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Berkley news from Insurance Insider US

Broker consolidation significant, but not concerning for WR Berkley

The carrier doesn’t have big concentrations with distributors and conducts business with individual brokers.

Caroline Ryan, December 11, 2024

Reinsurers will struggle to achieve ‘flat’ renewals: WR Berkley CEO

This could change if Milton losses turn “ugly”.

Kyoung-son Song, October 21, 2024

Q3 earnings roundup October 21: Berkley, RLI, Selective

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, October 21, 2024

WR Berkley will see immaterial loss from CrowdStrike event: CEO

For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.

Kyoung-son Song, July 22, 2024

Q2 earnings roundup July 22: WR Berkley, Brown & Brown, RLI

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, July 22, 2024

Axis investor day: Are new goals aspirational or overly optimistic?

Industry trends show the Axis book value growth goal may be hard to hit.

Amit Kumar, June 04, 2024

Rob Berkley's highlighted reserving metrics vs the industry

Focus on reserves to continue as gap between cautious reservists and others emerges.

Amit Kumar, April 24, 2024

Q1 earnings roundup April 23: Chubb, Berkley

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, April 23, 2024

WR Berkley stock price falls more than 5% despite favorable results

Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.

Hal Stucker, April 23, 2024

Liability reinsurance showing ‘green shoots of discipline’: CEO Berkley

Reinsurers will try to put pressure on insurers for casualty and liability lines, as they did in property.

Kyoung-son Song, April 23, 2024

Workers' comp rate declines narrowing amid medical inflation, regulatory concerns

Carriers expressed confidence on the line’s ability to withstand medical inflation.

Shelby Rosenberg, February 28, 2024

The casualty loss reserve elephant in the room

Commercial carrier earnings continue to show mixed prior-year development.

Amit Kumar, Maria Lamberton, Husain Rupawala, February 06, 2024

WR Berkley shares gain 7% following strong Q4 results and E&S commentary

On Wednesday, the insurer reported 12% growth in net written premiums.

Kyoung-son Song, January 25, 2024

WRB top-line growth could outpace 12% in 2024: CEO

The specialty carrier’s top-line growth accelerated throughout 2023.

Kyoung-son Song, January 24, 2024

Q4 earnings roundup January 24: WR Berkley, RLI

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, January 24, 2024

WR Berkley sues reinsurers for $90mn to recoup Covid losses

The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.

Aisling Finn, January 12, 2024

Berkley Entertainment names Schuermann president, Broschart as chair

Schuermann joined Berkley Entertainment as chief operating officer in 2021 from NN Inc. Broshcart served in the president role upon the unit’s formation in 2004.

Kyoung-son Song, December 14, 2023

Berkley names Asahl president of Continental Western Group

The exec has nearly 30 years of property and casualty insurance experience and succeeds interim CWG president Melodee Saunders.

Hal Stucker, December 13, 2023

WR Berkley names Khan president of Preferred Employers Insurance

S. Akbar Khan is a 20-year insurance industry veteran, most recently serving as a senior officer at a leading national US insurer.

Shelby Rosenberg, December 11, 2023

WR Berkley names Balch president of Berkley Technology Underwriters

Christopher Balch is succeeding Matthew Mueller, who has been named chairman of the business. Both appointments are effective immediately.

Shelby Rosenberg, November 13, 2023

Social inflation ‘continues to burn’: WR Berkley CEO

The company also continues to be “very mindful” of medical cost trends, which CEO Berkley noted were shifting very quickly after a benign period.

Kyoung-son Song, October 23, 2023

Q3 earnings roundup October 23: WR Berkley, Brown & Brown, RLI

The Inside P&C news team runs you through the earnings results for the day.

Insurance Insider US news team, October 23, 2023

WRB promotes Forte to Berkley Public Entity president

Forte joined the specialty insurer in early 2018 as public entity SVP, CUO and COO after a spell at AIG based in New Jersey.

Jairo Ibarra, September 29, 2023

Executives bullish on E&S flows and rate in early Q2 calls

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

Thorsten Schier, August 01, 2023

Need to Know: The Week in Brief, E&S, Marsh

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Insurance Insider US news team, July 21, 2023

Competitor news

Fronting: Headed for its biggest test yet as premium growth slows sharply

Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.

Amit Kumar, December 17, 2024

Week in Brief: ISC sale plans, Northland’s long haul, an Alliant recap, a WTW reboot

A quick roundup of our best journalism for the week.

Hal Stucker, December 06, 2024

Abstract blurred office interior background

Trucking insurance to attract more capacity into 2025: Northland president

Newcomers enter on the belief that they have a “better mousetrap”, said Donato Monaco.

Kyoung-son Song, December 03, 2024

Arch promotes Ouwehand to head of terrorism, PV and war

Jelle Ouwehand joined Arch from Marsh, where he was a senior terrorism, PV and war broker.

Abbie Day, November 26, 2024

A member of the Pasco County Sheriff's Office goes out to help residents trapped in their homes as waters rise after Hurricane Milton caused the Anclote River to flood, Friday, Oct. 11, 2024, in New Port Richey, Fla. (AP Photo/Mike Carlson)

Allstate pegs October cat losses at $226mn post-tax

The estimate includes $102mn from Milton and $114mn Helene development.

Rachel Dalton, November 21, 2024

RPS brings on Markel’s Oh as national property president

The executive joins RPS after almost 12 years at Markel.

Caroline Ryan, November 18, 2024

Reciprocal, minority investment, majority investment, valuation, investments, private equity, capital raise, strategic option

Peltz’s activist hedge fund Trian trims Allstate holdings by ~70% in Q3

The activist investor’s position at the end of Q3 was valued around $116.3mn, SEC filings show.

Jairo Ibarra, November 15, 2024

Progressive pegs October vehicle losses from Milton, Helene at $206.5mn

Net property losses from Hurricane Milton in October reached $153.6mn.

Jairo Ibarra, November 15, 2024

Everest Global: Multiple heavy lifts at once

A signal around Q4 adverse development has brought the carrier into the spotlight.

Amit Kumar, November 13, 2024

Court grants preliminary approval for $60mn settlement involving Markel

The lawsuit involves an alleged $100mn+ Ponzi scheme.

Caroline Ryan, November 08, 2024

Cargo market faces $50mn Helene loss from Dr Pepper warehouse

The storm caused major damage to one of the drinks company’s warehouses in Tennessee.

Samuel Casey, November 08, 2024

Arch taps Gansberg and Rajeh as insurance, mortgage presidents

Both appointments are effective immediately.

Kyoung-son Song, November 07, 2024

Hybrids: Quarterly earnings show different volatility management strategies

Arch stands out among hybrids, but Axis and Everest grind it out.

Amit Kumar, November 07, 2024

AIG estimating Milton losses of $175mn-$275mn in Q4: CFO Purtill

The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.

Jairo Ibarra, November 05, 2024

Chubb forecasts Q4 after-tax net Milton losses of $208mn-$250mn

The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.

Jairo Ibarra, November 02, 2024

Helene accounted for around 45% of Arch’s Q3 cat losses: CFO Morin

Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.

Jairo Ibarra, October 31, 2024

Markel ‘cautious’ in reducing prior year loss reserves: CFO

Executives noted that US casualty and professional lines development has been close to flat this year.

Caroline Ryan, October 31, 2024

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Chubb appoints Romanelli and Sosa regional LatAm presidents

The appointments will enhance Chubb’s Latin American leadership structure.

Kyoung-son Song, October 31, 2024

Q3 earnings roundup October 30: Arch, Markel, Ryan Specialty and more

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, October 30, 2024

Shared, layered cat rates coming under pressure: Chubb’s Greenberg

Greenberg said London behavior in cat market “is almost aberrant relative to everybody else”.

Jairo Ibarra, October 30, 2024

london buildings River Thames under a bridge .png

Prosperity won’t endure in competitive London wholesale: Chubb’s Greenberg

The CEO noted, however, that the UK retail market remains a big business growing well.

Jairo Ibarra, October 30, 2024

Q3 earnings roundup October 29: Chubb, Skyward

The Insurance Insider US news team runs you through the earnings results for the day.

Insurance Insider US news team, October 29, 2024

Chubb’s P&C CoR improves 0.7 points to 87.7% despite larger cat losses

The carrier booked $250mn of pre-tax losses for Hurricane Helene.

Kyoung-son Song, October 29, 2024

Chubb appoints Benson to lead North America multinational business unit

He succeeds Laura Vest, who is retiring after 20 years with the company.

Danielle Ling, October 23, 2024

Asbestos reserve development: The next shoe to drop or a Travelers issue?

Asbestos claims for exposed insurers could place more pressure on workers’ comp reserves.

Amit Kumar, October 18, 2024

Insider On Air: Our Webinars & Podcast Channel

Webinars

Insider On Air

In Partnership With Guidewire

Insurers Evolving to Risk Mitigation to Reduce Costs

Join Insurance Insider, in partnership with Guidewire, for a free webinar, 11:30 ET/16:30 GMT Jan. 29

October 02, 2024

Insider On Air

In Partnership With Manulife Investment Management

How Insurers Are Creatively Investing in A Growing Asset Class: Natural Capital

Join Insurance Insider for a free webinar, in partnership with Manulife Investment Management, 10:30 ET/3:30 BT on Jan. 22,

August 20, 2024

Insider On Air

In Partnership With Moody's

How Insurers Are Harnessing Gen AI to Improve Risk Selection

Join Insurance Insider, in partnership with Moody’s, for a free webinar, 10:30 ET/15:30 GMT on Feb. 18

July 31, 2024

Podcasts

Behind the Headlines Podcast

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Behind the Headlines: Navium Marine's Clive Washbourn on why MGAs are the fighter jets of insurance

How do you build a $400mn MGA? Navium Marine CEO Clive Washbourn told Behind the Headlines that his business is a "fighter jet" out hunting for deals. Navium has built scale by taking on risk "in a fairly aggressive way" with large line sizes available to deploy. Whilst the marine market is now coming under pressure, Washbourn still thinks there is "robustness" in rating, although making money in the volatile Red Sea war market is challenging.

October 24, 2024

Behind the Headlines: Ian Gormley on the key takeaways from RIMS, and BMS expansion plans in 2024

Listen in as BMS UK CEO Ian Gormley shares key takeaways from RIMS, changing dynamics in the property E&S market, and BMS expansion plans in 2024.

May 23, 2024

Behind the Headlines: Rating conditions gear-shift and Inigo's Watson & Kaye on its next phase of growth

Listen in as Inigo CEO Richard Watson and head of reinsurance Alice Kaye discuss the use of data and AI in underwriting, the possibilities of entering the casualty treaty market, and all options being on the table for future capital events.

May 09, 2024

Behind the Headlines Socials_episode5.png

Behind the Headlines: Israel escalation and Convex's Paul Brand on building and running a $4bn (re)insurer

Listen in as Convex CEO Paul Brand discusses building and running a $4bn (re)insurer. Also in this episode, Insurance Insider's Rachel Dalton provides an update on Dubai flooding and reinsurance coverage in the Middle East.

April 25, 2024

From our other titles

Enstar to be taken private by shareholder Sixth Street in $5.1bn deal

The deal values the business just under its closing price on Friday, at 0.97x book value.

Adam McNestrie, July 29, 2024

Aspen promotes Dunleavy to president and Pickering to group CFO

The new leadership structure is designed to create more accountable executive roles responsive to Aspen’s strategy.

Samuel Casey, July 29, 2024

Chubb adds $1.7bn US cat top layer to treaty

The insurer also pushed up its retention by $650mn.

Fiona Robertson, July 29, 2024

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