The Hartford
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Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
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She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.
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Personnel movement in the class remains elevated as carriers look to secure top talent while underwriting conditions are profitable.
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The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.
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After this publication reported The Hartford’s exit from AVN52B, the carrier’s Lloyd’s business has now confirmed its exit from the entire aviation war class.
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Jack Bardrick will manage broker partnerships, facilitate new business opportunities and develop growth initiatives.
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It’s understood that Inigo pulled out of the class due to rising reinsurance costs, while The Hartford has exited following the departure of its head of PV and terrorism, Grant Witheat.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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Keith Mather will be responsible for building a book of international retail and wholesale financial lines business, as well as the long-term growth of global specialty.
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The former head of international financial lines will report to executive chairman Matthew Fosh.
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Syndicate 1221 is expected to return to underwriting profitability for 2021, The Hartford’s head of international Carl Bach said.
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The Hartford’s customers will have access to Swiss Re’s globally standardised property wordings and online platform.
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The carrier has faced a string of resignations amid a battle for talent in the D&O market.
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Garrison will lead the strategic direction, growth, and underwriting for the Navigators brand as well as manage relationships with the company’s wholesale distribution partners.
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David Robinson will work in a senior business management role and report to CEO Matthew Fosh.
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The carrier has seen an exodus of financial lines staff amid a battle for top talent in the line of business.
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The latest Plane Talking report also highlights that The Hartford and Inigo are finalising preparations to enter the airline market.
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The nature of the hire demonstrates the level of competition for top talent in the sector.
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Speaking at an investor conference on Monday, CFO Beth Costello said the company expects losses to fall well below Hartford’s cat program retention.
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Plus the latest senior executive moves and all the top news from the week.
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The surge likely reflects talk in the buy-side community fuelled by tracking the latter's private jet.
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A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.
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Staff displacement has been high in the D&O market after a period of dramatic rating adjustment in 2020.
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Hiscox, a lead market for D&O in London, takes its peer’s head of London market financial lines.
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Tegron Capital will launch in July and focus on excess-of-loss cover for publicly traded companies.
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The Chubb CEO seeks to quash speculation the carrier may return with a sweetened takeover proposal.
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Plus in-depth analyses of the accident and health and airlines markets.
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Chubb reiterates its disappointment about The Hartford’s refusal to engage.
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Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.
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The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
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Chubb made an unsolicited bid for the carrier last week at a 25% premium on its weighted average share price.
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Plus the latest executives on the move and all the top news from the week.
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The proposed consideration represents a mix of stock with the majority in cash.
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The carrier says its board of directors is "carefully considering" the proposal.
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The Hartford share price jumps 12% on report of deal talks with Chubb.
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Christopher Swift says more rate is needed in some areas including the London market and certain excess lines.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
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The ratings agency has also lowered the ICR of The Hartford subsidiary.
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Premia will use the entity as a platform for legacy deals in the continental European insurance market.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The broker notes that Covid-19 will have a long-term impact on classes of business including D&O.
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The MGA platform has acquired the renewal rights for a book of cargo, hull and liability policies.
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William Steinberg was senior vice president and commercial property head at the AIG unit.
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The ratings agency expects Navigators’ future underwriting results to be affected by lack of scale.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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The case follows lawsuits lodged earlier this month against Travelers by the firm.
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Upstream energy is unaffected by the pullback.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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Kemper today become the latest carrier to announce a partial refund for customers.
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Existential threats mount from Covid-19, as investment gains push Lloyd's back into the black.
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The restaurateur argues that insurance should pay for contamination and BI losses.
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Thomas Boudreau led inland marine and construction business at the carrier.
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Linda Carmona and Curt Browder are understood to have left the insurer.
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Cumulative ceded incurred losses under the ADC with Nico are now $640mn
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The carrier has also lowered the upper limit of the policy by $100mn to $900mn.
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The decision follows a similar move by Liberty Mutual earlier this month to curtail business and investment involving those fossil fuels.
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The executive will work in London to complete the integration of Navigators.
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The period marked the first full quarter reflecting the integration of Navigators into the company.
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The estimate follows modellers’ projections that market-wide losses will fall between $1.5bn and $7bn.
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The current litigation environment is worse than Travelers expected, the executive said at a conference.
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Earlier this year executives said they expected the deal to add to The Hartford’s earnings by about $110mn-$145mn.
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The carrier's core earnings rose by 17.7 percent year over year to $1.33 per share in Q2 2019.
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The insurance company is opposing the Scouts’ bid to move the case to a local county court.
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The insurance group has also struck a retrospective reinsurance deal with Berkshire Hathaway.
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The companies expect to close the merger “as soon as reasonably practicable”.
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Pricing in property and casualty (P&C) lines is generally on the upswing, the president of The Hartford said.
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The Hartford has paid some $91mn before tax for the $300mn aggregate treaty.
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The result was driven in part by higher group benefits and lower corporate losses.
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The new per occurrence treaty provides protection for catastrophes other than named storms and earthquakes.
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The companies continue to pursue a change of control to complete the merger as promptly as possible.
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Kelly Kinzer joins and Kathleen Kelly is promoted at Zurich North America while Lori Montoya arrives at The Hartford.
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The executive will depart when the deal closes at the end of the second quarter.
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The CEO will remain in a consulting role for three months after deal completion.
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The carrier has appointed GC Securities to advise on a transaction as it looks to protect its downside.
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Lizabeth Zlatkus will join Axis’ board of directors effective 15 March.
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At the midpoint of disclosures, this publication summarises the key trends identified by industry leaders so far.
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Report shows insurers are increasing scrutiny of sexual harassment risk.
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Although the business has everything it needs, The Hartford’s CEO said M&A is still possible.
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The Hartford reports fourth quarter P&C underwriting loss and capital return programme.
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An unspecified executive advisory role is slated for Navigators president and CEO Stan Galanski for a transition period.
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Legal ruling could put insurers on the hook for damages for a problem that could total $8.75bn.
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Settle in for The Insurance Insider’s 12 days of Insurancemas.
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The losses include the Camp and Woolsey fires and Hurricane Michael.
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The transaction follows Aon’s creation of a business interruption facility to cater for companies heavily weighted towards intangible assets.
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Above-average cat losses dominate discussions during the P&C earnings season.
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The meeting included stockholders of record as of 10 October.
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The 2018 conference season has finally come to a close in North America, with the Property Casualty Insurers Association of America’s event in Miami last week bringing the curtain down on this year’s major industry gatherings.
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Executives faced pointed questions about workers’ compensation claims trends and casualty pricing during Q3 conference calls.
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Although estimates for the Q3 disasters vary, in aggregate the events are likely to generate insured losses north of $10bn.
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The company reported operating earnings per share of $1.15 versus $0.60 a year earlier, beating Wall Street consensus estimates of $0.91.
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The Hartford’s $2.1bn acquisition of Navigators was announced on 22 August.
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State Farm writes more than a quarter of homeowners’ cover in the state.
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Analysts expect Q3 cat losses to be manageable for their covered (re)insurance companies.
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The meeting will include stockholders of record as of 10 October.
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Navigators approached 44 potential acquirers about rival proposals.
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The specialty insurer reached out to The Hartford three years after the company made its first approach.
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Under the ‘go shop’ provision, which expires at midnight, Navigators had 30 days in which to explore bids from alternative suitors.
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Jared Kotler joins the carrier from Validus to head up the division.
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The $2.1bn cash purchase will add risk to The Hartford’s operations, Moody’s said.
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The deal represents the fifth large transaction from an established player to buy a specialty player in the last two years.
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The Hartford holding company leverage and coverage metrics will remain within guidelines, the ratings agency noted.
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On the face of it the Hartford-Navigators deal is neat. There is no overlap to speak of.
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The acquirer projected double-digit returns from the $2.1bn deal, prompting scepticism.
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The shares finished just short of the offer price.
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On a conference call today The Hartford CEO Chris Swift gave no further detail on what role the Navigators CEO would take at the enlarged company.
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A full valuation for a perennial takeout candidate.
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