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Interim CUO Nick Pritchard turned in his notice in August of this year. -
APAC now represents roughly 15% of all Lloyd’s premium.
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Widespread underinsurance and low exposures will limit losses.
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The deal confers a high multiple on Convex and gives AIG re/specialty exposure.
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Both the primary and reinsurance segments benefitted from a light cat year.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The business has not initiated a sale process, with the wheels not yet actively turning on an exit for Apiary.
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The company reported no cat losses but saw a jump in attritional losses.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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The broker will join Ron Borys’ financial lines team.
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Everest’s AIG deal meaningfully cuts its primary exposure.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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In insurance, premium growth came from all lines of business except cyber.
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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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This publication revealed that Starr was zeroing in on the deal earlier today.
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The parties could announce the transaction soon, according to sources.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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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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The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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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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The MGU’s second syndicate launch was delayed from January 2025.
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Jason Keen joined Everest in 2022 as head of international.
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Consolidated NWP reduction was driven by the reinsurance segment, partly attributable to two transactions in Q3 2024.
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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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The Australian broker, which owns Tysers, announced a trading pause.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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APIP is one of the world’s largest property programs.
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The range allows “for information that could emerge beyond what is known today”.
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The appointments are aimed at offering a clearer team structure.
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The EUR100mn+ Ebitda firm is courting both PE and trade suitors.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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Howden is facing fallout from its push into the US retail market via mass hires.
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The London-based executive will relocate to Daytona Beach, Florida.
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The syndicate says it will not set any top-line targets on digital follow strategies.
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Munich Re is among the insurers with a stake in the German carrier.
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The executive is charged with defrauding investors out of nearly $500mn.
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The broker will report to Howden US CEO Mike Parrish.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The facility provides coverage for property, terrorism, energy, construction and utilities risks.
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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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Brian Church has spent 20 years at Chubb.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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The group will join forces with SRG subsidiary Miles Smith.
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The European broker said a London wholesaler is the ‘missing piece’ of its strategy.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The international division is seeking a new London market manager.
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The London-based pair will report to commercial risk UK CEO Rob Kemp.
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Carriers are rethinking the traditional renewal-rights model.
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Moretti has relocated to California from London.
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Willis claims at least two $1mn accounts were also unfairly lost to Howden.
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Incumbent Jane Warren will retire at the end of the year.
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Without flexible mechanisms the Corporation risks suppressing transactions.
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In July, he took the role on interim basis from Laure Forgeron.
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Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.
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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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It comes as the MGA expects to write more than $1bn of premium in 2026.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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Panellists at Insider Progress shared fixes for bias, confidence and culture.
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West Hill Capital is the main investor in the capital raise.
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Julia Graham played a key role in the UK's introduction of captive-friendly regulation.
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Landa was part of the team lift led by Michael Parrish, who is CEO of the US retail arm.
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She previously served as Hub’s North American casualty practice leader.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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The pair have expanded remits overseeing property and specialty.
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Cyberattack/data breach remains in the top slot.
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Current backer JC Flowers will retain its holding and the cash will fund a Bermuda acquisition.
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The upcoming Lloyd’s Lab cohort 16 will include a dedicated Irish theme.
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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 BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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Howden’s portion of the US retailer’s premium is in particular focus.
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The underwriter has worked at Hiscox, Lloyd’s, Chubb and Zurich.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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Tom Potter was global casualty underwriting manager for UK & Lloyd’s at Axa XL.
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The Lloyd’s investment business has cut expenses by 54% over the past six months.
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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 veteran underwriter said market conditions are still ‘robust’.
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The Corporation’s chair reiterated its aim to reduce the cost of doing business.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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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 executive met with UK colleagues to discuss plans for the US business.
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The major storm is set to move on to mainland China later in the week.
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The economic loss from the event was around EUR7.6bn.
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The low degree of overlap between the combining portfolios benefits both parties.
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The acquisition furthers Howden’s expansion into the US retail space.
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Alessa Quane will report to Sompo P&C CEO James Shea.
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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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The combined casualty treaty team has also made a number of hires.
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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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Property remains the dominant line, accounting for nearly 30% of total London premiums.
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Her predecessor will become head of US excess casualty and operations.
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Reinsurer executives stressed that the industry worked hard on setting the right structure.
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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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Ex-Western Europe CRB head Alberto Gallego and colleagues left for a Marsh joint venture.
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Plaintiffs allege that manufacturers and retailers have broken environmental laws.
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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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The practice group will enhance the company’s existing offerings in E&S.
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The affirmations reflect Everest’s strong underwriting diversification.
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He was appointed CUO of casualty, Americas, in July last year.
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The new division will be led by Terry Fitzgerald, who has previously led the finpro portfolio.
