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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business.
Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
The laws mandating payments were enacted after devastating fires in 2018.
Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
Auto severity continues to be an ongoing challenge for the industry.
IFC corporate director and chairman of IFC GSL advisory board Clarke will succeed Miller.
The figure was 54% above the 21st century average.
The appointment follows a series of moves across the Miami treaty sector over the past 12-18 months.
Cat activity was a “modest” $175mn for Q4, but still up year over year.
Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
Cat losses rose to $175mn, fueled by Hurricane Milton and higher Helene estimated losses.
The much-anticipated creation of a DOGE office is already being challenged in court.
Commercial auto ended the year with its biggest gains at 9.82%, compared to 9.71% in Q3 2024.
The business is targeting an enterprise value in excess of $30bn, sources said.
There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
The complaint accuses a new law firm, Liakas Law, of involvement in a fraud scheme.
The estimate has reduced slightly since the modeler’s last update in October.
Challenges in claims frequency and carrier competition are likely to remain.
This will be the most expensive fire in the state’s history, it said.
A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
The Willis name, which dates back to 1828, will be used with clients and markets.
Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
‘Emotionally driven’ claims by non-profits underscore their unique D&O exposures, according to Travelers' Nicole Murphy.
The biggest riser in this year’s Allianz Risk Barometer was climate change.
Competitor news
Competitor news
Competitor news
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Sources said Dowling Hales is advising the professional lines quoting platform on the process. -
The program will offer limits up to $5mn.
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The move comes after Argo Pro announced it will exit professional lines.
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From Insurance Insider US
Mercury reveals $1.24bn second event cover as LA claims mount
The carrier can claim separately for the Palisades and Eaton fires if necessary.
From Insurance Insider US
Evacuations ordered as major wildfires rage in Los Angeles
More than 4,000 acres are burning as thousands evacuate.
From Insurance Insider US
Talent Tracker: Finpro and property had the most movement in 2024
Both the US and UK had busy summers, but the talent momentum in the US did not continue into Q4.
From Insurance Insider
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.
From Insurance Insider
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.
From Insurance Insider ILS
Chubb adds $1.7bn US cat top layer to treaty
The insurer also pushed up its retention by $650mn.
Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
Insurance Insider ILS provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.