Construction
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The broker continues to expect 20% to 30% property rate reductions, as well as increased market competition. -
The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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The executive will join Howden’s new US retail broking operation.
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The case is now headed to appellate court.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The executive succeeds current CEO Petway, who is retiring.
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GL and workers’ comp, however, may benefit from a more competitive environment.
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The move will impact around $50mn of gross written premiums in total.
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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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The segment is also seeing double-digit loss cost inflation.
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The move consolidates the company’s leadership of primary and excess construction casualty lines.
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The alleged insurance fraud targeted anyone who could fund the settlements, argued the plaintiffs.
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The executive briefly exited the firm last month for a role at Marsh.
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The investigation follows several civil racketeering cases filed by Tradesman based on similar facts.
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The MGA and parent company Roosevelt Road Re have until July 21 to file a second amended complaint.
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The carrier has scaled up its international insurance offering in recent years.
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The changes are aimed at improving underwriting and operational performance.
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Growth in construction projects is increasing the need for coverage.
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The two deals bring the combined company’s Ebitda to about $25mn-$30mn.
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The executive had previously been at Aon for over 15 years.
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The company’s diverse portfolio could provide protection, but has heavy exposure in construction and transportation.
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Everest’s US wholesale business is seeking to expand its market presence.
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Marsh alleges Aon also went after its clients as well as its employees.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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SiriusPoint will provide capacity for a new construction liability program.
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Construction defects, GL and risk-managed professional liability lines saw the greatest headwinds.
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Auto and homeowners’ insurance will see effects from the tariffs.
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The executives will join the company in the coming weeks.
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This follows the firm’s exit from primary aviation.
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Bradley was construction team leader for US casualty at WTW.
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The complaint accuses a new law firm, Liakas Law, of involvement in a fraud scheme.
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The recently filed suit names several personal injury law firms.
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Plaintiff Ionian has alleged a “fraudulent scheme” under the Rico laws.
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The duo have several years’ experience in specialist construction risk.
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The lawsuit names additional attorneys, doctors and medical practices.
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The promoted employees have all been with BHSI’s Singapore offices for years.
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While the alleged fraud is shocking, could it suggest the industry is under-investing in claims?
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The complaints are the first effort to crack down on existing suspicions.
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Manufacturing now accounts for 41.7% of all claims, from 15.2% previously.
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The first RICO complaint targeted medical providers and training centers.
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Seven members of the construction team have resigned, including construction practice leader Patrick Baker.
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The executive has over 20 years of experience in construction risk management.
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He brings more than 20 years of industry experience to the role.
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Rina Visconti is joining the firm’s national casualty practice after 27 years at CRC.
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Across three offerings, Victor increased coverage maximums by $33mn.
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The promotions are within RT Specialty's environmental and construction professional practice.
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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WTW said adverse development “is evident” in auto liability lines from 2015 to present.
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This continues a consecutive quarterly gain of over 6%.
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The firm took a major reserve charge and has gone into remediation mode.
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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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John Schwirtz will report to Matt Waters, head of Axa XL's US mid-market business, and build out a mid-market underwriting team.
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Jeff Banasz will serve as EVP with the Cobbs Allen division, establishing an inaugural office in Philadelphia.
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Inside P&C takes a closer look at the NY construction market, which represents a unique challenge to insurers and insureds due to density and strict labor laws.
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Ryan Powers will report to QBE NA president of commercial insurance Mike Foley.
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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.
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The MGU has secured up to $10mn follow-form capacity on a non-admitted basis to cover general liability on complex construction projects in the US.
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Longo was previously underwriting manager for Axa XL’s construction group.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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Banking crisis contagion could lead to a decline in construction projects and demand for coverage, while inflation is driving loss costs ever higher.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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He will coordinate product management and development of related products, which are anticipated to be available in the late second quarter of 2023.
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Primary liability rate increases currently range from flat to 10% for most commercial projects, private broker Lockton disclosed in its annual construction market report.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The Waukee, Iowa-based broker acquired the construction-focused intermediary CSDZ in 2018 to expand its presence in Minnesota, Utah and Wisconsin.
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Axa XL has promoted Michael McKinley to senior vice president and primary casualty practice leader within its North America construction division.
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Casualty underwriters were taking a “conservative and selective approach” with high-risk categories and accounts with poorer loss histories.
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The group will provide clients with construction and surety services designed for complex national and cross-border projects.
