The development of the global InsurTech market is reaching a turning point and some high-profile start-ups will fail, delegates at InsiderTech New York heard last week.
The development of the global InsurTech market is reaching a turning point and some high-profile start-ups will fail, delegates at InsiderTech New York heard last week.
Zurich group’s A+ financial strength rating outlook was revised to stable from negative by AM Best, which praised the group’s “very strong” balance sheet and “very favourable” business profile.
While InsurTech activity is booming, firms operating in the space are lagging five years behind the pace of the broader FinTech sector, according to CoverWallet CEO Inaki Berenguer.
The market for InsurTech firms is reaching an inflection point that could lead to some high-profile failures while others sprint toward becoming sustainable ventures, according to Lightbank principal Rick Zullo.
Investment in InsurTech ventures is set to remain roughly flat at near $1.1bn this year while the focus of funding could change, according to Andrew Robinson, executive in residence of venture investing firm Oak HC/FT.
While the P&C sector was a sea of red in the third quarter, some carriers performed better than others against the expectation of analysts - although investor reaction remained muted
While the P&C sector was a sea of red in the third quarter, some carriers performed better than others against the expectation of analysts - although investor reaction remained muted.
US auto insurers are expected to benefit from further rate increases that will feed through to the bottom line this year and into 2018, according to broker JLT Re.
Hiscox has reshuffled its staff to create a so-called cyber “virtual business unit” that brings together product development, service offerings, marketing, underwriting appetite, pricing, and reinsurance protections under one roof.
Acquisitive broker Hub International has acquired a niche agency in California with a specialty in placing cover for country clubs, commercial property developers and general contractors.
Expansive private equity-backed retail broker Epic has picked up former Wells Fargo executive Sam Elliott to lead its business development, sales and marketing push.
Trisura has acquired the remaining 40 percent of its Canadian surety subsidiary that it does not already own for securities valued at C$28.9mn ($22.4mn).
Wells Fargo plans to wind down its personal lines business by early next year, bringing an end to the embattled bank’s play in the insurance broking space.
WR Berkley has reshuffled the leadership of two of its subsidiaries, moving the president of Continental Western Group to the same role at Berkley FinSecure.
A Pennsylvania judge has temporarily blocked a plan by the state’s governor to seize $200mn from the Pennsylvania Professional Liability Joint Underwriting Association to fill a hole in the budget.
WR Berkley has launched its personal lines platform for high net worth (HNW) clients Berkley One in Illinois a year-and-a-half after unveiling the unit.
AM Best has put the ratings of Sirius under review with negative implications after the Bermuda-headquartered (re)insurer announced earlier today it had exercised its option to take a majority stake in Israeli insurer The Phoenix Holdings.
Ironshore has named Toby Smith to replace John O’Brien as the president of its environmental unit after O’Brien announced his departure from the Liberty Mutual-owned carrier on LinkedIn last week.
The US property and casualty sector slumped in the first nine months of the year to deliver a $20bn underwriting loss after a trio of hurricanes pushed the industry combined ratio to the highest level in five years, according to rating agency AM Best.
Falvey Insurance Group plans to close its yacht underwriting business just weeks after The Insurance Insider reported the managing general agent had handed $70mn of losses to Lloyd’s.
Modelling firm AIR Worldwide has increased its industry loss estimate for the California wildfires that ravaged parts of the Golden State last month to a range of $8bn to $10.5bn.
Alliant has hired financial institutions specialist Paul Grassi from Wells Fargo’s insurance services division, which was recently acquired by private equity-backed broker USI Insurance Services.
US specialty players continued to increase their exposure during the third quarter of 2017, with gross written premiums (GWP) rising by 10.8 percent, according to analysis by The Insurance Insider.
California’s insurance regulator, flouting a common perception that it is illegal to insure marijuana businesses, yesterday approved the state’s first admitted carrier to write weed-related risks.
Investors punished Navigators in early New York trading to send the US specialty player's stock down as much as 10.6 percent after it posted disappointing third quarter results late yesterday
Paolo Vagnone, the man brought in to lead strategy for Lloyd's ahead of Brexit, is set to part ways with the Corporation, The Insurance Insider can reveal
Liberty Mutual posted an $886mn net operating loss for the third quarter as it revealed that it was expecting claims from Hurricanes Harvey, Irma, and Maria to total $1.2bn after taxes.
Florida-based homeowners specialist HCI Group said its third quarter operations were “significantly impacted by Hurricane Irma” as it revealed that a $53.6mn claim bill had pushed it to a loss for the period.
Navigators fell short of analysts’ expectations as it posted a $29.6mn loss that included higher-than-expected catastrophe losses and a $29.5mn reserve charge.
French insurance giant Axa’s property and casualty revenue rose 1 percent to EUR28.3bn ($33bn) in the first nine months of this year as price hikes fed through to the top line.
James River narrowly beat analysts’ expectations for Q3, which will be Adam Abram’s penultimate quarter as CEO after he announced plans to hand the reins to president and COO Robert Myron.
QBE North America is set to target the market for smaller professional lines after partnering with a managing general agent to write cover for accounts that generate $5mn or less in revenue.
American Financial Group saw third quarter profits drop 29 percent as $105mn in preannounced catastrophe losses took their toll on the insurer’s bottom line.
After years of malaise, the (re)insurance market may finally be facing a sea change following heavy third quarter catastrophe losses, as underwriting executives scramble to talk up rates.
Qatar Re's Dubai-based head of marine will move to lead operations in Singapore following three departures in the recently licensed office, The Insurance Insider understands.
Qatar Re's Dubai-based head of marine will move to lead operations in Singapore following three departures in the recently licensed office, The Insurance Insider understands.
Shares in Validus were up by as much as 4 percent in intra-day trading today after Bank of America Merrill Lynch (BAML) analysts advised investors to start buying the stock.
Total return reinsurer Greenlight Re reported a $19.9mn net profit for the third quarter despite taking a $37.9mn hit from natural catastrophes that sent the carrier to an underwriting loss.
R&Q’s US admitted carrier Accredited is set to front for a book of artisan contractors business across five western states written by Atlas General Insurance Services, The Insurance Insider can reveal.
Cincinnati Financial surpassed the expectations of analysts to deliver a $97mn third quarter operating profit despite forecasting up to $114mn in cat losses.
Axis Capital just bettered analyst expectations for the third quarter delivering a $446mn operating loss after preannounced catastrophe claims that eroded the bottom line by $617mn.
Ann Haugh, former chief operating officer of Aspen Insurance, has joined Volante Global, the MGA start-up led by ex-Dual CEO Talbir Bains, The Insurance Insider can reveal
Arch Capital missed analyst expectations for the third quarter - posting a larger-than-expected $107.1mn after-tax operating loss - despite forecast catastrophe claims that fell within the expected range.
