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Dale Krupowicz was also named head of operations for the segment. -
Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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The industry veteran has been in personal lines HNW for more than four decades.
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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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The January wildfires did little to hamper their appetite, apart from California.
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The transition will be implemented starting October 15.
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The executive has been with the firm for close to 15 years.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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The LA wildfires, however, will be the firm’s largest event to date.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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The counties make up for the majority of the state’s high net worth market, sources said.
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The coverage will only be available in Illinois and Michigan at first.
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The MGA recently secured capacity to write HNW homes in California.
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Four cat modelers have also submitted their tech for regulatory review.
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The carrier is only going to write new business on E&S paper, sources said.
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Under the new guidelines, the carrier is requiring more distance from the brush.
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Former PRS president Ana Robic was promoted to regional president.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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RenRe gave the highest anticipated market loss of $50bn.
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After a period of re-assessing risk appetite, underwriters were signalling growth again – that was, before the fires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
