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Top Stories / Ad / Most Recent
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T&Cs, as well as exclusions, remain largely unchanged, the executive said. -
The carrier is continuing to reposition its portfolio to drive more consistent returns.
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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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Interim CUO Nick Pritchard turned in his notice in August of this year.
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YTD disclosed run-off deals total 26, with $1.36bn of gross liabilities transferred.
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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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The Bermuda carrier brought a winding-up petition earlier in October.
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A re-focus on reinsurance nearly brings Everest back where it started.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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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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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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The global insurer will need to convince investors on the quality of the book.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The protection covers the US insurance book for the 2024 and prior accident years.
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The carrier has been exploring launching into P&C organically or via acquisition.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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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 carrier has renewed and extended its capacity arrangement with the MGA.
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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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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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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 company will continue its capacity partnership with the MGA until 2030.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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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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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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The business said it was experiencing strong momentum on the Island.
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The affirmations reflect Everest’s strong underwriting diversification.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The executive most recently served as head of North American treaty reinsurance.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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CFO Liam Caffrey has been elected as Rountree’s successor.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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James River said the court was right to dismiss the fraud case.
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Analysis of market conditions, reserves show that this might not lead to an overnight consolidation boom.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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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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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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This publication revealed yesterday that the two were in detailed takeover talks.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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The company said the judge overlooked key issues in dismissing its fraud case.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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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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Property MGA Arden Insurance Services specialises in multi-family habitations.
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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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The executive said the floor on D&O pricing is in sight.
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The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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The carrier reported an increase of 82% in pre-tax income.
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The move will impact around $50mn of gross written premiums in total.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The loss was driven by nat cats and reserve adjustments in US casualty.
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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 also expanded its relationships with US and UK MGAs.
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The company was right to drop its reinsurance unit and refocus on its specialty roots.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.
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Nadia Beckert was promoted to Bermuda CUO in March.
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Specialty casualty now accounts for around 22.2% of its insurance business mix.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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The Bermudian said its pursuit of SMEs through M&A will provide sustainable improvements to its bottom line.
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Pricing was “virtually flat” in the second quarter.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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The carrier said market dynamics were shifting due to increased capacity.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Jill Beggs was most recently COO for reinsurance.
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The judge ruled the deal relied too heavily on Bermuda law for US law to apply.
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Last year, the firm obtained a Class 4 license in Bermuda.
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The appointments will be effective as of August 1.
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The take-private deal was announced in July 2024.
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The changes affect operations in Switzerland, Bermuda and the US.
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Andrew Pryde succeeds Andreas Kull, who will stay on until September.
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Willis’ continued reinsurance build-out has targeted London and Bermuda marine and retro specialists.
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The appointments are pending regulatory approval.
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The company has also promoted Alex Baker and Tim Duffin.
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The carrier has scaled up its international insurance offering in recent years.
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The executive brings nearly 30 years of liability experience to the role.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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The Bermuda-based team is led by John Fletcher.
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Argo shelved the sale of its Bermudian insurance business in mid-2024.
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The reinsurer has also appointed Mehdi Benleulmi as global head of credit.
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The broker has been building out its Bermuda reinsurance presence.
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With fee income less understood, a primary acquisition or merger could reset the narrative.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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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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Bredahl has been appointed CEO and Bonneau as chairman.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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She will continue to work with the executive team on key projects and initiatives.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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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 CEO said Ascot would deploy capital where it sees opportunities.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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Neil Eckert has been chair since the carrier was founded.
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The company completed its upsized IPO last week and traded up to 1.3x book.
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The company’s upsized public offering priced at $30 per ordinary share.
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Hamilton also expects rising demand and stable supply for June 1 renewals.
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The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.
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The executive was previously a top US casualty broker.
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Space pricing experienced double-digit increases after the 2023 capacity retreat.
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The appointment follows the recent exits of CUO Chatterjee and SVP Dharma-Wardana.
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The Insurance Insider US news team runs you through the earnings results for the day.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The reduction was due to impacts from investments and less favourable PYD.
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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.
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The remediation process is on track for completion in the fourth quarter.
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The days of 30%+ growth are probably behind the firm, he said.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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However, the firm will take a “conservative approach” until the improvements are shown in data.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The CUO’s turnover closely follows that of the CEO.
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ISA is part of Ryan Specialty National Programs, which launched last month.
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The executive was named group CEO in January.
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Joe Fobert will report to William Hazelton, EVP of Everest.
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Jeanmarie Giordano joined the company last September.
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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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Nadia Beckert joined the carrier as an underwriter in 2021.
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The executive was Everest CEO from 1994 to 2013 and has served as board chair since 1994.
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Former CEO Buss had been appointed in November 2023.
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The rating allows IQUW to access $1bn in group capital.
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Industry sources estimate the market to be around $3bn.
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A quick roundup of our best journalism for the week.
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Shareholders say the stock has declined around 59% in the past year while book value has dropped ~30%.
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He also joined Everest’s board last week as an independent director.
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Last year, the firm consolidated financial and excess liability lines under the leadership of Richard Porter.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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The company is seeking to promote growth in its US excess casualty book.
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“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.
