North America
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals. -
The Marsh-placed account renews its all-risks cover on 16 November.
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Lack of major cat events could add further pressure on 1 January pricing.
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Marsh is also suing a second tier of former Florida leaders.
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YTD disclosed run-off deals total 26, with $1.36bn of gross liabilities transferred.
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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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CEO Greg Case said data centre demand could generate over $10bn in new premium volume in 2026.
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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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The broker is monitoring whether the economic environment will limit discretionary spending.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The broker will join Ron Borys’ financial lines team.
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The broker said it was on track to hit its financial goals despite macro uncertainty.
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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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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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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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BP Marsh has agreed the sale of its 28.2% shareholding as part of the deal.
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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 broker said WTW hasn’t shown it was irreparably harmed by the defection.
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APIP is one of the world’s largest property programs.
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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 appointments are aimed at offering a clearer team structure.
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Sources said he will join the reinsurance brokerage next year, after his garden leave expires.
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Ben Hanback joins from Aon, where he spent almost a decade.
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The company and its main debt provider Ares agreed to relax its debt terms in April.
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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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Bill Ross has been CEO of the non-profit for 21 years.
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AWS suffered a large-scale service disruption originating in northern Virginia.
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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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Christopher Reynolds and AJ Jones have been hired as business development directors.
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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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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 broker’s new business and client services division is targeting $400mn of savings.
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Earlier this week, the broking house announced a rebrand to Marsh.
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Though wildfire losses are up, total losses are the lowest since 2015.
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After six years as CFO, Mark Craig is taking on the position of chief investment officer.
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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 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 MGA is also looking to build out its US mid-market professional liability expertise.
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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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Plus, the latest people moves and all the top news of the week.
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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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The broker is understood to manage Brown & Brown’s account at Howden.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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In July, he took the role on interim basis from Laure Forgeron.
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Despite a rocky H1, 2025 insured losses from nat cat events may not surpass 2024 levels.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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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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Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The executive was most recently serving as CRO – insurance.
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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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The facility will initially focus on US, Bermudian and European business.
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She previously served as Hub’s North American casualty practice leader.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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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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The company will continue its capacity partnership with the MGA until 2030.
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The tropical cyclone is expected to be named Imelda.
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Plus, the latest people moves and all the top news of the week.
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The transaction marks the largest US market entry by a Korean non-life insurer.
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The executive has been with ASG since it was formed in 2016.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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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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Despite formation of Gabrielle, there is "a very high probability" of a below-average season.
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The executive met with UK colleagues to discuss plans for the US business.
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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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Organisations were challenged to address systemic DEI failure rather than play “word salad” with labels.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
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Age has not been addressed as much as other areas of diversity, the panel said.
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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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The sidecar will support five programs providing specialty frequency coverages.
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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 executive joins from MSIG USA.
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Insurance Insider reported earlier today of the asset manager’s foray into the MGA space.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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The deal represents a first entry into the US MGA market for the $1.1tn asset manager.
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Plaintiffs allege that manufacturers and retailers have broken environmental laws.
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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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Models anticipate a busier second half, particularly in the next few weeks.
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The carrier’s US and Europe claims teams will report to Clayden.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Blackstone-style capital seeking to get closer to source is a net negative for reinsurers.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Cat bonds have outperformed private ILS strategies in the YTD, according to ILS Advisers.
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Former head of construction Bill Creedon will assume the role of chairman.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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The aviation market may prove an outlier following a disastrous year of loss activity.
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The broker’s joint venture with Bain Capital still lacks a CEO.
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The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.
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The sector recorded total premiums written in London of £11.9bn in 2024
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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One of the options being explored is setting up a dedicated company for the wholesale vertical.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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CEO Thierry Léger also stressed his intention to repair the carrier’s relations with Covea.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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It is understood that CyberCube has been considering a sale of the business.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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The California wildfires showed reinsurers can absorb major cats and remain profitable.
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What’s next for the reinsurance market as Monte Carlo approaches?
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The insurer has been under review with positive implications since March.
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Skyward’s acquisition of Apollo will provide access to the London Bridge framework.
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Growth in the SME sector could help stabilize the market, however.
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Apollo executives David Ibeson and James Slaughter are committed to the future as a combined entity.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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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 executive most recently served as head of North American treaty reinsurance.
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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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Aon acquired NFP from Madison Dearborn in April last year in a $13.4bn deal.
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Cyber reinsurance supply has continued to outstrip demand during 2025.
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In June, this publication revealed that Apollo had appointed Evercore and Howden to run a process.
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The executive said claims can be a differentiator in a softening market.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The data modeling firm said losses previously averaged $132bn annually.
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Signs of discipline indicate a “break” from past boom/bust market cycles.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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Henrietta Butcher leaves Tysers after decades with the broker.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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James River said the court was right to dismiss the fraud case.
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Company said defendant ‘distraction’ can’t make up for flimsy arguments.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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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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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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Last year marked the second consecutive year in which carriers made a positive return.
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Submission volume is up 10%-20%, according to sources.
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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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Parrish, now Howden US CEO, and his colleagues said they didn’t violate contracts.
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Assurex’s global independent broker network pumps $4bn of premium into the London market.
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Patton Kline succeeds Glod as US aviation and space practice leader.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.
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This publication revealed yesterday that the two were in detailed takeover talks.
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US retailers have various levers to pull to put pressure on potential new competitors.
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Claude Wade is to step down from his role to address ongoing health issues.
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Placement head Delchar said Gemini will be available across its global book of in-scope risks.
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The broker approved a grant of $316mn in equity awards payable in staggered amounts over the coming five years.
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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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The CEO said the carrier will prioritise margin over top-line growth.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Company alum David Murie will lead the new business unit.
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Layla O’Reilly and Mark Edwards are among the brokers leaving the firm.
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The estimate covers property and vehicle claims.
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The executive has worked for JLT Re, Lockton Re, Willis Re and US Re.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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Both organisations still predict an above-average hurricane season.
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Plus, the latest people moves and all the top news of the week.
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What does it take to turn a family-run insurance group into a global powerhouse?
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It is targeting low-risk specialty lines where it has a competitive edge.
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The forecast has increased since the early July update due to several additional factors.
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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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California wildfires account for $40bn of the insured loss tally in H1.
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The company also purchased $15mn of SCS parametric coverage.
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The specialty reinsurer also saw several bad investments hit the books.
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The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.
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CEO David Howden accused rivals of “restricting choice for their own clients”.
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Verita leadership and staff will remain intact and “seamlessly functional”.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Cat portfolios generally grew, but casualty approaches varied.
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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 suit asserts the raid will cause “incalculable harm” to the broker.
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The executive joined Navigators in 2010 after eight years at White Mountains Capital.
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The MGA will initially focus on credit, energy and construction.
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AJ Gallagher has responded to a request for additional information under the HSR filing.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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A majority of staff not offered jobs at Ryan Re will remain at Markel to manage the run-off.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
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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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Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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WTW is “particularly interested” in growing markets like wealth management with bolt-on M&A.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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The firm will target mid-market risks with TIVs of $25mn-$1bn.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The broker is looking to move as much of the book away from its adversary as possible.
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The company provides management workflow for residential contractors.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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The broker has noted that double-digit reductions are increasingly available in property.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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This brings the carrier’s total limit on the program to $1.8bn.
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The lawsuit claims more than 100 employees left with Parrish and his three reports.
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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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North American carriers completed the most transactions in the first half of 2025.
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Surveys show diversity and inclusivity foster a sense of belonging and increase productivity.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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Staff targeted include producers that channel business through Howden’s London wholesale arm.
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Plus, the latest people moves and all the top news of the week.
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The former Everest executive has more than 30 years of A&H experience.
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Property rates declined by 7% globally in the second quarter.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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The broker’s planned US talent raid is in keeping with its audacious history.
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The insurer denies it is responsible for the actor’s legal fees.
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The impact on the (re)insurance market has been muted due to its strong capital position.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.
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Alcor has also opened an Atlanta office, broadening operations in the US market.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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Laure Forgeron has worked at the Swiss carrier since 2009 in numerous senior positions.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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The technology will help analyse growing and emerging risks, especially climate change.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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Total revenues grew 12% due to the contribution from acquisitions.
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The suit claims billions of dollars are being illegally withheld.
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Peter Cordell will join Syndicate 1729 in January.
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John Neal was due to start at Aon as global reinsurance CEO in September.
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The former Lloyd’s CEO will not make his planned move to Aon.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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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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The MGA is expected to launch a product-recall portfolio in September.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The MGA will write natural resources professional liability business.
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Demand and growth opportunities remain ample despite competitive pressures.
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The weather-modelling agency is predicting a below-normal season.
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Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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Sixth Street and Cornell also bid for the wholesaler.
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The Bermudian investor already owned a 1% interest in the NY-based MGA platform.
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The unit will include both ocean and inland marine coverage.
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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 $2.6bn deal provides Ergo with an entry point to the US SME market.
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The changes affect operations in Switzerland, Bermuda and the US.
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He was most recently Marsh’s US manufacturing and automotive practice head.
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The executive brings more than 25 years of insurance experience.
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The broker has expanded the number of global industry verticals to seven from four.
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The soft market continued through H1 2025, especially on shared programs.
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The company resumed work on a public offering in September.
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Gallagher Re’s Lara Mowery said mid-year renewals marked the “beginnings of capacity” emerging.
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Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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The company said the reduction was due to years of steady improvements.
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Premium rose across the top 15 P&C risks in 2024.
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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The broker noted a “significant variation” in renewal outcomes.
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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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There are now 14 new companies writing homeowners’ policies in the state.
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The broker built out Lockton Re’s US casualty and professional lines treaty book.
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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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Goldman will join Ascot next month to take on the newly created role.
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In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
