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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP. -
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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The regulations are designed to address long-term solvency concerns.
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A quick roundup of today’s need-to-know news, including AIG, Everest, Brown & Brown and more.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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Erbig joins after more than 20 years in finance-related positions at Liberty Mutual.
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Opportunities for growth remain in small and medium commercial accounts.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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BP Marsh has agreed the sale of its 28.2% shareholding as part of the deal.
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Jason Keen joined Everest in 2022 as head of international.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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The executive joined the Dallas-based insurer as CUO in 2023.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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A quick roundup of today’s need-to-know news, including IGI and Hurricane Melissa.
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This publication revealed the move earlier this year.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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The specialty carrier’s share price fell nearly 7% on the day of the call.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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A quick roundup of today’s need-to-know news, including BMS, the AWS outage, September CPI and more.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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A quick roundup of our best journalism for the week.
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The company sees itself in a “very strong position” in the state.
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The broker said WTW hasn’t shown it was irreparably harmed by the defection.
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APIP is one of the world’s largest property programs.
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September’s medical care index increase follows a 0.2% drop in August.
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A canvassing of the cyber market suggests the impact will be negligible.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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The range allows “for information that could emerge beyond what is known today”.
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Haney will remain on board as a senior adviser.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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The appointments are aimed at offering a clearer team structure.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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A quick roundup of today’s need-to-know news, including Charles Taylor, global pricing, Selective and more.
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Sources said that the executive will join the reinsurance brokerage next year, after his garden leave expires.
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WTW’s Jessica Klipphahn will take over as head of North America mid-market.
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Old Republic said the acquisition is expected to close in 2026.
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The company saw growth accelerate in its property and casualty segments.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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Ben Hanback joins from Aon, where he spent almost a decade.
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The company and its main debt provider Ares agreed to relax its debt terms in April.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Bill Ross has been CEO of the non-profit for 21 years.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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A quick roundup of today’s need-to-know news, including Chubb Q3 earnings, climate disaster data and more.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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A former NOAA climatologist who left the agency is running the new operation.
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AWS suffered a large-scale service disruption originating in northern Virginia.
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Pre-tax cat losses were down 63% from the prior year quarter to $285mn.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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