Insurers
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Kemper and Selective’s woes stem partly from own issues, but industry-level issues persist. -
AIG made the shock announcement earlier today that John Neal is not joining the insurer.
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Bryant has spent over 30 years with the specialty carrier.
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The deal to reopen the government also extended the NFIP.
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After outsized losses, the (re)insurer still sees opportunity in a softening market.
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The mayor-elect has promised to build 200,000 new units in New York City.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The reinsurance loss ratio improved by over 20 points with no notable cat losses for the quarter.
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Workers’ compensation was the only line that saw a YoY decrease.
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Many nuclear verdicts become much less radioactive on appeal.
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The fashion brand says the insurer failed to defend it in multiple lawsuits.
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The CEO thanked his friends and colleagues and said he was “going quiet”.
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Veradace claims the deal benefits Tiptree management at shareholder expense.
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The newly installed US vice chair explains why inefficiency drove her from legacy firms.
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The charity said that improved ecosystems could help protect from disasters.
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The defendant held a $1mn general liability policy with Kinsale.
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Industry sources said they expect most larger firms will be able to meet the requirements.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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The loss would be one of the largest ever for mining underwriters.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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The Insurance Insider US news team runs you through the earnings results for the day.
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State regulators have largely avoided enforceable AI regulations, but bad news could change that.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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Slide does expect a “meaningful” amount of takeouts for this month and next.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company has now posted rate increases for 37 consecutive quarters.
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The company is also prepared for potential M&A activity.
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The executive said the firm has grown its casualty business by 80% from 2022.
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals.
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Underwriting income for North America quadrupled to $384mn, and the segment recorded a CoR of 82.6%.
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The chief executive said he doesn’t expect to see a price drop anytime soon.
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This publication exclusively reported the executive’s plans last month.
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Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Fears of the oncoming soft market are causing a sector rotation away from P&C.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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Widespread underinsurance and low exposures will limit losses.
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The acquisition will expand PHLY’s presence in the niche market.
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The executive will fill the role previously held by Howden’s Figliozzi.
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The search for a CFO had been underway since last July.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Gray specializes in contract bonds for mid-sized and emerging contractors.
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The insurer paid tribute to the executive’s lasting contributions to the firm.
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Dairy and livestock products within the agricultural unit were main growth drivers in Q3.
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The FIO said it will work with regulators on coverage for digital assets.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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Greenberg has strong links with IQUW management, and praised the firm’s leadership and cultural fit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The regulations are designed to address long-term solvency concerns.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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Erbig joins after more than 20 years in finance-related positions at Liberty Mutual.
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Opportunities for growth remain in small and medium commercial accounts.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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Jason Keen joined Everest in 2022 as head of international.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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The executive joined the Dallas-based insurer as CUO in 2023.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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This publication revealed the move earlier this year.
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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A canvassing of the cyber market suggests the impact will be negligible.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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The range allows “for information that could emerge beyond what is known today”.
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Haney will remain on board as a senior adviser.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Old Republic said the acquisition is expected to close in 2026.
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The company saw growth accelerate in its property and casualty segments.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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Bill Ross has been CEO of the non-profit for 21 years.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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Pre-tax cat losses were down 63% from the prior year quarter to $285mn.
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A quiet wind season is also expected to further soften the property market.
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There’s nothing medical about SAM claims.
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The CEO also said that the “bloom is off the rose” in the E&S property market.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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Early Q3 earnings reports point to worsening market conditions.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The new chief executive has served on PI’s board since 2018, including as chair.
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MGAs that are good operators will stick out compared to the rest.
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Critics claim the dispute system denies consumers' key legal rights.
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The selloff may hint at headwinds for equity investors.
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An average of 81% of property accounts renewed flat or down.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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Private capital–backed buyers accounted for 73% of the 513 transactions this year.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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The carrier reported favorable reserve development of $22mn compared to $126mn in Q3 last year.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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The insurer booked a $950mn policyholder credit expense in September.
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State Farm is under investigation as its premiums have been rising “drastically".
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Joseph Lacher will step down as president and CEO and resign from the board.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The federal panel hasn’t finalized a timeline for formulating the new rules.
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The reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.
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The international division is seeking a new London market manager.
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Growth concerns were top of mind at this year’s conference.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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The division mostly places higher up the tower, where many insurers have taken action to address SAM losses.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Moretti has relocated to California from London.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Lupica moved to the role last year as part of a staggered handover of responsibilities to Juan Luis Ortega.
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The executive was formerly EVP and central regional leader at Aon.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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When owners are not paying attention, discipline and governance are not top priorities.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The two executives join from Markel and Arch, respectively.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The company will implement a new leadership structure after his departure.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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The request cites use of Verisk’s forward-looking wildfire model.
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New home sales could be impacted by a prolonged stalemate.
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Insurers continue to compete on price, especially in the SME sector.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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The executive was most recently serving as CRO – insurance.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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The move is the latest in a series of casualty leadership shake-ups at the insurer.
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Superintendent Harris is stepping down this month after four years of service.
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Sexual abuse and molestation exclusions are starting to hold in higher layers of hospital towers this year.
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The specialty insurer posted $800mn in GWP for the first six months of the year.
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The change reflects the insurers’ recent deal with ProAssurance.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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AIG’s filing alleges copyright and trademark breaches, as well as violations of unfair business practice laws.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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Verisk's recent deals and its interest in cyber-analytics firm CyberCube show M&A in the segment has ticked up.
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The company will continue its capacity partnership with the MGA until 2030.
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The subsidiary will offer primary and excess liability.
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The executive previously spent more than 16 years at The Hartford.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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The New York City gala paid tribute to the industry’s top talent.
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Lower rates mean lower investment incomes and higher book values for insurers.
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The transaction marks the largest US market entry by a Korean non-life insurer.
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Juries don’t significantly differentiate in cases involving severe injury.
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He will drive the growth of Chubb's claims-made excess casualty facility.
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Getting that message across is key to bettering the industry.
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With the deal, sources expect backers Tiptree and Warburg Pincus to exit the Floridian insurer.
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Sources said they expect the carrier’s listing to raise about $100mn.
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The executive has been with ASG since it was formed in 2016.
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The insurance industry’s lower reliance on foreign skilled workers softens the blow.
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Rates continue to be favorable for buyers across major lines of coverage.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The risk also ranked as a top three concern for companies of all sizes.
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The WCB has denied the allegations, claiming its decisions were based on “reasonable investigations”.
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The proposed changes aim to establish clear guidelines for intervenors.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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The Inigo CEO said the lack of portfolio crossover was highly attractive to Inigo.
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The US mortgage insurer announced its $1.7bn acquisition of Inigo earlier today.
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Despite tort reform, physicians’ insurers are struggling with the same loss inflation challenges as other liability peers.
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Average incident costs for SMEs were up nearly 30%.
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The Chicago-based executive was previously Everest’s CUO of excess casualty.
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The executive’s skepticism is informed by the industry’s typical approach to cyclicality.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The measures also seek to encourage greater wildfire mitigation efforts.
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There will also be a renewed focus on organic growth, both in P&C and across US and international operations.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The executive joins from MSIG USA.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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Winners and losers will emerge more clearly, with less opportunity to ride the market wave.
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A report by the ratings agency challenges current industry wisdom.
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He was appointed CUO of casualty, Americas, in July last year.
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The executive previously held roles at The Hanover, CNA and AIG.
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Tricia Loney brings 20 years of industry experience to the role.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Florida led deregulation by eliminating the diligent effort rule in June.
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Models anticipate a busier second half, particularly in the next few weeks.
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The platform aims to “bend the loss curve”.
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Ransomware claims have made up the majority of recent large losses.
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He joins the company after 22 years in casualty leadership roles at Chubb.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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Persistent social inflation challenges evident across key long-tail lines at half-year mark.
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All rates were up on a year-over-year basis, except for workers’ compensation.
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The fundraising round brought in $50mn for the insurer.
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The ratings outlook has also been revised to stable from negative.
