There was further evidence at the RIMS conference in San Antonio last week of a transitional market emerging in US casualty insurance, with upwards pressure on rates starting to spread beyond headline hard pockets.
Axis has unveiled a cyber "centre of excellence" aimed at bringing greater clarity and understanding of the exposure and where it is included or excluded across the multiple lines of business the carrier underwrites.
After a harsh winter that has run into early April, anyone living in the Northeast of the US will be familiar with the old adage "one swallow does not a summer make".
Swiss Re Corporate Solutions (SRCS) has launched a standalone excess and surplus lines (E&S) business unit for North America as it looks to expand in the space.
US retail broker Alliant has confirmed it has agreed a deal to buy New York-based Crystal & Co in a move first revealed by The Insurance Insider last Friday.
US commercial property insurance rate increases are already calming as the initial reaction from underwriters to record 2017 cat losses is tempered by the realities of a well-capitalised P&C industry, according to Willis Towers Watson.
Everest Re has said it expects to take $100mn of estimated cat losses in its first quarter results, largely from the California wildfires and related events.
XL Catlin has parted company with excess and surplus lines (E&S) president Stephen Oh as it realigns the business within its broader US insurance organisational structure, The Insurance Insider can reveal.
Those calling a turn in the P&C pricing cycle can usually agree on one thing: it takes more than a heavy cat year on its own to bring a broad upward shift in rates.
AIG has taken a huge 40 percent line on a newly consolidated property cover for retail giant Walmart that rolls its expiring US placement into a global structure, The Insurance Insider can reveal.
US specialty insurer CapSpecialty has unveiled a cloud-based platform that it says vastly streamlines the end-to-end submission and underwriting process for buying excess casualty coverage.
The 56 Florida homeowners' companies that had their ratings affirmed by Demotech late last month fell to a $407mn underwriting loss in the aggregate for 2017, analysis of statutory filings by The Insurance Insider has shown.
High-net-worth specialist Pure is looking to place a new whole-account quota share at 1 June as it consolidates existing covers and adds exposures it previously kept net, The Insurance Insider can reveal.
The claim on the Frenchman’s Reef beach resort in the US Virgin Islands (USVI) has now gone above $300mn as business interruption (BI) losses and escalating rebuild costs push the burden for insurers higher, The Insurance Insider has learned.
White Mountains has taken another step along the acquisition trail with an agreement by a subsidiary to buy a majority stake in program administrator NSM Insurance Group for $368mn in cash.
Demotech has affirmed the A financial stability rating of Florida Specialty after the homeowners’ carrier arranged a loss portfolio transfer and additional reinsurance with Sirius.
Demotech has affirmed the crucial A ratings of all but one of the 16 Florida homeowners carriers that had been waiting for action from the firm since filing their annual financial statements at the start of March.
Imagin. The name may have been designed to conjure up some kind of utopia where swathes of credit risk are offloaded by Freddie Mac to the private market, easing the load on government finances in a housing downturn.
Reinsurers of Access Insurance Company renewed its giant quota share last November just weeks before the non-standard auto insurer's policyholders' surplus collapsed at the end of 2017, The Insurance Insider can reveal.
US specialty insurer IAT has agreed a deal to acquire the renewal rights to a $40mn book of surplus lines excess and umbrella business from State Auto subsidiary, Rockhill.
The initial $40bn-$85bn insured loss estimate put out by AIR Worldwide for Hurricane Maria was a key driver of post-event market dynamics as insurance-linked securities funds reloaded last autumn, according to panelists at the Insider US conference last week.
The new credit risk transfer programme Arch is piloting with Freddie Mac aims to broaden the market rather than cannibalise the business of existing private mortgage insurers, according to Andrew Rippert, CEO of the carrier's global mortgage group.
The (re)insurance industry is well-placed to take advantage of opportunities from growing exposures as a result of climate change, shifting demographics, automation and technological revolution, according to Ascot Reinsurance CEO John Berger.
The wave of largescale takeover deals in the property and casualty sector is motivated by a desire to create “diversified multiple capital platforms”, according to Ryan Specialty CEO Pat Ryan.
Florida homeowners' carrier Anchor Insurance Holdings has bolstered the surplus of its operating subsidiaries, raising at least $17.14mn in the last four months, The Insurance Insider can reveal.
The Texas Windstorm Insurance Association is considering options for a new second season cover as it looks set to cut back its use of traditional reinsurance and catastrophe bonds for its 2018 cat programme.
The recently disbanded Falvey Insurance Group yacht underwriting team has re-emerged to run a newly created facility at Hub International's binding and MGA platform Specialty Program Group (SPG).
Arch Capital Group has confirmed its involvement in a mortgage credit risk transfer programme with Freddie Mac that it says will support market stability through economic cycles.
US MGA platform K2 Insurance Services is looking to grow by close to 50 percent this year through acquisitions and organically, The Insurance Insider can reveal.
US MGA platform K2 Insurance Services is looking to grow by close to 50 percent this year through acquisitions and organically, The Insurance Insider can reveal.
Florida-based Heritage has already secured quotes of flat pricing from underwriters for hundreds of millions of dollars of limit on its 2018 property cat placement, according to chairman and CEO Bruce Lucas.
US MGA platform K2 Insurance Services is looking to grow by close to 50 percent this year through acquisitions and organically, The Insurance Insider can reveal.
Simon Arnott has joined insurance-linked securities manager Securis Investment Partners as head of origination for Bermuda and the US, based in Bermuda, sources told sister title Trading Risk.
Simon Arnott has joined insurance-linked securities manager Securis Investment Partners as head of origination for Bermuda and the US, based in Bermuda, sources told sister title Trading Risk.
US homeowners’ insurer Heritage swung to a $23.2mn fourth quarter operating gain from a $3.6mn deficit in the prior-year period in the first reporting period to include the results of its recently closed Narragansett Bay acquisition.
If last year's NotPetya ransomware attack had been focused on Western economies rather than Eastern Europe it would have "turned the cyber insurance market on its head", according to Sompo International's global cyber product leader Brad Gow.
If last year's NotPetya ransomware attack had been focused on Western economies rather than Eastern Europe it would have "turned the cyber insurance market on its head", according to Sompo International's global cyber product leader Brad Gow.
Expansive program underwriting and distribution platform K2 Insurance Services has bought Rockhill’s general liability and gas and propane distribution lines of business, including its subsidiary Partners General Insurance Agency.
Maiden Holdings’ Bermuda and US operating subsidiaries had their financial strength ratings downgraded to A- from A by AM Best today in response to adverse reserve development on its AmTrust business and deteriorating balance sheet strength.
Reading through The Insurance Insider's coverage of the Florida homeowners' sector these last couple of weeks gives the impression of a fragmented, multi-tier market that once again is at a crossroads.
US wholesaler Keating has secured a partial injunction in a legal battle to restrain a group of ex-employees from pitching their new employer, Worldwide Facilities, to former Keating colleagues and clients.
Commercial insurance rates rose 0.3 percent on average during the fourth quarter for the first gain across all-sized accounts in over three years in the US, The Council of Insurance Agents & Brokers (CIAB) said today in its Q4 2017 survey.
A fragmented Florida homeowners' market means reinsurance buying strategies are likely to diverge between now and 1 June as some cedants move to secure capacity early and others sit tight in the hope of striking a better deal later on.
Demotech is set to rule on ratings for a number of Florida carriers in the coming weeks after they meet a 1 March deadline to file annual financial statements and provide any other information requested by the agency.
Hybrid US fronting carrier Trisura Specialty has put the first deal on its books with an agreement to provide its paper to Allstar Transportation's liability program business, The Insurance Insider can reveal.
Despite hardening pockets in US property, casualty and professional lines, broader rate increases have so far either proved elusive for insurers or come in below their expectations, according to AmWins.
State Auto said its excess and surplus lines (E&S) property team will officially leave the carrier on 2 March and revealed it is closing in on a number of renewal rights transactions as part of its move to exit specialty lines.
Alleghany comfortably beat Wall Street expectations with operating earnings per share of $9.89 for the fourth quarter, as its TransRe and insurance subsidiaries reported improved underwriting returns for the period.
Greenlight Capital Re fell to an underwriting loss of $19.7mn for the fourth quarter as its bottom line felt the impact of California wildfire claims and reserve strengthening.
Aspen has shut down its Bermuda-based US property insurance unit as it takes steps to reshape its book of business in the aftermath of heavier than expected 2017 cat losses, The Insurance Insider can reveal.
AJ Gallagher-owned US wholesaler Risk Placement Services (RPS) has parted company with Scott Treiber, president of its standard lines platform, The Insurance Insider can reveal.
Navigators reported fourth quarter operating earnings that rose 38 percent to $24.5mn on improved underwriting and investment results, comfortably outpacing Wall Street forecasts in the process.
Demotech has affirmed its ratings for the majority of Florida homeowners insurers it covers but has yet to pass judgment on 16 others, according to a statement distributed last week.
Since it emerged out of the liability crisis of the mid-1980s, Bermuda has faced many challenges - perceived or real - to its hegemony as the world's pre-eminent offshore (re)insurance market.
Expansive Everest Insurance has taken Jeff Mickletz from rival Aspen Insurance, naming him a director and senior underwriter in its excess casualty division.
Former Arch and Alterra executive Joel Livingston has re-emerged as CEO and CUO of Rosh Capital Holdings (RCH), a total return reinsurance start-up that is in the early stages of development, The Insurance Insider can reveal.
Former Third Point Re executive Tony Urban has left his position as CEO of Grey Hawk Insurance Company, as the US program start-up continues discussions with a new investor group ahead of a potential launch, The Insurance Insider can reveal.
Industry veteran Jerry Tegan has re-emerged in the market as executive chairman of Ascot's recently launched MGA platform Ethos Specialty Insurance Services (Ethos).
As much as Brian Duperreault's focus is on the future, the standout feature of AIG's previous quarterly results since he arrived last year as CEO had been the company's past continuing to cloud its present. But that is changing.
AIG has formed a huge Bermuda-domiciled run-off vehicle called DSA Reinsurance Company (DSA Re) to house around 80 percent of the total life and P&C insurance reserves in its legacy division, backed by around $40bn of invested assets.
Zurich North America’s head of specialty products E&O Erica Davis is leaving the carrier to join reinsurance broker JLT Re, The Insurance Insider can reveal.
Cincinnati Financial reported a 22 percent gain in operating profit for the fourth quarter driven by a lower combined ratio in the US insurer’s underwriting operations.
Aspen fell to an operating loss of $178.1mn for the fourth quarter as its bottom line took a beating from wildfires and increased frequency of mid-sized and attritional losses in the period.
Property underwriters are facing the possibility of another full-limit loss in the Caribbean as a claim for damage to the Frenchman's Reef beach resort rises into the hundreds of millions of dollars, The Insurance Insider can reveal.
Swiss Re has confirmed preliminary discussions with Japan’s SoftBank Group that could lead to a significant minority investment in the big European reinsurer by the conglomerate.
Pockets of hardening have emerged in the commercial property sector for US primary habitational and coastal hotel risks in the wake of 2017 catastrophes and mounting attritional losses.
Everest Re smashed fourth quarter earnings forecasts with operating profits that were up 53 percent to $556mn, aided by favourable prior-year development and a reduction in loss estimates for the Q3 cat events.
XL Group’s fourth quarter operating profit dropped almost 10 percent to $116.1mn as it took a $315.2mn hit from previously announced catastrophe losses, driven by California wildfires.
American Financial Group (AFG) reported a 12 percent increase in fourth quarter core net operating earnings to $197mn aided by significantly higher underwriting profit in its P&C insurance business
The sample size may not have been large, but the handful of results filings from US carriers and brokers last week provided further evidence that the commercial insurance market is beginning to see upward - albeit moderate - movement on rates.
Despite recognising that positive pricing conditions will be in play for 2018, rating agency S&P Global Ratings said any upwards correction of rates is not likely to be enough to ease pressures on carriers.
Chubb reported a 16 percent increase in core operating earnings to $1.49bn for the fourth quarter as a $450mn on-time tax benefit helped offset $447mn of California wildfire-driven cat losses.
The sample size may not have been large, but the handful of results filings from US carriers and brokers last week provided further evidence that the commercial insurance market is beginning to see upward - albeit moderate - movement on rates.
BP Marsh-backed start-up XPT Group has closed its second deal with an investment in trucking specialist W E Love & Associates, The Insurance Insider can reveal.
Expansive US MGA Paragon Insurance Holdings has secured backing for further growth with an investment from retail broker Edgewood Partners Insurance Center (Epic) and its private equity backer Oak Hill Capital Partners.
If Aspen was already seen as a likely candidate for a potential takeover, then its fourth quarter profits warning yesterday will only have reinforced that view.
US managing general underwriter platform Risksmith Insurance Services is set to enter the inland marine and real estate segments after hiring Chadd Folkes from Sompo International, The Insurance Insider can reveal.
As anyone following Travelers in recent years will know, the US insurance giant's management are reluctant to accept the "bellwether" moniker bestowed upon them by many industry commentators
Ryan Specialty Group has agreed to buy human and social service-focused managing general underwriter Irwin Siegel Agency (ISA) to expand in the sector.
Despite optimism among US P&C carriers for a much-needed pricing correction, rate increases this year are likely to be sub-par as excess capital continues to undermine underwriting discipline, according to S&P Global Ratings.
Travelers shares closed the day up 5 percent in New York as the US insurance giant impressed investors with a strong earnings beat and a positive update on pricing.
AIG is set to join Tim DeSett as head of field operations, client relationships and practices as it continues to build out its management team under Brian Duperreault, The Insurance Insider can reveal.
The potential boon to the US construction industry from the Trump administration’s infrastructure rebuilding plans poses benefits and risks for the surety sector, according to AM Best.
RenaissanceRe's joint venture with Reinsurance Group of America will bring a diversifying stream of asset management earnings to the Bermudian's third-party capital management arm, while also giving it access to a wider pool of investors.
Aon has filed a lawsuit alleging breach of restrictive covenants against a quartet of its former property executives led by Al Tobin after they joined Alliant Insurance Services earlier this month.
Carlyle-backed JenCap Holdings has agreed to buy privately held MGA, program administrator and wholesale broker Genesee General, The Insurance Insider can reveal.
The International Group of protection and indemnity clubs is set to run a broker tender process for its risk transfer arrangements, The Insurance Insider can reveal.
As AmTrust stumbled from one crisis to another last May there was much talk in industry circles about the long-term future of an insurer that had lost the confidence of its outside investors
As the dust settles on the 1 January reinsurance renewals, further evidence has emerged of improving conditions for underwriters of US casualty and professional lines treaty business.
The commercial insurance market experienced a market-changing year in 2017 that should drive a broad turn in pricing, according to Sompo International global insurance CEO Jack Kuhn.
After a mixed 1 January renewal for reinsurers, signs are emerging of improving prospects for underwriters in the US commercial insurance sector as traction begins to build slowly on pricing.
Underwriting rooms at property cat reinsurers may have been best avoided this week as executives came to terms with a miserable 1 January renewal that fell well short of expectations
InsurTech firm Clara Analytics has secured $11.5mn in a series A investment round led by venture fund Oak HC/FT, as the start-up looks to build out its AI solutions to tackle claims leakage in the commercial insurance market.
AM Best has revised its outlook on the US commercial lines insurance market to stable from negative to reflect what it views as fundamental changes to underwriting and pricing practices.
Barbican is setting up a Bermuda platform initially focused on US-domiciled property direct and facultative (D&F) business that will be led by former Novae underwriter Nik Lucking, The Insurance Insider can reveal
Enstar has agreed to assume £417.1mn ($558mn) of net reinsurance reserves from Neon Underwriting Limited in a deal first revealed by The Insurance Insider earlier this week.
In common with their property cat colleagues, US casualty reinsurance underwriters are suffering a late 1 January renewal, with most deals still awaiting firm order terms as of early December.
Casualty reinsurers are talking about brokers and clients taking a more "realistic" approach to dynamics in a sector where margins have been squeezed to the point of being unsustainable on many quota share deals.
Florida's state-backed insurer is preparing for a challenging 2018 that will see ongoing profitability pressures from assignment of benefits (AOB)-driven non-weather losses and an increase in reinsurance costs.
Reading external budget documents is unlikely to be high on the to-do list for reinsurers and brokers entering the frenetic last couple of weeks of a 1.1 renewal season that has run late and proved challenging.
Electricity supplier Edison's statement last week that it believes its facilities are being investigated as a possible cause of the ongoing Southern California wildfires has raised the possibility of another painful blow for casualty underwriters.
Firm order terms (FOTs) for two 1 January-renewing quota shares bought by Arch have gone out with lower ceding commissions, providing further evidence of a transitioning casualty reinsurance market, The Insurance Insider can reveal.
Florida’s state-backed insurer Citizens has budgeted for an 8 percent increase in its private risk-transfer costs for 2018 in anticipation of a hardening property cat market.
Ironshore’s main reinsurance buyer Andrew Archambault is set to leave the Liberty Mutual-owned carrier at the end of this year, The Insurance Insider can reveal.
Property cat reinsurers and brokers negotiating 1.1 renewals are reacting to a developing California wildfire situation that could disrupt specific placements and add upwards pressure to broader pricing dynamics.
Cincinnati Re has hired Bill Lazzaro from Hiscox Re as it continues to build out its management team and execute an allocated capital strategy that has delivered strong top-line growth over the last year, The Insurance Insider can reveal.
An explosion at Eastman Chemical Company's Kingsport, Tennessee site in October has led to a loss notification in the region of $225mn on an FM Global-led insurance cover, The Insurance Insider understands.
InsurTech may only be in its "first inning" - as one speaker put it at the InsiderTech conference in New York this week - but already some are suggesting the nascent market is reaching an inflection point.
CNA has purchased a new quota share cover to support growth of its financial institutions (FI) and management liability portfolio that carries a ceding commission of just 28 percent, The Insurance Insider can reveal.
The bulk of Ironshore’s representations and warranties M&A team for the Americas has quit the Liberty Mutual-owned insurer to join Ascot’s MGA start-up Ethos, The Insurance Insider can reveal.
At first glance, the surprise addition of Tom Bolt to Brian Duperreault's emerging AIG dream team looks like a logical step towards transforming the fortunes of the ailing insurance giant
This year’s cat losses have put pressure on (re)insurer margins and that could build momentum for using technology to squeeze out operational inefficiencies, according to Nephila managing partner Barney Schauble.
Tangible evidence of downward pressure on ceding commissions is emerging in the US casualty and professional liability reinsurance market, following the placement of a number of deals leading up to the key 1 January renewals
FM Global has told its reinsurers that it does not expect Hurricane Maria claims in Puerto Rico to attach its main property cat excess-of-loss programme, The Insurance Insider can reveal.
The prospect of Pacific Gas and Electric burning through an estimated $850mn of liability cover will only add momentum to underwriters' push for 2018 rate hikes across the US casualty market.
Marsh has parted company with just under 200 personnel as part of what has been described as a “business-as-usual” fourth quarter expense saving measure, The Insurance Insider has learned.
Ironshore has now parted company with three members of the management team of its environmental unit after Stacey Varner also left the Liberty Mutual-owned carrier, The Insurance Insider can reveal.
As US casualty treaty market negotiations continue in the build-up to 1 January there is growing evidence that a number of leading reinsurers are exerting downwards pressure on ceding commissions that could drive a shift in pricing dynamics.
In the aftermath of this year's devastating cat losses there has naturally been a lot of focus on what direct and indirect impact there will be on pricing in the property market.
US casualty underwriters are confident of achieving rate increases of up to 10 percent in the early part of next year, as a build-up of liability claims and 2017 property cat losses propel the market past an inflection point.
As insurers brace for potential claims from the Las Vegas shooting last month, it has emerged that AIG leads the MGM Resorts International excess casualty tower and also has a significant participation on the cover bought by entertainment company Live Nation.
US casualty underwriters are confident of achieving rate increases of up to 10 percent in the early part of next year, as the market passes an inflection point prompted by a build-up of liability claims and the knock-on effect from 2017 earnings decimated by property cat losses.
Recently downgraded Canal Insurance Company has agreed a deal with State National that lets it offer insureds that would typically require A rated paper a guarantee of its policy obligations, The Insurance Insider can reveal.
Markel vice chairman Mike Crowley will retire at the end of December, transferring his responsibilities and key relationships to colleagues through the course of next year, the US insurer has revealed.
Barbican has launched a new US MGA writing E&S property cover with former Ariel Specialty executive Colin Mayo at the helm, in a move first revealed by The Insurance Insider two months ago.
AmTrust still has a big job on its hands to win over investors after another messy set of quarterly results that also highlighted the efforts management is making to clean up the US insurer, strengthen its balance sheet and set it on a more stable path towards 2018 and beyond.
AmTrust shares fell 7.9 percent to a multi-year low in New York trading today after one of the few remaining analysts that was bullish on the stock downgraded it from "market outperform".
If Hurricane Irma had run a different path up Florida's west coast to generate a $60bn industry loss, 21 of the state's domestic carriers would have gone through their cat programmes and into their surplus, according to RenRe's property CUO Justin O'Keefe
Universal Insurance Holdings surged 7.9 percent in New York trading today after the Florida-focused homeowners insurer outperformed its peers with a sub-100 combined ratio in a hurricane-hit quarter.
Cat-driven losses at Atrium and Starstone combined with a 50 percent drop in profits at Enstar’s non-life run-off operation to cut the group’s net income to $39mn for the third quarter
Retro renewals testing the market in the wake of HIM, quake and wildfire losses seem to indicate rate rises in the 20-35 percent range, The Insurance Insider understands.
A painful set of third quarter results left AIG investors under no illusions that patience would be required to reap the benefits of a promised turnaround under Brian Duperreault and his new management team
AmTrust has agreed to sell a 51 percent stake in a portion of its US-based fee businesses to private-equity firm Madison Dearborn Partners in a deal expected to generate $950mn in gross proceeds to help bolster the carrier’s capital base.
North American commercial insurance buyers should brace for a market correction in 2018 led by property cat in the wake of this year’s active hurricane season, according to broker Willis Towers Watson.
Berkshire Hathaway included estimated pre-tax losses of $3bn for the trio of Q3 hurricanes and one of the Mexican earthquakes as it reported a pre-tax underwriting loss of $2.21bn in its (re)insurance operations.
AIG is looking to overhaul its reinsurance strategy, including a cut in retentions, after a third quarter with $3bn of hurricane losses that fell short of attaching its core cat cover.
AIG management has sought to reassure investors on the health of its reserves after unexpected adverse development on its 2016 business led to a big earnings miss.
AIG shares fell as much as 5 percent in early New York trading today after the company surprised investors with a big adverse development charge that drove the global carrier to a significantly larger third quarter loss than anticipated.
Next year can't come soon enough for AIG's careworn investors after recently installed CEO Brian Duperreault last night declared 2018 the "Year of the Underwriter"
BP Marsh-backed start-up XPT Group has made its first acquisition with a deal to buy Texas-based wholesale broker and MGA WSS, The Insurance Insider can reveal
Alleghany reported a third quarter operating loss of $331.6mn that was significantly better than forecast by Wall Street as it took after-tax cat losses of $491mn in the period.
AIG disappointed investors hoping its reserving issues were in the past by taking another big adverse development charge in a Q3 operating loss that was significantly worse than analysts had forecast.
The $70bn gap between reported third quarter cat losses and industry loss estimates can be largely accounted for by (re)insurers and alternative markets that have not disclosed their losses, according to Morgan Stanley analysts
Allstate significantly outperformed Wall Street forecasts as it shrugged off third quarter cat losses to report a 24 percent increase in operating profit to $587mn.
Independent wholesaler Keating has expanded its senior executive team with two high-level hires and restructured its platform to drive further growth, The Insurance Insider can reveal.
WKFC Underwriting has launched a new property consortium with a quartet of high-profile carriers offering up to $100mn of combined limit, The Insurance Insider can reveal.
Preannounced cat losses of $1.2bn for Harvey, Irma, Maria and the Mexico City quake contributed to a third quarter operating loss of $667.6mn at Everest Re.
The US program sector has more than doubled in size since 2010 to reach premium volume of $36bn in 2016, according to trade body the Target Markets Program Administrators Association
