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Berkley news from Insurance Insider US

WR Berkley will see immaterial loss from CrowdStrike event: CEO

For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.

Kyoung-son Song, July 22, 2024

Q2 earnings roundup July 22: WR Berkley, Brown & Brown, RLI

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, July 22, 2024

Axis investor day: Are new goals aspirational or overly optimistic?

Industry trends show the Axis book value growth goal may be hard to hit.

Amit Kumar, June 04, 2024

Rob Berkley's highlighted reserving metrics vs the industry

Focus on reserves to continue as gap between cautious reservists and others emerges.

Amit Kumar, April 24, 2024

Q1 earnings roundup April 23: Chubb, Berkley

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, April 23, 2024

WR Berkley stock price falls more than 5% despite favorable results

Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.

Hal Stucker, April 23, 2024

Liability reinsurance showing ‘green shoots of discipline’: CEO Berkley

Reinsurers will try to put pressure on insurers for casualty and liability lines, as they did in property.

Kyoung-son Song, April 23, 2024

Workers' comp rate declines narrowing amid medical inflation, regulatory concerns

Carriers expressed confidence on the line’s ability to withstand medical inflation.

Shelby Rosenberg, February 28, 2024

The casualty loss reserve elephant in the room

Commercial carrier earnings continue to show mixed prior-year development.

Amit Kumar, Maria Lamberton, Husain Rupawala, February 06, 2024

WR Berkley shares gain 7% following strong Q4 results and E&S commentary

On Wednesday, the insurer reported 12% growth in net written premiums.

Kyoung-son Song, January 25, 2024

WRB top-line growth could outpace 12% in 2024: CEO

The specialty carrier’s top-line growth accelerated throughout 2023.

Kyoung-son Song, January 24, 2024

Q4 earnings roundup January 24: WR Berkley, RLI

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, January 24, 2024

WR Berkley sues reinsurers for $90mn to recoup Covid losses

The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.

Aisling Finn, January 12, 2024

Berkley Entertainment names Schuermann president, Broschart as chair

Schuermann joined Berkley Entertainment as chief operating officer in 2021 from NN Inc. Broshcart served in the president role upon the unit’s formation in 2004.

Kyoung-son Song, December 14, 2023

Berkley names Asahl president of Continental Western Group

The exec has nearly 30 years of property and casualty insurance experience and succeeds interim CWG president Melodee Saunders.

Hal Stucker, December 13, 2023

WR Berkley names Khan president of Preferred Employers Insurance

S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.

Shelby Rosenberg, December 11, 2023

WR Berkley names Balch president of Berkley Technology Underwriters

Christopher Balch is succeeding Matthew Mueller, who has been named chairman of the business. Both appointments are effective immediately.

Shelby Rosenberg, November 13, 2023

Social inflation ‘continues to burn’: WR Berkley CEO

The company also continues to be “very mindful” of medical cost trends, which CEO Berkley noted were shifting very quickly after a benign period.

Kyoung-son Song, October 23, 2023

Q3 earnings roundup October 23: WR Berkley, Brown & Brown, RLI

The Inside P&C news team runs you through the earnings results for the day.

Insurance Insider US news team, October 23, 2023

WRB promotes Forte to Berkley Public Entity president

Forte joined the specialty insurer in early 2018 as public entity SVP, CUO and COO after a spell at AIG based in New Jersey.

Jairo Ibarra, September 29, 2023

Executives bullish on E&S flows and rate in early Q2 calls

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

Thorsten Schier, August 01, 2023

Need to Know: The Week in Brief, E&S, Marsh

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Insurance Insider US news team, July 21, 2023

E&S market overall not softening: WR Berkley CEO

Apart from public D&O and workers' comp, the specialty lines insurer is seeing “very strong submission growth”.

Kyoung-son Song, July 20, 2023

Q2 earnings roundup July 20: WR Berkley, Travelers, Marsh McLennan, Truist

The Inside P&C news team runs you through the earnings results for the day.

Insurance Insider US news team, July 20, 2023

WRB completes sale of Breckenridge P&C services division to Accretive

The deal will result in a pre-tax net realized gain of $86mn in the second quarter.

Kyoung-son Song, June 01, 2023

Competitor news

Arch names Amwins’ Bair as president of Ventus Risk Management

He replaces Richard Goldfarb, who will remain as head of strategy.

Kyoung-son Song, October 03, 2024

Markel Specialty to reshape US professional liability business

This will not impact Markel International, which will continue to operate out of the UK.

Abbie Day, September 30, 2024

Hawaii Supreme Court to review key issue threatening $4bn wildfires settlement

Insurers are fighting to recoup claims they have paid out.

Clark Mindock, September 26, 2024

Cyber threats again top business concern in 2024: Travelers’ Risk Index

Top concerns also included medical cost inflation and employee benefit costs.

Clark Mindock, September 24, 2024

Allstate pegs August cat losses at $215mn post-tax

Fifteen events caused estimated losses of $306mn.

Jai Singh, September 19, 2024

Axis appoints Mitchell global markets head as Gregory retires

Mark Gregory will retire next March, while Sara Mitchell will initially join as a strategic adviser.

Rebecca Perkins, September 17, 2024

Markel names Mullarkey global exec underwriting officer for property

Mullarkey joins from Allianz Global Corporate & Specialty.

September 04, 2024

Chubb brings on Fava-Verde as SVP, Chubb resilience services

The executive has 20 years of experience in environmental risk and sustainability.

Caroline Ryan, August 27, 2024

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Social inflation in 2024: At the H1 mark, trends have only worsened

Civil case, nuclear verdict and claims count data show worrying trends.

Amit Kumar, August 27, 2024

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Ransomware demands averaged nearly $1.6mn in Q2: Corvus

The figure represents a quarterly increase of 102%.

Danielle Ling, August 22, 2024

Arch Florida E&S unit withdrawn but company strategy unchanged

The carrier writes all of its E&S business in the state through Arch Specialty Insurance Company.

Shelby Rosenberg, August 16, 2024

M&A weekly roundup: NFP, Alkeme, PCF and Allstate

The news team runs you through this week’s key M&A deals.

Jairo Ibarra, August 16, 2024

Close-up aerial of Hughes 500D helicopter flying towards fire of enormous pile of burning dead tree branches near Kahoolawe; Maui, Hawaii

Hawaii judge blocks insurers from pursuing independent Maui wildfire litigation

Independent litigation threatened a $4bn settlement with wildfire victims.

Clark Mindock, August 15, 2024

Allstate suffers $542mn in July cat losses including $226mn from Beryl

Total catastrophe losses stemmed from 20 events and were estimated at $587mn.

Danielle Ling, August 15, 2024

Business People Meeting Discussion Communication Concept

Chubb appoints Christofer as head of NA casualty for major accounts

The executive joined Chubb in 2013 as assistant VP and regional manager.

Kyoung-son Song, August 15, 2024

Berkshire Hathaway ups Chubb stake to 6.7% from 6.4%

The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.

Jairo Ibarra, August 14, 2024

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Progressive remains committed to Florida: Commissioner Yaworsky

It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.

Kyoung-son Song, August 12, 2024

Travelers offloads 1.2 million Fidelis shares worth roughly $47mn

Travelers now holds around 6.2% of Fidelis, down from over 7.2%.

Jairo Ibarra, August 12, 2024

Where do insurance companies stand if a US recession hits?

The industry could weather a recession, unless loss costs and reserving pressures worsen.

Amit Kumar, August 07, 2024

Overexertion, slips and falls still driving majority of workers’ comp claims: Travelers

The report also noted that 35% of injuries occurred during an employee’s first year.

Danielle Ling, August 05, 2024

Two business men shaking hands during a meeting to sign agreement and become a business partner, enterprises, companies, confident, success dealing, contract between their firms

State National-James River deal was ‘100% retroceded’: Markel’s Noble

State National will provide $160mn of coverage to James River as part of the deal.

Shelby Rosenberg, August 01, 2024

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Daily Digest: Top news from August 1

A quick round-up of today’s need-to-know news, including Ryan Specialty and Skyward Specialty.

Insurance Insider US news team, August 01, 2024

Arch closes acquisition of US midcorp entertainment from Allianz

Mark Lange, chief middle-market executive, will oversee the new businesses.

Caroline Ryan, August 01, 2024

Q2 earnings roundup July 31: AIG, Markel, Everest, The Hanover

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, July 31, 2024

Markel paid $156.4mn for 700-employee firm Valor

Markel acquired 98% of Valor last month and has the option to buy the remaining equity stakes.

Jairo Ibarra, July 31, 2024

Insider On Air: Our Webinars & Podcast Channel

Webinars

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Insurers Evolving to Risk Mitigation to Reduce Costs

Join Insurance Insider, in partnership with Guidewire, for a free webinar, 10:30 ET/15:30 GMT Dec. 3

October 02, 2024

Insider On Air

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Insuring the Renewable Energy Wave

Join Insurance Insider for a free webinar, 10.30 ET/15.30 GMT on 15 October,

July 18, 2024

Insider On Air

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How Insurers Are Harnessing Gen AI to Improve Risk Selection

Join Insurance Insider, in partnership with Moody’s, for a free webinar, 10:30 ET/15:30 GMT on December 4

July 04, 2024

Insider On Air

In Partnership with hyperexponential

The Price Is Right? How Insurers Can Better Harness Data/Analytics

Join Insurance Insider, in partnership with hyperexponential, for a free webinar, 10:30 EDT/3:30 BST on October 10

May 08, 2024

Podcasts

Behind the Headlines Podcast

Behind the Headlines: Ian Gormley on the key takeaways from RIMS, and BMS expansion plans in 2024

Listen in as BMS UK CEO Ian Gormley shares key takeaways from RIMS, changing dynamics in the property E&S market, and BMS expansion plans in 2024.

May 23, 2024

Behind the Headlines: Rating conditions gear-shift and Inigo's Watson & Kaye on its next phase of growth

Listen in as Inigo CEO Richard Watson and head of reinsurance Alice Kaye discuss the use of data and AI in underwriting, the possibilities of entering the casualty treaty market, and all options being on the table for future capital events.

May 09, 2024

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Behind the Headlines: Israel escalation and Convex's Paul Brand on building and running a $4bn (re)insurer

Listen in as Convex CEO Paul Brand discusses building and running a $4bn (re)insurer. Also in this episode, Insurance Insider's Rachel Dalton provides an update on Dubai flooding and reinsurance coverage in the Middle East.

April 25, 2024

Behind the Headlines: 1.4 recap and Howden Re's Sandy Warne on political violence in a 'world on fire'

In this episode Insurance Insider lead reporter Rachel Dalton runs down the key highlights of the 1.4 reinsurance renewals as capacity returned to the market.

April 11, 2024

From our other titles

Enstar to be taken private by shareholder Sixth Street in $5.1bn deal

The deal values the business just under its closing price on Friday, at 0.97x book value.

Adam McNestrie, July 29, 2024

Aspen promotes Dunleavy to president and Pickering to group CFO

The new leadership structure is designed to create more accountable executive roles responsive to Aspen’s strategy.

Samuel Casey, July 29, 2024

Chubb adds $1.7bn US cat top layer to treaty

The insurer also pushed up its retention by $650mn.

Fiona Robertson, July 29, 2024

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