Casualty/GL
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Reinsurers will likely push for double-digit US premium rate increases.
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US liability was a hot topic at the European conference.
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Increasing loss picks in difficult lines suggest top writers are accepting shifting loss trends.
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The lawsuit names additional attorneys, doctors and medical practices.
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The company is currently “underweight” in that line of business, he added.
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The reinsurer constructed a “social inflation index” for a new study.
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The broker reported that global reinsurer capital reached a record of $695bn as of June 30.
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The transaction complements its previous acquisition of RMS in 2021.
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Rate increases on primary liability placements range from 10% to 20%.
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The highest releases in nearly 15 years challenge conventional wisdom on reserving.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The lawsuit demands coverage from insurers following opioid and product liability-related settlements.
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While the alleged fraud is shocking, could it suggest the industry is under-investing in claims?
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This is in large part due to the current legal environment and inflation continuing to push medical pricing up.
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The top four lines posted low-single digit to high-single digit policy count growth.
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The executive joined Chubb in 2013 as assistant VP and regional manager.
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The executive brings more than 30 years of industry experience to the role.
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The complaints are the first effort to crack down on existing suspicions.
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Britt Sellers joins as head of brokerage casualty and Tyler Turk as director, primary casualty.
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Reserve analysis shows that OL reserving may be insufficient for recent AYs.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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Loss cost inflation remains an unknown and is sustaining price discipline.
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Executives flagged elevated packaged auto loss activity in Q2.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The all-items CPI increased 3% year-over-year, down from 3.3% in May.
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“Hammer letters” are going around, and insurers are struggling to coordinate on claims handling.
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“I think it just starts with people just being desensitized to these numbers,” he said.
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Claims department investment is needed to compete with the plaintiffs’ bar.
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The all-items CPI has increased 3.3% over the last 12 months.
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The number of nuclear verdicts rebounded to pre-pandemic levels by 2022, USCC data shows.
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Loss picks for other liability are at a 23-year high, but that still may not be enough.
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The H2 rate predictions mark a slight moderation from those in H1.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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He will oversee management of the P&C loss adjusting business.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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The executive’s experience centers on program design for complex risk.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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Ascot is supporting Trident, Paragon’s public entity casualty insurance program.
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The CEO said he is “optimistic” about the future of the commercial space.
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Casualty is less of a concern, despite reserving issues.
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Reserving actions have added pressure to upward pricing.
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The CEO said companies are still taking charges on years 2013 to 2019.
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As the industry gathers in San Diego, these are the key discussion points.
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Other executive hires include AIG’s Joseph Fitzpatrick as head of distribution.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
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Social and medical inflation and litigation financing were among the factors cited.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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Workers’ comp releases continue to mask deteriorating reserves in 2023.
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Joy had previously set up the casualty practice at Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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A more business-friendly approach will be offset by increased uncertainty.
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But auto insurance is still a ‘hot-button’ item for carriers.
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AM Best then withdrew its ratings at the company’s request.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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Other liability adverse development is being offset by workers' compensation releases.
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Some carriers may be pressing too hard on reserve releases from recent years.
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The firm took a major reserve charge and has gone into remediation mode.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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Given a number of complexities, the landing zone on a take-out price is small.
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Is this a temporary spike or the start of a multi-quarter trend?
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The drivers are not surprising, but the extent of development is, execs said.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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The carrier believes its existing reserves account for any liability relating to claims.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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According to a survey, 35% of small businesses do not have general liability insurance, and 39% of those operating for 10 years or more have never updated their GL coverage.
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Inside P&C’s news team brings you all the top news from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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It is more dependent on property, and its longevity is uncertain.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Nearly 30 new players have entered the market in the past two and a half years, with three already having closed.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Inside P&C’s news team runs you through the key highlights of the week.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The hard reinsurance market and elevated cat losses continued to drive rate increases.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.
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The bishop’s insurance policies include general liability coverage, auto, employment practices, E&O, D&O, excess liability, cyber and sexual misconduct.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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During the first quarter, Chubb paid $200mn and another $300mn last month, according to the company’s Q1 10-Q filed with the SEC.
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The insurer made the payment on April 20, according to SEC filings reviewed by Inside P&C.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.
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The US continues to experience catastrophic flash flooding and heavy rainfall events that are impacting “inland” areas across the country, as well as coastal areas.
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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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General and products liability rate increases will slow down in 2023, with an expanding number of insureds expected to experience flat to 5% hikes as the year progresses, according to USI.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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As casualty lines face higher uncertainty, reinsurers are in a better position to negotiate prices and terms than they were a year ago.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The agency noted that the group had shown a “notable decline” in results, impacted by inherent risks stemming from exposure to catastrophe and personal auto.
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Casualty underwriters were taking a “conservative and selective approach” with high-risk categories and accounts with poorer loss histories.
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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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With pricing decelerating and loss-cost trends potentially reversing, regionals should continue to execute on their present strategy.
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The broker sees rising costs pushing more careful underwriting and rate rises across multiple business lines for the rest of 2022.
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In a growing number of wildfire-prone areas, capacity is a challenge even as premiums and deductibles spike.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The MGA writes management liability, professional indemnity, crime and cyber risk.
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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
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Alaska National’s Wayne Bryan will lead the new venture.
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Commercial auto, hospitality, public entity and higher ed are among the sectors seeing continued rate hikes and limited capacity, according to CRC Group.
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On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.
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Although P&C insurers had 9% premium growth, the underwriting loss in 2021 follows a $4.4bn underwriting gain in 2020.
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As the federal government tightens rules on PFAS and lawsuits swell, calculating the exposure for the insurance industry is a daunting task.
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The firm initiated an exploration of strategic alternatives – including a potential sale or merger.
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The commercial lines bellwether reported positive quarterly earnings, but challenges may still be ahead.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Activist investors continue to tighten the screw on the insurer’s management team.
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The $130mn-$140mn reserve charge undermines the management case that it can turn the business around.
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The firm posted positive quarterly earnings results, but it's too soon view this this as a new trendline.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The insurer becomes the latest carrier to more heavily draw a distinction between its wholesale and retail units.
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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The firm reported encouraging quarterly earnings, but social inflation and other challenges still loom.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Joe Murphy has left his senior underwriter post to join the Ryan Specialty Group-owned MGA.
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Capping the firm’s positive quarterly results, Travelers noted a strong but moderating rate in the business insurance segment in a positive read-through for commercial lines carriers.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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Social Inflation could rebound faster than expected and disrupt the industry's narrative on margin expansion.
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A jury in Missouri originally awarded women involved in the case $4.7bn in compensation and damages in 2018, an award later reduced to $2bn by a state appeals court.
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CPI surged to 4.2% in April, levels not seen since before the Global Financial Crisis.
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Ascot Group named Matthew Lillegard to its newly created post of group chief actuary on Wednesday, the latest in a flurry of hires.
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Manuel Giner and Shawn O’Neill are now senior managing directors at the business.
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But rates remain in positive territory and pockets remain hard even as competition picks up.
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Demotech rates around 400 insurers in the US, most of which write cover in the admitted lines market.
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Andrew Belisle joins the business from transactional liability MGA ASQ Underwriting.
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The trade association elects Worldwide Facilities CEO Davis Moore as president.
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The carrier believes the rising casualty claims count will continue post-Covid-19.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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Michelle Glass was most recently SVP and casualty team lead at the German reinsurer.
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Excess casualty market hardening continues into the new year, although pace of rate rises may slacken.
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The hire reflects Ascot’s push to build capabilities on the island.
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The insurer is also said to have scaled back its cession percentage to between 25%-30%, with final signings still being determined.
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Price-to-earnings multiples suggest that the P&C stocks are currently the most undervalued they have been since 2012.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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D&O carriers are now assessing corporations’ board diversity plans as part of the underwriting process.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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The deal covers subject premium of around $2bn and will run for 18 months.
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The latest Willis hires comes as the London-based broker targets the US fac market.
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The Accredited program partner has plans to expand into new lines of business.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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Reinsurers demand exclusions and rate rises in all classes amid pandemic uncertainty.
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The equity research firm names Beazley as most exposed to the price growth within casualty because of its US hospitals business.
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Capacity withdrawals force risk managers of large corporates to buy less cover to manage costs.
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Concerns over crew liability claims have led carriers to change wordings and tighten underwriting criteria.
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At least 20 states in the US have so far moved to limit the liability of care home operators.
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A public insurance certificate unearthed by Reuters shows that the insurers are involved despite pledges to fight climate change.
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Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey.
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Florian Beerli, Angela Ives, Jae Park and Alex Marti join the carrier from Chubb.
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The Chubb CEO calls on Congress to shield corporate America from Covid-19-related litigation as the US begins to re-open.
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At least one insurer, Chubb, has paused quoting casualty cover for new healthcare clients.
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The executive was head of casualty for North America and London for Axis Reinsurance.
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Carriers are retracting quotes as they balk at taking on further risk amid the Covid-19 pandemic, according to market sources.
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The analyst predicted that rate hardening will continue, albeit with reduced premium levels.
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Jonah Pfeffer was previously president of reinsurance at OneBeacon.
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Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
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The move follows S&P and Fitch putting ProAssurance’s ratings under review.
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The executive said syndicates would struggle to grow market share as casualty rates rise.
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The ratings agency said its outlook on the carrier remains unchanged following the announcement of its acquisition of Norcal.
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Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The CEO explained the reasoning for the carrier's recent reserve increase during a call with analysts on Wednesday.
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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results.
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General liability, professional liability and personal lines were key growth areas for the carrier.
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The Ukrainian airline executive said insurers are seeking permission from the US to make payments.
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The move by a senior claims executive to the underwriting side comes amid mounting casualty claims due to social inflation.
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SVP Tom Jurgens told The Insurance Insider that he expects the book to grow at least 15 percent this year.
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Disruption in P&C markets is expected to boost demand for captive services.
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Sources said Island Express Helicopters holds a $50mn hull and liability insurance policy.
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On Thursday morning, Travelers reported EPS of $3.32 versus $2.13 YoY and a headline beat versus analyst consensus of $3.29, in part driven by low catastrophe losses (thanks to an aggregate reinsurance recovery).
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The former Navigators executive has set up a consultancy called G58 to work with private equity and insurance clients.
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Sources said carriers will likely need OFAC approval to make liability payments to Iranian families.
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The case exemplifies the complications historic opioid claims are causing in the market.
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The experienced legal and claims executive will underwrite and service a variety of accounts.
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Losses in the wider casualty market are affecting relatively loss-free pockets of the energy sector.
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Rate growth fails to meet early expectations but the market is clearly tightening in aggregate.
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Hilary Brown most recently served as head of casualty, international for AIG.
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Strong balance-sheet growth, marginal operating performance, favourable business profile and appropriate enterprise risk management were factors in the outlook.
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The mutual would provide capacity to a network of managing general agents, in order to increase options available for cannabis businesses.
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A hearing on the settlement has been pushed back seven times since it was first placed on the bankruptcy court's calendar for September.
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Casualty has “a definite trend towards improving terms”, the head of casualty underwriting for the US and Canada said.
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The incident has prompted the filing of lawsuits over allegations that people were exposed to high levels of Butadiene.
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Adam Lantrip, Sam Levine and Laura Burke have joined the new division.
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Colm Sheedy will work alongside senior class underwrtier Joe Murphy to expand the book.
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The Miami-based group will initially focus on developing property and casualty, employee benefits and corporate business.
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Mia Finsness will assume new global responsibilities for the insurer’s casualty portfolio.
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Gregory Schilz, Grant Nichols and Brian Lu join the broker from Marsh JLT.
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The move follows an exodus of casualty underwriters from Swiss Re’s primary business over 2019.
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Casualty rates and T&Cs should improve for 24-36 months, the executive said.
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Aon's Robert Johnston takes the Bermuda chairman role, with incumbent John Fletcher moving to the regional CEO post.
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The ratings firm’s analysis suggests that rising claims costs and thin margins present an “earnings risk” to the industry.
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A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
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The AIG subsidiary achieved rate rises of 30 percent across commercial D&O while also reducing its portfolio loss exposure.
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Paul Rivett said social inflation, interest rates and tightening capacity at Lloyd’s had heightened pressure on underwriters.
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The conference in Boston also flagged anxiety about a third year of wildfire losses from California.
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The new business segment will target premiums of about $50mn-$100mn over the next five years.
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