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Christie Smythe
Published by this author:
Fema extends flood insurance renewal grace period
Policyholders will have a grace period of up to 120 days before coverage lapses.
Christie Smythe
,
May 20, 2020
Judge slams MMC subpoenas to CAC hires as ‘fishing expedition’
The judge also allowed MMC to amend a trade secrets suit over employee defections to add further allegations about Cobbs Allen.
Christie Smythe
,
May 08, 2020
Argo expects ‘magnitude’ of Covid-19 property claims to fall: Rehnberg
The carrier’s chief executive officer said the “vast majority” of BI cover in the US has virus exclusions.
Christie Smythe
,
May 08, 2020
Covid-19 will be an ‘inflection point’ on pricing: Duperreault
AIG “remains in a strong financial position” despite the pandemic, the executive said.
Christie Smythe
,
May 05, 2020
Berkshire Hathaway would write pandemic cover for 'the right price': Buffett
Warren Buffett told shareholders that the company has so far faced limited claims impact from the coronavirus.
Christie Smythe
,
May 04, 2020
Berkshire Hathaway Q1 underwriting profit slips amid pandemic
The company reported a 7 percent dip in underwriting income as it took a hit from $230mn in Covid-19 claims.
Christie Smythe
,
May 02, 2020
RLI sees 500 claims so far from coronavirus
Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.
Christie Smythe
,
April 22, 2020
MMC subpoenas 13 CAC employees as defection litigation ramps up
Process servers showed up at some employees’ homes on Thursday evening to deliver documents, according to sources.
Christie Smythe
,
April 17, 2020
Venbrook names Ahuja COO to oversee top-line growth
Sonia Ahuja comes to the Los Angeles-based wholesale broker from Farmers Financial Solutions.
Christie Smythe
,
April 15, 2020
P&C sector well-positioned for Covid-19 but ‘regulatory creep’ lurks: AM Best
The ratings agency discussed impacts from the pandemic and noted that it is still awaiting responses to a “stress test” questionnaire.
Christie Smythe
,
April 09, 2020
Enstar reaches $465mn reinsurance deal for Lyft legacy reserves
The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
Christie Smythe
,
March 31, 2020
Illinois theatres and restaurants sue insurer over Covid-19 business losses
The entities allege that Wisconsin-based Society Insurance should provide coverage for "necessary suspension" of business.
Christie Smythe
,
March 31, 2020
Pandemic product saw no takers before coronavirus: Marsh broker
Marsh is now seeking new carriers to cover pandemics as demand for its PathogenRX product rises.
Bernard Goyder
,
March 17, 2020
Cruise line suit signals possible wave of coronavirus D&O claims
The case is likely the first over alleged misrepresentations to investors about the virus.
Christie Smythe
,
March 17, 2020
US insurance stocks tumble as businesses, schools shut
The S&P 500 insurance index was down more than 13 percent at market’s close, while some insurers dropped more than 20 percent.
Christie Smythe
,
March 16, 2020
CAC appoints O'Neil as SVP in financial lines legal and claims
Carrie O'Neil most recently served as senior vice president at JLT Specialty, leading the financial lines legal and claims team.
Christie Smythe
,
March 09, 2020
US P&C industry swings to underwriting profit in 2019: AM Best
Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
Bernard Goyder
,
March 06, 2020
IRB Resseguros ratings placed under review by AM Best
The Brazilian reinsurer's ratings were placed under review with negative implications after the sudden departure of its CFO and CEO.
Christie Smythe
,
March 06, 2020
Reinsurer enthusiasm cools on InsurTech capacity deals
Munich Re's move to pull back capacity to Hippo comes as reinsurers are looking more cautiously at InsurTechs.
Bernard Goyder
,
March 06, 2020
Atlantic Specialty settles with NBC Universal over war exclusion
The production company sought coverage after violence in Israel caused it to change filming locations for the show “Dig”.
Christie Smythe
,
March 05, 2020
ProAssurance strikes $450mn deal to acquire Norcal
Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
Christie Smythe
,
February 21, 2020
Insurers settle Frenchman’s Reef claim for $247mn
The resort’s owner said it had settled its dispute with XL, Lloyd’s underwriters and US Fire over a Hurricane Irma claim.
Christie Smythe
,
February 20, 2020
FedNat discloses $12mn in pre-tax Q4 adverse development
The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
Christie Smythe
,
February 20, 2020
Fairfax units ‘ready to expand’ in 2020: Watsa
The Canadian carrier's insurance units are looking to take advantage of a favourable rate environment.
Christie Smythe
,
February 14, 2020
Arch writes opportunistic retro at 1.1
The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
Christie Smythe
,
February 14, 2020
Fairfax investment performance drives Q4 profit
The Toronto-based firm reported net earnings of $24.62 per share, beating consensus by a wide margin.
Christie Smythe
,
February 13, 2020
AIG saw $320mn gross reserve hit from US financial lines
Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
Christie Smythe
,
February 13, 2020
‘Signs of discipline’ emerging in reinsurance: Arch’s Grandisson
The carrier is seeing increasing submission levels and “much improved pricing” in facultative reinsurance.
Christie Smythe
,
February 12, 2020
Market shifting from ‘U’ to a ‘W’: Everest Re’s Doucette
The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
Christie Smythe
,
February 11, 2020
Insurance comparison site The Zebra raises $38.5mn
The series C fundraising round was led by Accel and joined by other investors including Weatherford Capital.
Christie Smythe
,
February 05, 2020
Severity appears ‘stable’ in primary casualty: Greenberg
The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results.
Christie Smythe
,
February 05, 2020
CAC Specialty hires ex-Deutsche Bank financier as CFO
Chris Trotter will have the same role at parent Cobbs Allen.
Christie Smythe
,
February 03, 2020
McGriff non-compete declared mostly ‘void’ for CAC hire McCollister
The ruling is another blow to McGriff in its battle over the loss of senior employees to the rival.
Christie Smythe
,
January 21, 2020
Chubb hits back at Target in payment card claim dispute
The lawsuit over $74mn in losses from a 2013 data breach is closely-watched by the cyber insurance market.
Christie Smythe
,
January 16, 2020
CAC slams Marsh USA poaching lawsuit as ‘paper thin’
CAC asked a judge to throw out a suit over the hiring of 30 employees and leave allegations involving Mike Rice to arbitration.
Christie Smythe
,
January 10, 2020
Windhaven placed into liquidation by Florida judge
A state regulator has determined that efforts to rehabilitate the auto insurer would be "useless".
Christie Smythe
,
January 08, 2020
Marsh JLT Specialty settles poaching case against NFP
The broking giant also resolved its case against four former employees who left for the smaller rival.
Christie Smythe
,
January 03, 2020
Assurant president and CEO for Canada steps down
Paul Cosgrove will succeed Bob Zanussi, who is retiring from his roles as president and CEO of the Canadian operations.
Christie Smythe
,
January 02, 2020
The Hanover announces commercial lines leadership changes
Mitchell was appointed president of middle market, while Grieco was made chief product and underwriting officer for commercial and specialty.
Christie Smythe
,
January 02, 2020
Axis, Gen Re and TransRe drop off NFIP reinsurance panel
The government-run flood insurance provider secured $1.33bn in reinsurance coverage for 2020.
Christie Smythe
,
January 02, 2020
AIG’s Browne joins Berkshire as UK, Europe head of casualty
Hilary Brown most recently served as head of casualty, international for AIG.
Christie Smythe
,
December 27, 2019
Alliant hires Vaught from Marsh for Houston office
Karey Vaught has joined Alliant as an executive vice president, serving US energy and marine clients.
Christie Smythe
,
December 23, 2019
Tria reauthorisation wins inclusion in US federal spending bill
A seven-year extension of the terrorism insurance programme is now part of a $1.3tn negotiated package finalised Monday.
Christie Smythe
,
December 16, 2019
Insurers boost advance payment to bankrupt Philadelphia refinery firm
The parent of Philadelphia Energy Solutions will receive an additional $15mn upfront for damage from a refinery fire.
Christie Smythe
,
December 13, 2019
Reinsurers win bid to arbitrate $50mn Integrand claims dispute
Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
Christie Smythe
,
December 12, 2019
CRC hires sue Burns & Wilcox over non-compete agreements
Former Burns & Wilcox employees in Colorado, North Carolina and Louisiana allege that the restrictions are unenforceable.
Christie Smythe
,
December 11, 2019
Watford reaches deal to buy Axeria IARD
The French property and casualty insurer has in-force gross premiums written of about EUR140mn.
Christie Smythe
,
December 06, 2019
Burns & Wilcox loses bid for emergency injunction against CRC hires
The lawsuit against CRC and former Burns & Wilcox employees will continue on damages claims.
Christie Smythe
,
December 04, 2019
CRC accuses Burns & Wilcox of ‘baseless’ lawsuit
The BB&T-owned broker said its rival’s legal case and demand for a restraining order are driven by a “grudge” against a former employee.
Christie Smythe
,
December 02, 2019
Burns & Wilcox demands restraining order against ex-EVP Carson
The broker said Carson and CRC launched a “frontal assault” on its business that won’t end without court intervention.
Christie Smythe
,
December 02, 2019
Marsh JLT fights NFP bid to move hiring dispute to California
The lawsuit is over the departure of 13 employees who defected to NFP earlier this year.
Christie Smythe
,
November 26, 2019
Willis Re reaches settlement with Lockton Re’s Littell
Under the proposed deal Littell has agreed to remain bound by an injunction for two years.
Christie Smythe
,
November 26, 2019
NFIP short-term extension passes US legislature
The bill, which marks the 13th short-term reauthorisation since 2017, extends the program through 20 December.
Christie Smythe
,
November 21, 2019
StarStone stops writing US A&H business
Former global A&H head Jeff Herman has also left the role this month after more than two years with the firm.
Bernard Goyder
,
November 19, 2019
State National chairman and CEO Ledbetter to retire
Matthew Freeman, current president of the Markel unit, will take on the role of CEO effective 1 January.
Christie Smythe
,
November 13, 2019
Argo internal probe reveals perquisites not fully disclosed
A forensic auditor found that benefits to former CEO Mark Watson were either ‘not disclosed or incorrectly disclosed’ to investors.
Bernard Goyder
,
November 12, 2019
Aon sues Alliant over alleged ‘corporate raid’ on construction group
Aon said that it has lost two clients, including one it had for over 20 years, in the past two weeks after several employees left for Alliant.
Christie Smythe
,
November 11, 2019
Markel avoiding the worst of social inflation: Richie Whitt
The executive was talking to analysts during a call to discuss Markel’s third-quarter 2019 results.
Christie Smythe
,
October 30, 2019
JLT failing to provide info on trade secret claims: NFP hires
Four former JLT Specialty USA employees who moved to NFP say they are struggling to learn more details of the allegations against them.
Christie Smythe
,
October 24, 2019
Guy Carpenter sues Holtmeier over move to BMS
Holtmeier and two other former employees were accused of violating non-solicitation provisions and accessing trade secrets.
Christie Smythe
,
October 23, 2019
Fitch removes Sirius ratings from negative watch
Financial difficulties of China Minsheng Investment Group have “not meaningfully weakened” the insurer, Fitch said.
Christie Smythe
,
October 21, 2019
Ratings outlook on James River remains stable: AM Best
The carrier’s announcement that it was cancelling coverage to Uber has not affected the outlook.
Christie Smythe
,
October 17, 2019
Guy Carpenter reaches ‘standstill’ with Lockton trio
The broker said it will engage in “meaningful discussions” over concerns Tim Gardner, Nicholas Durant and Claude Yoder violated a court order.
Christie Smythe
,
October 07, 2019
CAC Specialty recruits defeat McGriff on injunction bid
A judge said there was no evidence the brokers’ conduct was “wrongful, malicious, unlawful or unjustified”.
Christie Smythe
,
October 01, 2019
Verisk hit with $125mn verdict in EagleView patent case
EagleView accused Verisk of infringing patents for roof analysis tools in its Xactware repair estimate products.
Christie Smythe
,
September 30, 2019
ProAssurance rating outlook drops to negative amid medmal troubles
Ratings agency AM Best has affirmed the Birmingham, Alabama-based carrier's financial strength rating (FSR) of A+ while revising the outlook.
Christie Smythe
,
September 26, 2019
Generali US launches specialty insurance division
The new division will partner with retailers to provide tailored warranty services for consumer products.
Christie Smythe
,
September 18, 2019
Reinsurers push back on mining gear asbestos claims
Companies including Lloyd’s underwriters, Sompo Holdings, Berkshire Hathaway filed a lawsuit accusing primary insurers demanding “unreasonable allocation”.
Christie Smythe
,
September 13, 2019
K2-owned Partner General hires Farrell for Connecticut branch
The managing general underwriter is expanding its operations.
Christie Smythe
,
September 09, 2019
AmTrust accused of deceit in NYSE preferred shares delisting
A shareholder’s lawsuit claims AmTrust purposely misled shareholders about the delisting to secure support for a buyout deal.
Christie Smythe
,
September 09, 2019
Marsh reaches MBO deal with Construction Risk Partners
Construction Risk Partners will now operate as an independent construction risk and surety specialty insurance broker, the companies announced.
Christie Smythe
,
September 05, 2019
Florida carriers’ share prices jump as Dorian risk recedes
Along with Florida insurers, some reinsurers' stock prices also increased as the storm stayed away from its initially projected path.
Bernard Goyder
,
September 03, 2019
Hurricane warning issued for Bahamas
The government of the Bahamas has issued a warning to several islands as Hurricane Dorian approaches.
Christie Smythe
,
August 30, 2019
Lava exclusion plaintiffs object to Lloyd’s syndicate accord
Hawaii homeowners affected by lava exclusions say they should not be included in a $22mn subscription market class action settlement.
Christie Smythe
,
August 29, 2019
CAC Specialty adds JLT Specialty’s Daly as financial lines co-lead
Daly has joined a new broking and investment banking platform recently launched by Cobbs Allen.
Christie Smythe
,
August 26, 2019
Gardner’s Lockton memo is ‘close to a confession’: NY judge
The judge commented on an alleged plan by three former Guy Carpenter executives to raid their former employer after leaving for Lockton.
Christie Smythe
,
August 13, 2019
Pension fund drops NY lawsuit against Apollo and Athene
The move follows a temporary injunction by a Bermuda court pausing the litigation.
Christie Smythe
,
August 12, 2019
AmTrust wins dismissal of KBW suit over NYSE delisting
A New York judge said KBW did not allege “any actual injuries” by claiming the move hurt its reputation.
Christie Smythe
,
July 29, 2019
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