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Property pricing fell by 8%, while casualty rate increases tapered to 3%. -
Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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AWS suffered a large-scale service disruption originating in northern Virginia.
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A quiet wind season is also expected to further soften the property market.
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Bonnet has spent more than four years at WTW in increasingly senior roles.
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There’s nothing medical about SAM claims.
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Sources said the PE-backed platform retained IAP to advise on the process.
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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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The company is looking to grow through its new MGA incubator program.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The hire comes a few months after Nick Greggains was promoted to CEO.
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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 portfolio encompasses $5bn+ of subject premium across ~75 programs.
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The executive is charged with defrauding investors out of nearly $500mn.
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MGAs that are good operators will stick out compared to the rest.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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An average of 81% of property accounts renewed flat or down.
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Neil Ross was also appointed CUO for the broker’s MGA.
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Brian Church has spent 20 years at Chubb.
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Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.
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Growth concerns were top of mind at this year’s conference.
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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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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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WTW claims at least two $1mn accounts were also unfairly lost to Howden.
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The move marks Acrisure Re’s first investment in Latin America.
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Insurer results and 1.1 reinsurance renewals will shape the trajectory of 2026.
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Property underwriters are ‘competing fiercely’ to access mining risks.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
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The two executives join from Markel and Arch, respectively.
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Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Insurers continue to compete on price, especially in the SME sector.
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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Sources said that Howden Capital Markets is advising the fronting company.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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Superintendent Harris is stepping down this month after four years of service.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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Cyberattack/data breach remains in the top slot.
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The specialty insurer posted $800mn in GWP for the first six months of the year.
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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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JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.
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Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.
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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 Insurance Insider US news team runs you through this week’s key agency M&A.
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The transaction marks the largest US market entry by a Korean non-life insurer.
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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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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Global pricing is now 22% below the mid-2022 peak.
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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 risk also ranked as a top three concern for companies of all sizes.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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Markel’s Bryan Sanders is receiving the Lifetime Achievement Award for his service to the industry.
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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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Lockton Re has predicted major growth in the global cyber insurance market.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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A federal judge restricted former Marsh employees from soliciting for Howden.
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Onex is making the investment alongside PSP, Ardian and others.
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This publication revealed earlier this year that the firm was working with Ardea to explore strategic options.
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The mortgage insurer said Inigo will continue to operate as a standalone business.
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The acquisition furthers Howden’s expansion into the US retail space.
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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 as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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A process has not been launched and a firm timeline for a liquidity event has not been agreed.
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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 MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The executive joins from MSIG USA.
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The program, expected to start doing business next month, will be wholesale-only.
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It represents the platform’s formal entry into the commercial E&S market and will be led by EVP Neil Lipuma.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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Reinsurers will not back business indefinitely where loss ratios continue to exceed the industry by a wide margin.
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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 practice group will enhance the company’s existing offerings in E&S.
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The affirmations reflect Everest’s strong underwriting diversification.
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Winners and losers will emerge more clearly, with less opportunity to ride the market wave.
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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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The team previously operated with Sheerin and Woodruff but will grow to five brokers.
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Former head of construction Bill Creedon will assume the role of chairman.
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Ransomware claims have made up the majority of recent large losses.
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The boutique retail broker provides P&C and benefits services in the Mexican Caribbean hospitality sector.
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Altamont Capital MD Sam Gaynor said the goal is to have fewer programs that can each grow to a significant size.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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It is understood that CyberCube has been considering a sale of the business.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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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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Andrew Robinson returns to Lloyd’s after his previous involvement via The Hanover’s Chaucer deal.
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Growth in the SME sector could help stabilize the market, however.
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Apollo executives David Ibeson and James Slaughter are committed to the future as a combined entity.
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The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.
