Nationwide
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Activists from the left and the right are focusing on insurance, often on the same issues. -
The company was right to drop its reinsurance unit and refocus on its specialty roots.
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The president expects to see benefits from the deal in H2 2026.
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Lion's share of Markel Re staff have been offered roles at Ryan, with others to work on run-off.
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Nationwide will delegate management of the policies to Ryan Specialty.
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Industry veteran Tonya Courtney will lead the company’s newest E&S business.
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The Nationwide subsidiary is a $750mn-premium wholesale brokerage that serves about 10,000 local agents.
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The move will expand Nationwide’s stop loss insurance sales to SMEs.
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The executive previously worked at Guy Carpenter and AIG.
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Non-renewals for certain policies will start on September 1, 2024.
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The non-renewals will continue through June 15, 2025.
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The executive joins from Chubb where she was EVP, digital business officer.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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The executive will lead a new specialty business line focused on global credit and political risk.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.
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The business reductions will affect policies up for renewal from December 2023 to July 2024.
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Inside P&C’s news team runs you through the key highlights of the week.
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CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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The carrier said the purpose of the changes is to mitigate risk and manage its personal and commercial lines portfolios.
