Insurers
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The trucking carrier has been building out its executive team this year. -
The insurer plans to automate around 85% of key functions surrounding underwriting and claims processes.
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Sources said the Floridian insurer has been working with Deutsche Bank on the listing preparations.
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The move from Chubb comes at a moment of perceived weakness for AIG.
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The company announced four internal promotions this week.
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London-based Tristram Prior will transfer to Bermuda to lead the line of business.
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Approached for comment, Chubb denies that it submitted “an offer” for AIG.
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The policy includes a $200mn limit with an additional $100mn for side A coverage.
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Canopius will continue to be one of several capacity providers to the MGA.
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The highest portion of losses was experienced in Alberta.
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The CEO said that new funding will be used to expand its underwriting capabilities.
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The Republican said his office has launched an investigation into the denials.
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The executive co-led the US financial institutions business at BHSI.
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Ford had purchased a builder’s risk policy from the insurer.
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The company announced several moves Monday, including the promotion of Nancy Pierce to Geico CEO.
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The years-long legal battle was brought on by a former employee alleging wrongful termination.
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The PE fund says Argo failed to indemnify it for costs related to a probe by New York’s attorney general.
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NY lawmakers are preparing a legislative package to address insurance costs in the Empire State.
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Only GL and workers’ comp had renewal rate increases compared to Q2.
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The insurer says defendants billed “exorbitant” fees for non-existent services.
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The acquisition brought four collector vehicle MGAs to the carrier’s existing collector vehicle portfolio.
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A favorable nine months for the industry does not solve its underlying problems.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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Texas was up over 25%, though California and Florida both recorded reductions.
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Plaintiffs claim climate-induced cat losses have spurred increases in premiums.
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The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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A string of high-profile bankruptcies has put more scrutiny on the once marginal sector.
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Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.
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The executives are based in Seattle and New York.
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The executive was previously the cyber practice lead for Ryan Financial.
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Loss ratios in troubled casualty lines ticked down year-over-year despite worsening loss costs.
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It is understood that Liberty will halt support for property lines in the LatAm region effective 2026.
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A jury awarded $32.3mn for repair costs, and $80mn for business interruption.
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The carrier said it anticipates a better market due to recent reforms.
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Light cat losses at year-end portend capital deployment and return decisions in 2026.
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The payment will cover what the filing called “foregone incentives at his former employer”.
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The PE firm held 3.1% of the company’s shares, but will now hold none.
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The industry veteran retired from AIG at the end of last year.
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The city said it was self-insured at the time of the attack.
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The peril has been historically difficult to model compared to others.
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Sizable reserve releases offsetting casualty reserve charges cannot last forever.
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Habayeb will start next May following Kociancic's retirement.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Casualty rate increases largely stabilized in Q2 and Q3 at 5%-10% for general liability.
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Similar bills targeting fossil fuel firms have been introduced in other states.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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The move comes after the company posted 52% YoY top-line growth in Q3.
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Senators asked for data on fraud but weren’t given any.
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Whether Clement's promotion was influenced by an inappropriate relationship is in scope.
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The carrier is currently focused on ~$1bn bolt-on acquisitions.
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Building electrical capacity quickly requires carriers to do due diligence on who’s behind the new power plants.
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The timing is unhelpful as the global insurer tries to get on the front foot with M&A.
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The tech error, now resolved, halted traffic to sites like X and ChatGPT.
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The move comes after Everest sold renewal rights for its global retail business to AIG.
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Softening rates amid worsening loss costs paints an uncertain future for the industry.
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The investor offloaded nearly 100,000 Allstate shares in Q3, according to its latest 13-F.
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The appointment follows Everest’s $2bn renewal rights sale of its commercial retail business to AIG.
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Quota share is less common in the medmal space, where layered and shared structures have been dominant.
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The executive joined the company from Zurich last year.
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Finance and insurance hiring is 27% below 2022’s peak, compared with 37% nationwide.
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MassMutual will retain an 82% stake in the $470bn asset manager.
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Kemper and Selective’s woes stem partly from own issues, but industry-level issues persist.
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AIG made the shock announcement earlier today that John Neal is not joining the insurer.
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Bryant has spent over 30 years with the specialty carrier.
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The deal to reopen the government also extended the NFIP.
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After outsized losses, the (re)insurer still sees opportunity in a softening market.
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The mayor-elect has promised to build 200,000 new units in New York City.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The reinsurance loss ratio improved by over 20 points with no notable cat losses for the quarter.
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Workers’ compensation was the only line that saw a YoY decrease.
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Many nuclear verdicts become much less radioactive on appeal.
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The fashion brand says the insurer failed to defend it in multiple lawsuits.
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The CEO thanked his friends and colleagues and said he was “going quiet”.
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Veradace claims the deal benefits Tiptree management at shareholder expense.
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The newly installed US vice chair explains why inefficiency drove her from legacy firms.
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The charity said that improved ecosystems could help protect from disasters.
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The defendant held a $1mn general liability policy with Kinsale.
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Industry sources said they expect most larger firms will be able to meet the requirements.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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The loss would be one of the largest ever for mining underwriters.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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The Insurance Insider US news team runs you through the earnings results for the day.
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State regulators have largely avoided enforceable AI regulations, but bad news could change that.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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Slide does expect a “meaningful” amount of takeouts for this month and next.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company has now posted rate increases for 37 consecutive quarters.
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The company is also prepared for potential M&A activity.
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The executive said the firm has grown its casualty business by 80% from 2022.
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals.
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Underwriting income for North America quadrupled to $384mn, and the segment recorded a CoR of 82.6%.
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The chief executive said he doesn’t expect to see a price drop anytime soon.
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This publication exclusively reported the executive’s plans last month.
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Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Fears of the oncoming soft market are causing a sector rotation away from P&C.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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Widespread underinsurance and low exposures will limit losses.
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The acquisition will expand PHLY’s presence in the niche market.
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The executive will fill the role previously held by Howden’s Figliozzi.
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The search for a CFO had been underway since last July.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Gray specializes in contract bonds for mid-sized and emerging contractors.
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The insurer paid tribute to the executive’s lasting contributions to the firm.
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Dairy and livestock products within the agricultural unit were main growth drivers in Q3.
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The FIO said it will work with regulators on coverage for digital assets.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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Greenberg has strong links with IQUW management, and praised the firm’s leadership and cultural fit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The regulations are designed to address long-term solvency concerns.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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Erbig joins after more than 20 years in finance-related positions at Liberty Mutual.
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Opportunities for growth remain in small and medium commercial accounts.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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Jason Keen joined Everest in 2022 as head of international.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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The executive joined the Dallas-based insurer as CUO in 2023.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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This publication revealed the move earlier this year.
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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A canvassing of the cyber market suggests the impact will be negligible.
