent, tax and diversification issues.
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The carrier has completed its 2024-25 reinsurance renewal.
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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Aon will provide further updates on NFP and deal financials, on its earnings call tomorrow.
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The practice aligns existing capabilities from Marsh Specialty and others.
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The executive will focus on food and beverage manufacturers and distributors.
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Existing non-competes for senior executives can remain in force, however.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
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The HNW carrier will launch in Canada this year, starting with Ontario.
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Light cat losses, reserve development, and pricing trends are key topics in Q1.
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Duncan Milne and Cabot Lyman are both leaving Aon for McGill.
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The filing comes four months after Insurance Insider US revealed Bowhead’s intentions to launch an IPO this year.
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The Insurance Insider US news team runs you through the past week’s key M&A deals.
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NFP claims it has so far lost five clients to Alliant, resulting in damages of $2mn.
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The executive will report to Aon North America CEO Jennifer Bell.
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The announcement was made in a securities filing Thursday morning.
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Tim Cerio also credited litigation reforms for the current market recovery.
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He will manage the region’s sales and service teams.
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Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Based in New York, Rosensaft will report to Alliant’s R&W head Yem Mai.
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The firm doubled its premiums in the past three years after launching in specialty.
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The broker attributed increased capacity to improving profitability.
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Compared to March, more sources shared accounts of rate declines and oversubscription.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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Mutuals struggle to react and adapt to a worsening loss environment.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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Pestana, Spera and Edwards join Alliant Specialty from rival retailer NFP.
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The executive will report to head of corporate strategy Stephanie Rabin.
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PCF claims it overpaid the first year earnout by over $19mn in the $226mn acquisition of Rice.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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The deal value represents roughly 4x last year’s insurance broking income.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Participating members can purchase up to $10mn in (re)insurance.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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The carrier stopped accepting new HO business in the state last May.
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AM Best recently downgraded the insurer after Gallatin Point acquired a majority stake last January.