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Zurich News from Insurance Insider US
The facility is a nudge towards a structural change, not a full-out assault.
Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
The facility provides up to $100mn in claims-made excess casualty coverage.
The carrier is looking to accelerate E&S growth after 7% expansion in 2024.
The insurer claims Jessica Balsam still holds Zurich confidential information.
The division is seeking to place underwriters in regions across the US.
Also, John Diaz will lead a customer and distribution management function.
The sale of the business was confirmed in June.
GWP declined to $11.1bn from $11.3bn in the US and to $484mn from $527mn in the rest of the region.
He succeeds Rob Clark, who was appointed global broker account lead.
This publication reported yesterday that the two carriers were nearing a deal.
The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
The CEO said he is “optimistic” about the future of the commercial space.
Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
The executive has been with Zurich since 2018.
The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
The executive worked on projects with the firm when he was an investment banker.
He was most recently cyber product leader at Zurich NA.
Zurich NA's operating profit grew to $2.65bn in 2023 from $2bn the prior year.
The changes precede the retirement of direct markets head Vince Santivasi.
Partnerships can address growing cyber threats such as DDoS attacks and ransomware, as well as AI.
The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
Zurich North America has named Eric Cittadino head of programs effective September 1, the carrier announced on Thursday.
NA commercial rates accelerated 9% in Q2 as property pricing rose 18% and auto pricing went up 9%.
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From Insurance Insider US
American Coastal enters agreement to sell personal lines subsidiary Interboro
A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
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