Insurers
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Widespread underinsurance and low exposures will limit losses. -
The deal confers a high multiple on Convex and gives AIG re/specialty exposure.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Starr’s reinsurance ambitions and embrace of Lloyd’s will be watched closely.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The insurer paid tribute to the executive’s lasting contributions to the firm.
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Greenberg has strong links with IQUW management, and praised the firm’s leadership and cultural fit.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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Brokers may encourage clients to capitalise on falling rates by boosting coverage.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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Matthew Hogg joined Liberty Specialty Markets in 2010.
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Jason Keen joined Everest in 2022 as head of international.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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This publication revealed the move earlier this year.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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The number of syndicates traded at auction was the highest for a decade.
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A canvassing of the cyber market suggests the impact will be negligible.
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The range allows “for information that could emerge beyond what is known today”.
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The carrier is looking to achieve sustainable growth across its personal lines business.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Bill Ross has been CEO of the non-profit for 21 years.
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The traditionally lucrative class has faced a series of challenges in the latest geopolitical crisis.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The two lines will add £11mn in planned premium.
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The CEO said that IGI’s action within its PI book showed it was ready to walk away from unprofitable business.
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Ark has been adding new product lines across its three Lloyd’s syndicates.
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Insurance grad vacancies were down 18% year-on-year in the UK, ahead of a 3% nationwide drop.
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Jamie Smith joined Arch in 2018, taking on the senior underwriter role in 2022.
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The report seeks to arm parliamentarians and policymakers with “practical tools”.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.
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The international division is seeking a new London market manager.
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The governor has yet to sign a pending bill to create a public cat model.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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White will join from Allianz trade, and Summers from Talbot.
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Moretti has relocated to California from London.
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Incumbent Jane Warren will retire at the end of the year.
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Scott was most recently head of claims at MGA Geo Underwriting.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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The carrier is planning a limited relaunch into the UK D&O market.
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The class offers affirmative coverage for gaps in traditional insurance policies.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Jo Smart has worked for Torus and Aegis during his two decades in the market.
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Inigo CEO Richard Watson said the team is ready for its “second album”.
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The executive was most recently serving as CRO – insurance.
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Stephen Ridgers is leaving his current role as head of construction midcorp at Allianz Commercial.
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The pair have expanded remits overseeing property and specialty.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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New sources of capacity lack the expertise to service rapidly developing clients.
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The company will continue its capacity partnership with the MGA until 2030.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The underwriter has worked at Hiscox, Lloyd’s, Chubb and Zurich.
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The Lloyd’s investment business has cut expenses by 54% over the past six months.
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The deal will be watched closely by Radian’s handful of similar peers.
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Sean McGovern will step down from the role in December.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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The pair hail from Dale Underwriting and Axa XL, respectively.
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Small modular reactors are increasingly viewed as a means of meeting surging energy demand.
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Georges De Macedo will remain within the group as a board member.
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The executive has been with ASG since it was formed in 2016.
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The veteran underwriter said market conditions are still ‘robust’.
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The rating action follows the upgrade of Italy's sovereign rating earlier this month.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
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The report highlighted the gap between insured and uninsured attacks is widening.
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The toll of risk losses sustained by the PVT market this year is mounting.
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IAG completed its takeover of RACQ last month.
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Part four looks at how the talent landscape will shift in response to AI introduction.
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The US mortgage insurer announced its $1.7bn acquisition of Inigo earlier today.
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The 2024-25 period has been the worst on record for claims, with costs of $775mn+.
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Inigo executives told Insurance Insider last year they were weighing up the casualty treaty market.
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The recent Iumi conference highlighted the impact of waning globalisation and tariffs.
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The carrier plans to reduce 623’s stamp by around 10% next year.
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The measures also seek to encourage greater wildfire mitigation efforts.
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There will also be a renewed focus on organic growth, both in P&C and across US and international operations.
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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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The executive joins from MSIG USA.
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The assistant treasurer is also due to review the Australian cyclone pool.
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Ariel Berman joined the company as head of specialty in 2023.
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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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The carrier started writing construction in Lloyd’s following the acquisition of Probitas.
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He was appointed CUO of casualty, Americas, in July last year.
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The tech firm is building a joint stock company with insurers and investors.
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The new division will be led by Terry Fitzgerald, who has previously led the finpro portfolio.
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Models anticipate a busier second half, particularly in the next few weeks.
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The platform aims to “bend the loss curve”.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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Bazan Group’s refinery near Haifa was badly damaged by Iranian bombardment in June.
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Lloyd’s has pursued a Big Game Hunting strategy to lure major insurers into the market.
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The syndicate will be targeting approximately $50mn of GWP in its first year.
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The insurer’s plans for the syndicate were revealed by this publication earlier this year.
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One of the options being explored is setting up a dedicated company for the wholesale vertical.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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Mark ‘Ollie’ Hollingworth has held his current role at Atrium since 2017.
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It was announced this week that the business had agreed to be acquired by Skyward Specialty.
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The treaty underwriter is set to run an MGA within the group.
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The Swiss carrier appointed a new global energy head earlier this week.
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Heyburn joins from Brit, where he was A&H class underwriter.
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The carrier said the decision reflected its commitment to portfolio discipline.
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The cycle-turn M&A story continues with strategic buyers to the fore.
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Growth in the SME sector could help stabilize the market, however.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The US specialty carrier announced Tuesday that it was buying the Lloyd's business for $555mn.
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The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.
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Jane Poole will succeed Michael Grist, who exits after nearly 16 years.
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Cyber reinsurance supply has continued to outstrip demand during 2025.
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The executive said claims can be a differentiator in a softening market.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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Farnworth will also chair the carrier’s audit committee.
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The data modeling firm said losses previously averaged $132bn annually.
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Sébastien Bardy joins from Allianz to lead the firm’s financial scale-up.
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The underwriter has over 20 years' experience in the construction insurance sector.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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Plus, the latest people moves and all the top news of the week.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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The executive will buy reinsurance for HDI and Talanx’s corporate unit.
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Rates are bottoming out, but ample capacity is still preventing a hardening market.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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He succeeds Felix Cassau, who is joining Hannover Re.
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Equidad earlier sold its soccer team to group of US investors that includes actor Ryan Reynolds.
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Plus, the latest people moves and all the top news of the week.
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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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The news comes after the announcement of CEO Graham Evans’ departure.
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The combined ratio worsened slightly by 0.5 points to 91.6%.
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The deal was announced last month.
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Claude Wade is to step down from his role to address ongoing health issues.
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There has already been an influx of new capacity from MGAs into the power market.
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The carbon-credit insurer has appointed James Morrell head of credit underwriting.
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This is the first rate filing to use the recently approved Verisk model.
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The company was hit with a data breach on July 16.
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Top line grew across all carriers even as pre-tax profits dipped.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The overseas division booked a combined ratio of 94% for the quarter.
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Beth MacGregor and Adam Vulliamy are also set to join from Axis Capital.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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Company alum David Murie will lead the new business unit.
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The insurer has substantially expanded its marine team in recent years.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.
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The estimate covers property and vehicle claims.
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Part of the syndicate’s premium for clinical-trial-funding cover will move to Syndicate 1902.
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The company has recently made several senior changes to its UK and Lloyd’s leadership.
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Ex-Tysers chairperson Dan Lott heads the consultancy as CEO.
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Rachel Sabbarton has been promoted to CEO at Lancashire Syndicates.
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A number of staff will be leaving the D&O team as a result of the restructuring.
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The syndicate now predicts a return on capacity for 2021 of between -5% and 5%.
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Market leaders Atradius and Coface have both received in-principle approvals for a Lloyd’s syndicate.
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California wildfire losses were partially offset by improved underlying underwriting.
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It is targeting low-risk specialty lines where it has a competitive edge.
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The underwriter left Navium Marine last year and before that worked at Atrium.
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Tokio Marine HCC was below plan on income as the carrier prioritised bottom line.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
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Natural catastrophe claims remained consistent compared with the prior year.
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The carrier posted its H1 results earlier today, beating analyst consensus.
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The carrier also announced an increased share-buyback programme.
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The company also purchased $15mn of SCS parametric coverage.
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Arch will continue to provide long-term capacity for the MGA.
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Group CEO David Howden says: ‘Our doors are open’.
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The leadership transition at the syndicate was announced earlier this year.
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The newly created role consolidates leadership across UK entities.
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The carrier also benefitted from favourable reserve development in property and A&H.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The Canadian insurer saw property rates dip across its global divisions.
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The business posted a 95.2% undiscounted combined ratio.
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The French carrier’s first-half revenues were driven by 6% growth in P&C.
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DB reiterated that no final decisions have been made regarding a potential deal.
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The executive was previously head of excess casualty, North America.
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Joanne Barry and Robert Fox also left the business earlier this year.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The P&C segment posted an 82.5% combined ratio for the quarter.
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In part II of our series, we look at where AI is being integrated into claims departments.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insured losses produced the second highest first-half tally since records began in 1980.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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The carrier agreed to acquire Liberty Mutual’s P&C firms in Thailand and Vietnam in March.
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The UK carrier will write business that falls in the scope of the FSCS.
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Surveys show diversity and inclusivity foster a sense of belonging and increase productivity.
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The figure updates an April estimate of EUR696mn.
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The insurer is weighing up options including entering new geographies and M&A.
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The former Everest executive has more than 30 years of A&H experience.
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Lucy Fraser has held roles at the ABI, and the City of London Corporation.
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Dart succeeds Andrew Carrier, who will retire at the end of the year.
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Some 185 credit claims were reported in the market, totalling over $400mn.
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Frank Masteling will lead the new business as head of trade credit.
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The agreement is the second service contract the group has taken on.
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The insurer denies it is responsible for the actor’s legal fees.
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Incumbent Oskar Buchauer is stepping down after 27 years.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Atradius Syndicate 1864 is expected to begin underwriting next year.
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The carrier has also hired Imogen Wright as underwriter marine and energy treaty.
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Alcor has also opened an Atlanta office, broadening operations in the US market.
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A look into how the insurance industry is using AI and where practical gains are arising.
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Tokio Marine GX was launched in May to offer coverage for companies looking to decarbonise.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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Plus, the latest people moves and all the top news of the week.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The medical liability carrier said the deal marks a strategic shift.
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SiriusPoint will provide 100% capacity for Pen’s international PI portfolio.
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Questions remain over regulatory touch, capital requirements and tax benefits
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The suit claims billions of dollars are being illegally withheld.
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Coface Lloyd’s Syndicate 2546 is expected to commence underwriting in 2025.
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Airmic has been lobbying the government to introduce a captives framework for years.
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The US accounted for 92% of all global insured losses for the period.
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The outcome of the consultation includes a detailed timetable for delivery.
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State legislation has led to major strides in rate adequacy.
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Category 4 and 5 storms could become more common and hit further north.
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A representative from the carrier said Nexus is responding “with urgency”.
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The MGA is expected to launch a product-recall portfolio in September.
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Claire Janaway is leaving the carrier after 19 years.
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The insurer has hired Coface’s Hélène Martin to support its expansion.
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Emilie Hungenberg joins the carrier from Aspen.
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Despite predicting fewer hurricanes, the numbers are still above average.
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Ondine Bourrut Lacouture succeeds Simon Williams, who had been in the role since 2019.
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Demand and growth opportunities remain ample despite competitive pressures.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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He will succeed incumbent president Kadidja Sinz.
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The deal comes amidst an expected spell of M&A on Lime Street.
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The availability of capacity remains the market’s key driver, the broker said.
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Plus the latest people moves and all the top news of the week.
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The cyber business will continue to operate as a standalone entity.
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Carriers expect a rise in the severity and frequency of claims over the next two years.
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The executive was CEO at PartnerRe until he retired last year.
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The carrier has entered several new classes recently, including specie and reinsurance.
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The carriers remain in takeover negotiations but have not reached a decision around valuation.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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The $2.6bn deal provides Ergo with an entry point to the US SME market.
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Lloyd’s executives have suggested ceded reinsurance syndicates could help London compete in treaty.
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The international casualty director has worked at Axa XL, Ive and Ardonagh.
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Niala Butt joins from CNA Hardy, where she was casualty claims manager.
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The measure could have landed insurers with extra tax on US business.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Andrew Pryde succeeds Andreas Kull, who will stay on until September.
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Green hushing is on the rise as Trump rows back on climate initiatives.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The awards will be held on 3 September at The Brewery in London.
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It has been a volatile week for the marine war market in a period of geopolitical turmoil.
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The facility, backed by six global cyber insurers, offers limits of as much as EUR5mn.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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The carrier is expanding its appetite for sustainable construction of large commercial buildings.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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CFO Jane Pool will also leave the company as Aviva takes over.
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The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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The Beazley CUO said geopolitics would determine cyber market pricing.
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This is up from last year’s $1bn protection for its Florida treaty.
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The carrier has scaled up its international insurance offering in recent years.
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Nick Line has spent 28 years at Markel, where he has been CUO since 2018.
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Working out ROI on sponsorship deals is difficult, but the sport is beloved by insurance brands.
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The executive brings nearly 30 years of liability experience to the role.
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Logue replaces Richard Barke, who is moving to a senior leadership role at Asta owner Davies.
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The deal marks SFMI’s third investment in the group since 2019.
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In 2024, MGA GWP reached approximately $20bn in Europe.
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The executive’s career includes a stint as head of cat for CorSo.
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The association said privacy should be a key consideration in new requirements.
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Future claims handlers could be "bionic adjusters” empowered by technology.
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The London market is not expected to shoulder the bulk of the eventual loss.
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The new Lloyd’s chief of market performance also outlined target growth areas.
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The increased tariff on China trade could drive up the loss quantum on the SharkNinja recall and others.
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Jim Meakins is the latest in a slew of talent to exit from the syndicate.
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Corporates buying Lloyd’s syndicates face the culture/integration trade-off.
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The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.
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The executive will remain CEO of reinsurance until 1 September.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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The outgoing CEO said the market had been restored as a leader during his tenure.
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Frustration is growing around a promised independent operating model and staff reward.
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Lee Mooney will replace Neil Galjaard, subject to regulatory approval.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The company also has $100mn for US hurricane events.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Lloyd’s maverick syndicate produces impressive results, but questions remain over succession.
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TMGX is designed to help insure the green transition.
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The changes are aimed at improving underwriting and operational performance.
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Burford’s CEO said Chubb is inappropriately using its corporate power.
