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Zurich News from Insurance Insider US
The cyber business will continue to operate as a standalone entity.
Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
US national accounts head Paul Lavelle will retire as of June 1.
He was most recently middle market casualty leader and EVP at Chubb.
The take-up rate will depend on the price discount and market segment.
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.
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Allstate attributed the bulk of its losses to three major wind and hail events. -
Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
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Two wind and hail events were responsible for 60% of the total.
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In Partnership With AXISAXIS recently entered a partnership with Project Healthy Minds. “We live in a world that is fairly uncertain… the notion of feeling comfortable and talking about mental health needs is critically important,” said Vince Tizzio, president and CEO of AXIS, during an interview with Phil Schermer, founder and CEO of Project Healthy Minds, and Insurance Insider’s Meg Green.
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In Partnership With MSIG USAOver the next six to eight months, MSIG USA will continue its US expansion with new hires and new products, including launching cyber coverage, said Peter McKenna, CEO of MSIG USA, at RISKWORLD in San Diego.
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In Partnership With Munich ReHeading into hurricane season, the property insurance market continues to face the impact of inflation and severe convective storms, said Martin Neuhaus, president, Munich Re Facultative & Corporate North America at RISKWORLD in San Diego.
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Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
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