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Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.
Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
The impact on NWP, however, is expected to be roughly $6mn-$7mn.
AIG leads the all-risks cover and Axa XL is the hull war lead.
CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.
The carrier posted its H1 results earlier today, beating analyst consensus.
The loss was driven by nat cats and reserve adjustments in US casualty.
California wildfires account for $40bn of the insured loss tally in H1.
The carrier also announced an increased share-buyback programme.
The carrier said most lines remained well priced despite increased competition.
Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
With roughly 200 employees, the South American operations generated over EUR130mn in 2024 GWP.
The specialty reinsurer also saw several bad investments hit the books.
The broker said that there could be a flattening of rate decreases in the hull market in 2026.
A limited number of broking staff are also leaving the business, including downstream head Dan Nicholls.
Stephane Flaquet replaces George Marcotte, who has been interim COO since September 2024.
The executive has spent more than three decades in insurance.
The LMA head also praised Velonetic for transparency on Blueprint 2.
The company has also expanded its relationships with US and UK MGAs.
The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.
CEO David Howden accused rivals of “restricting choice for their own clients”.
Group CEO David Howden says: ‘Our doors are open’.
The leadership transition at the syndicate was announced earlier this year.
Competitor news
Competitor news
Competitor news
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The product was made through a partnership with technology provider Safehub. -
Giulio Terzariol and Woody Bradford will be CEOs of the insurance and asset management units, respectively.
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Ulrich Kadow will become global head of product management and underwriting transformation.
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From Insurance Insider ILS
Cat bond funds outpace private ILS by 2.01 points in H1: ILS Advisers
The ILS Advisers Fund Index reported a profit of 1.11% in June.
From Insurance Insider ILS
Swiss Re’s nat cat premium volumes flat in renewals year to date
The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
From Insurance Insider ILS
Conduit Re will ‘invite’ third-party investors as it expands ILS over time
The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
From Insurance Insider ILS
Florida rates likely to remain stable through 2025: HCI CEO
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
From Insurance Insider ILS
Retro and ILS specialists Stubbings, Bailey leave McGill for Miller
The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
From Insurance Insider US
Casualty and property dynamics in a ‘unique’ cycle: Westfield’s Kuhn
Jack Kuhn, President of Westfield Specialty, discusses the shifting market cycles and changing landscape at RISKWORLD 2025.
Insurance Insider US provides robust insights, sharp analysis and exclusive news on the London and global (re)insurance markets.
Insurance Insider ILS provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.