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The company and its main debt provider Ares agreed to relax its debt terms in April. -
A former NOAA climatologist who left the agency is running the new operation.
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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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There’s nothing medical about SAM claims.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Critics claim the dispute system denies consumers' key legal rights.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The federal panel hasn’t finalized a timeline for formulating the new rules.
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Shared and layered accounts are seen as reaping the biggest benefits.
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Fronting doesn’t look any better when it’s broken down by segment.
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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 governor has yet to sign a pending bill to create a public cat model.
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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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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Expansion into adjacent markets, capital return and M&A among top means of capital deployment.
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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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Sexual abuse and molestation exclusions are starting to hold in higher layers of hospital towers this year.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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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 jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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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 tropical cyclone is expected to be named Imelda.
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Juries don’t significantly differentiate in cases involving severe injury.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Rates continue to be favorable for buyers across major lines of coverage.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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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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The proposed changes aim to establish clear guidelines for intervenors.
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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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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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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 MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The measures also seek to encourage greater wildfire mitigation efforts.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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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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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Models anticipate a busier second half, particularly in the next few weeks.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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Ransomware claims have made up the majority of recent large losses.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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The fundraising round brought in $50mn for the insurer.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Clients in the segments that AIG trades in may not be as receptive to the idea as the insurer would like.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The executive said claims can be a differentiator in a softening market.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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The data modeling firm said losses previously averaged $132bn annually.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The group claims the White House is undermining disaster preparedness.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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Storm surge of two to four feet could affect the North Carolina coast.
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The Delaware high court’s reasoning could find application in other cases.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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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 was hit with a data breach on July 16.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Profitability improves, even as growth stagnates.
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The estimate covers property and vehicle claims.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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Both organisations still predict an above-average hurricane season.
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As the fires spread, the priority shifted from saving structures to saving lives.
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The forecast has increased since the early July update due to several additional factors.
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California wildfires account for $40bn of the insured loss tally in H1.
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The group has hit multiple industries since March, including a raft of insurance companies.
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The risk of cyber incidents that cause physical damage is also rising.
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Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.
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This follows last month’s takeout of 12,000 Citizens policies.
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The CEO said business remains adequately priced in most classes.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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The regional insurer has increased its weighting to OLO and commercial auto, versus comp.
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Insured losses produced the second highest first-half tally since records began in 1980.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company adjusts its rate options to expand California business under the new cat model.
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The executive said the claims industry is going to “be transformed”.
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Court documents show Travelers subsidiary Northfield Insurance is the insurer.
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The research team presents the June cat heatmap.
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Pricing slowdown and reserving concerns are the hot-button topics as earnings kick off.
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The company also encouraged insurers and brokers to support the initiative.
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Rising inflation could raise claims severity but also increase investment income.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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Rate gains are easing across many commercial and personal lines.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.
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State legislation has led to major strides in rate adequacy.
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Social inflation, reserving, and organic growth are the topics to watch this earnings season.
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Category 4 and 5 storms could become more common and hit further north.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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Despite predicting fewer hurricanes, the numbers are still above average.
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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 weather-modelling agency is predicting a below-normal season.
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The floods have killed at least 81 people, with dozens more missing.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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The investigation follows several civil racketeering cases filed by Tradesman based on similar facts.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The company said the reduction was due to years of steady improvements.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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The exec said the feds have been given data to potentially pursue criminal charges.
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With the added capacity, the MGA can offer up to $35mn per risk.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.
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The insurer intends to take on up to 81,040 policies this year.
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The outages began around 07:00 ET on Tuesday.
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Much was learned after the fires, but it could take years before that data influences models.
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The insurer’s system has now been out of commission for over two weeks.
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In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.
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The research team presents the May cat heatmap.
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It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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The impact of SAM claims is reverberating through the tower and the broader marketplace beyond hospitals.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Coverage has broadened while limits have increased, the broker said.
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A deep-dive analysis shows LitFin is not the boogeyman this industry paints it out to be.
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This is up from last year’s $1bn protection for its Florida treaty.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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Few claims have been filed thus far, as damages have been highly localized.
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Van Bakel said that AI can help triage thousands of disaster claims.
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The company first experienced system disruptions on June 7.
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The suit, filed in Florida federal court, is Uber’s second Rico case.
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The former Hub executive has over 30 years of experience in transportation.
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Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.
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The number has expanded by around 40% from an earlier update, sources said.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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The modeller said the insurance market could be exposed to unexpected aggregations.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The executive has 15 years of experience in meteorology and cat analytics.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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With fee income less understood, a primary acquisition or merger could reset the narrative.
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HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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Most of the losses are attributable to a supercell storm in Texas.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Starr and Axon also are among those on the Marsh USA-placed $40mn line.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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Burford’s CEO said Chubb is inappropriately using its corporate power.
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Politically related exposures are growing for the marine market.
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TSR previously predicted activity slightly below the 1995-2024 average.
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A historic cat loss year remains a possibility as storm losses accumulate.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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The two parties seek to delay a judge’s summary judgment order.
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