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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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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 other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The state’s Supreme Court upheld two lower court decisions finding no liability.
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Company alum David Murie will lead the new business unit.
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Appointments include leadership in transportation, energy, marine and others.
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The executive said the floor on D&O pricing is in sight.
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The move will impact around $50mn of gross written premiums in total.
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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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The professional lines market remains ‘challenging’ overall, however.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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Pricing was “virtually flat” in the second quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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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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The insurer denies it is responsible for the actor’s legal fees.
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The company also encouraged insurers and brokers to support the initiative.
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The VC firm has been incorporated in Delaware since its founding in 2009.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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At the year’s mid-point, there were 111 new SCAs filed in federal courts.
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The executive has experience as both an attorney and a broker.
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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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He joined RPS in 1999 after a year-long stint as regional manager of Executive Risk.
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High general liability losses are cause for concern despite modest improvements in other lines.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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Competition and ample capacity are pushing premiums lower.
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Large account and E&S property have gotten competitive faster than expected.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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The executive has previously held roles at CRC Group, Allianz and Nationwide.
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“Models aren't going to tell you what the emergent risks today are,” Dolan said.
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In casualty, getting significant blocks of capacity remains a major challenge.
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The program is designed to address a changing risk environment.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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The deal is expected to close in the second quarter.
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The only major product line to see rate increases was casualty.
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The insurer's professional liability reinsurance book shrank by around 25%.
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The role will unify the P&C and professional and executive risk practices.
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The two internal hires have been with BHSI for around five years.
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The company has hired Axa XL’s Irvine to lead the new platform.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The executive was most recently chief revenue officer at Aon.
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Capital funding new litigation dropped 16% YoY, however.
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The MGA will likely expand its D&O book as well, but excess casualty will grow faster.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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A new report warns that underwriters must consider political uncertainty and macroeconomic trends.
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The executive will continue as head of BHSI’s E&P lines business.
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Inflation, tariffs and climate change are all making for an uncertain 2025.
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ProAssurance brands will be transitioned to The Doctors Company in "all/most markets" over time.
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Markel had announced the exit from the line of business in the US last year.
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The market is up against emerging risks and a whole heap of uncertainty.
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At the PLUS D&O symposium, executives raised concerns over tariffs and the role of reinsurance.