Insurers
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The move comes after Everest sold renewal rights for its global retail business to AIG. -
Softening rates amid worsening loss costs paints an uncertain future for the industry.
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The investor offloaded nearly 100,000 Allstate shares in Q3, according to its latest 13-F.
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The appointment follows Everest’s $2bn renewal rights sale of its commercial retail business to AIG.
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Quota share is less common in the medmal space, where layered and shared structures have been dominant.
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The executive joined the company from Zurich last year.
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Finance and insurance hiring is 27% below 2022’s peak, compared with 37% nationwide.
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MassMutual will retain an 82% stake in the $470bn asset manager.
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Kemper and Selective’s woes stem partly from own issues, but industry-level issues persist.
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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.
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One of the options being explored is setting up a dedicated company for the wholesale vertical.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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Clients in the segments that AIG trades in may not be as receptive to the idea as the insurer would like.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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Growth in the SME sector could help stabilize the market, however.
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P&C stocks recovered faster than the S&P 500 following a late July dip, but a gap remains.
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The US specialty carrier announced Tuesday that it was buying the Lloyd's business for $555mn.
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The executive said claims can be a differentiator in a softening market.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using properly appointed adjusters and failing to pay claims.
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The ratings agency cited enhanced scale and diversification through organic growth.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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Capacity has gone up slightly, with new entrants and incumbents feeling better about their books.
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He succeeds Felix Cassau, who is joining Hannover Re.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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Equidad earlier sold its soccer team to group of US investors that includes actor Ryan Reynolds.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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Storm surge of two to four feet could affect the North Carolina coast.
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The Delaware high court’s reasoning could find application in other cases.
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Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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GL and workers’ comp, however, may benefit from a more competitive environment.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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The promotions will enhance underwriting capability across key segments.
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Ongoing pricing headwinds stand to weigh on carriers’ returns and valuations.
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The deal was announced last month.
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The state’s Supreme Court upheld two lower court decisions finding no liability.
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The Brazilian carrier grew earned premiums to over $100mn in 2024.
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Claude Wade is to step down from his role to address ongoing health issues.
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This is the first rate filing to use the recently approved Verisk model.
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The executive was previously Navigators’ head of excess casualty.
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The company was hit with a data breach on July 16.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Third Point purchased 50,000 shares of the E&S insurer, which represents roughly 0.1% of its shares outstanding.
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Commercial auto saw the largest rate change, which was down about a half point by the end of July to 7.96%.
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Profitability improves, even as growth stagnates.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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Company alum David Murie will lead the new business unit.
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The executive has previously served on VCIA’s board of directors.
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The insurer said it expects to begin writing business by the end of the month.
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The executive joins from Coalition and brings more than 30 years of experience.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The company plans to launch in New York and New Jersey next year.
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The firm’s subsidiary in India paid $1.47mn in bribes to officials at state-owned banks and raised revenue of $9.2mn.
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The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.
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July’s medical care increase was up from June’s o.6%.
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The estimate covers property and vehicle claims.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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Casualty premiums grew 56.7% year on year in Q2 2025.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Teresa Black will succeed him as division president of North American surety.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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She joins the specialty insurer after working at Hamilton as CUO.
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The former executive passed away following a 40-year career in insurance.
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The executive said the floor on D&O pricing is in sight.
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Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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The Insurance Insider US news team runs you through the earnings results for the day.
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It is targeting low-risk specialty lines where it has a competitive edge.
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The program is set to begin binding this month.
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Submissions flow at E&S arm Lexington increased 28% year-over-year in Q2.
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More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.
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Rates continue to fall across the state but are firmer in the southeast region.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Social inflation is driving non-renewals, while CoRs are up for P&C and casualty.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The executive joins from At-Bay and brings more than 25 years of experience.
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The gross loss ratio for the homeowners InsurTech fell by 12 points last quarter.
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Commercial liability and commercial property coverage continued to dominate the E&S market.
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The company also purchased $15mn of SCS parametric coverage.
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The professional lines market remains ‘challenging’ overall, however.
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The carrier’s US redomicile is expected for later this year and brings a one-time $10mn-$13mn benefit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Group CEO David Howden says: ‘Our doors are open’.
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The company has also appointed David Tran as head of programs, Canada.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The company was right to drop its reinsurance unit and refocus on its specialty roots.
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The newly created role consolidates leadership across UK entities.
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The carrier also benefitted from favourable reserve development in property and A&H.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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The Canadian insurer saw property rates dip across its global divisions, but it had strong rate on liability.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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The Insurance Insider US news team runs you through the earnings results for the day.
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In liability, the carrier is steering away from where inflation has been volatile.
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The executive formerly held roles at At-Bay, AIG and Hiscox.
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DB reiterated that no final decisions have been made regarding a potential deal.
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The executive was previously head of excess casualty, North America.
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This follows last month’s takeout of 12,000 Citizens policies.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The pace of increases ticked down in the second quarter compared to Q1.
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The SME and middle market segments remain ‘pretty healthy’.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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New business written premiums were up in the commercial and E&S segments, but decreased in personal lines.
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Smaller accounts remain less affected by an influx of MGAs.
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The regional insurer has increased its weighting to OLO and commercial auto, versus comp.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The carrier agreed to acquire Liberty Mutual’s P&C firms in Thailand and Vietnam in March.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The executive had previously worked four years as head of trade credit for AIG.
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The executive will continue to lead CRC Insurisk in the expanded role.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.
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At least 14 new companies have opened up shop in the state in recent years.
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Commercial property poses the most intense competition due to rates dropping, terms and conditions, and line size.
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The former Everest executive has more than 30 years of A&H experience.
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The Insurance Insider US news team runs you through the earnings results for the day.
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He will serve as an independent non-executive member.
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The automaker’s insurance arm wrote over $300mn in premium last year.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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The executive said the claims industry is going to “be transformed”.
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The carrier has been steadily increasing loss trend estimates.
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Softer market conditions are likely to create a wave of consolidation favoring large brokers.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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Large accounts property remains competitive as pricing softens, Greenberg said.
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The awards, now in their fifth year, will be held in New York at 583 Park Avenue on September 25.
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The carrier's Q2 reserve releases rose to $249mn from $192mn on favorable NA personal development.
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The insurer denies it is responsible for the actor’s legal fees.
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The segment is also seeing double-digit loss cost inflation.
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The former Corvus president will report to Ajit Jain.
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Court documents show Travelers subsidiary Northfield Insurance is the insurer.
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Incumbent Oskar Buchauer is stepping down after 27 years.
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The research team presents the June cat heatmap.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Pricing slowdown and reserving concerns are the hot-button topics as earnings kick off.
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Alcor has also opened an Atlanta office, broadening operations in the US market.
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Rising inflation could raise claims severity but also increase investment income.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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The industry veteran has been in personal lines HNW for more than four decades.
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The Floridian has been approved to potentially assume 81,000 policies total.
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The class can collectively challenge State Farm’s property claims calculations.
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On the rate environment, Schnitzer said the amplitude of the pricing cycle is shrinking.
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All lines except workers’ comp are up year over year, however.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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CEO Jeff Consolino will undertake CFO duties on an interim basis.
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Cat losses declined to $927mn from over $1.5bn a year ago on windstorms and hailstorms.
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The suit claims billions of dollars are being illegally withheld.
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PL coverage is being stripped out of admitted, packaged policies and increasingly purchased in the E&S market.
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Rate gains are easing across many commercial and personal lines.
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Top companies eliminated or heavily modified language related to DEI this year, analysis shows.
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The US accounted for 92% of all global insured losses for the period.
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June’s increase was up from May’s 0.2%.
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The IPO price is expected to be $18-$20 per share.
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The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.
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State legislation has led to major strides in rate adequacy.
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He has pleaded not guilty to the criminal charges, which carry potential life sentences.
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Social inflation, reserving, and organic growth are the topics to watch this earnings season.
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Category 4 and 5 storms could become more common and hit further north.
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While official return to office mandates have gathered steam, what they look like in practice can vary widely.
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Finsness joined the carrier in 2014 and was head of casualty claims in Bermuda from 2017 to 2023.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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The MGA is expected to launch a product-recall portfolio in September.
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The appointments will be effective as of August 1.
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The global carrier plans to hire around 300 people in the next several years in the Americas and has already filled 60 roles thus far.
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Despite predicting fewer hurricanes, the numbers are still above average.
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His 30 years of experience includes stints at Tokio Marine and Swiss Re.
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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.
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Demand and growth opportunities remain ample despite competitive pressures.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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Although overall compensation has gone up, analysis shows divergence versus value creation.
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The FTC granted early termination of the waiting period, leaving the acquisition on track to finish in early 2026.
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The floods have killed at least 81 people, with dozens more missing.
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The deal comes amidst an expected spell of M&A on Lime Street.
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The January wildfires did little to hamper their appetite, apart from California.
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At the year’s mid-point, there were 111 new SCAs filed in federal courts.
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The cyber business will continue to operate as a standalone entity.
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Elevated cat losses in H1 weren’t enough to stop a further softening of the market.
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Earlier this year, Insurance Insider US revealed that the insurers were in takeover talks.
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The executive joined The Hartford when it acquired Navigators in 2019.
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Florida recorded premium growth in June after declines in May and April.
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The carriers remain in takeover negotiations but have not reached a decision around valuation.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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Under the new law, vehicles will only be required to carry $100,000 in PIP per person.
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Litigation costs continue to weigh on long-tail lines, but effects of tort reform are visible.
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The transition will be implemented starting October 15.
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The broader legislation narrowly passed the Senate and now heads to the House.
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P&C’s outperformance lead dwindles, while specialty rises above other segments.
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The measure could have landed insurers with extra tax on US business.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Andrew Pryde succeeds Andreas Kull, who will stay on until September.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The insurer intends to take on up to 81,040 policies this year.
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The ratings agency cited the carrier’s growth and performance.
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Additional buybacks are more feasible if P&C stocks slip and pricing moderates.
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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 outages began around 07:00 ET on Tuesday.
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Much was learned after the fires, but it could take years before that data influences models.
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The vote paves the way for the finalization of the deal in the first half of 2026.
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The rules would require paid rest breaks, among other measures.
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The research team presents the May cat heatmap.
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The unit will operate via VerTerra Insurance, the company’s E&S insurer.
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Westfield will receive $260mn in cash and ~2.75 million shares of First Financial stock worth about $65mn.
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Taylor joined the firm last year as head of product innovation.
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The decrease in premiums aligns with price cuts across the market.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
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The ratings agency cited support from parent company MSI for the upgrade.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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The exchange is backed by $100mn in funding from CD&R and others.
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Slide will also expand its footprint to New York and New Jersey towards the end of the year.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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She joins from Liberty Mutual, where she spent almost three years in various senior roles.
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The carrier is pricing shares at the upper end of the range announced this month.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Fallon will retire in January 2026 after 30 years at the company.
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A deep-dive analysis shows LitFin is not the boogeyman this industry paints it out to be.
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Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
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Markel is simplifying its structure from six US wholesale and two US retail regions to four integrated US regions.
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This is up from last year’s $1bn protection for its Florida treaty.
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The carrier has scaled up its international insurance offering in recent years.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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Rates need to be fair but also should not be “destructive of competition”.
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Few claims have been filed thus far, as damages have been highly localized.
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The ongoing demonstrations could have law enforcement liability implications.
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The company first experienced system disruptions on June 7.
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Expense ratios started to move higher in 2024 as the cycle reverses, with this trend likely to persist.
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The executive brings nearly 30 years of liability experience to the role.
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The medical care index numbers were below April’s 0.5% rise.
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Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.
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The regulator said further measures could still be passed in this session.
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Increases dropped to 5.3% from 5.6% for the previous quarter.
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High general liability losses are cause for concern despite modest improvements in other lines.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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Insurers have termed the Democrat-backed legislation “flawed”.
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The panel aimed to highlight “synergies” between insurance and litigation finance.
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The line is being launched by Joe Cala and Scott Harper, sources said.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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The acquisition follows a strategic partnership the two struck last August.
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The company filed its S-1 in March, with a 2024 CoR of 93.9%.
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The program includes all perils coverage and subsequent event protection.
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The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.
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The legislature did pass Twia reforms, however.
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The executive will remain CEO of reinsurance until September 1.
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Insurance outperformance slows as markets recover from tariff shock.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The company also has $100mn for US hurricane events.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The company’s credit ratings had been under review since early this year.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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Rates and limits have done the heavy lifting to date – but there are other options.
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The changes are aimed at improving underwriting and operational performance.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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The once niche product is generating interest in a growing number of industries and sectors.
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One measure could give regulators greater leeway to deny rate requests.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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Burford’s CEO said Chubb is inappropriately using its corporate power.
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Politically related exposures are growing for the marine market.
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Philip Enan joins following 11 years at Chubb.
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This publication reported earlier today that the S-1 filing was imminent.
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TSR previously predicted activity slightly below the 1995-2024 average.
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This publication reported earlier this year that the carrier is targeting a $250mn-$350mn raise.
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A historic cat loss year remains a possibility as storm losses accumulate.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The settlement requires Dellwood’s Price to write an apology to Peter Zaffino.
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Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
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She will continue to work with the executive team on key projects and initiatives.
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The broker called on carriers to expand coverage into new specialisms.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The team is led by ex-Liberty Mutual executive David Perez who was hired for the launch in October.
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The two parties seek to delay a judge’s summary judgment order.
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The underwriter has held positions at The Hanover, Liberty Mutual and Zurich.
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As with 2024, pricing pressure has been most acute on top layers.
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"Smoke damage is real damage," Commissioner Lara said.
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The assumption date for the combined 16,250 policies is August 19.
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The executive had served as chief investment officer since 2000.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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Third-party litigation financing remains the thorn in the sides of casualty insurers.
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Competition and ample capacity are pushing premiums lower.
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Inflation indices fell in April, but some items related to P&C are still elevated.
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Unpacking how much excess capital there really is and dissecting the source of its returns.
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Previously, the auction drew takeover interest from DB and Dai-ichi.
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Most sectors saw lower premium increases, with five reporting decreases.
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US national accounts head Paul Lavelle will retire as of June 1.
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The program will succeed the previous buyback launched in 2023.
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The moves come as the company said it will "double down" on US E&S.
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He will lead AIG’s business across Latin America and the Caribbean.
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Two wind and hail events were responsible for 60% of the total.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Revenue and expenses grew, in part due to the company’s acquisition of Beat Capital Partners.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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The revision is significantly lower than the $4.5bn October estimate.
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Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.
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Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
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Large account and E&S property have gotten competitive faster than expected.
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The former leader, Kirby Hill, will assume the role of chairman, captives and specialty programs.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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The reforms limit liability for some small businesses in the state.
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The result has been a sharp increase in the use of captives.
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He was most recently middle market casualty leader and EVP at Chubb.
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The medical CPI is up 3.1% for the last 12 months.
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“Models aren't going to tell you what the emergent risks today are,” Dolan said.
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The take-up rate will depend on the price discount and market segment.
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The industry is seen as “resilient” amid a volatile risk environment.
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Growth and returns on equity fall, but most of the industry is still profitable.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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Hits to personal auto, workers’ compensation led to a drop in NWP.
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The conference came at a particularly tumultuous time for the US insurance industry and the economy at large.
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The initial offering includes 6,875,000 shares of common stock.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The offering launched last week with a valuation between $103mn and $116.8mn.
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The MGA market now makes up 10% of the overall P&C market.
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But there’s little concern about those pressures creeping into SME accounts.
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Older accident years, targeted markets business contributes to adverse development.
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California homeowners are also expected to move admitted business to E&S.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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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 reduced its exposure on large commercial auto and property.
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Sills added that Bowhead doesn't expect a reversal of compressed limits being offered.
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Richard Schmitzer will retire as E&S president and CEO, and Todd Sutherland will succeed him.
