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Laura Sanicola
Published by this author:
Property market braces for $250mn-$300mn Tyson facility claim
Axa XL leads the Arkansas-headquartered food company’s property programme, according to market sources.
Laura Sanicola
,
August 30, 2019
JLT’s captive practice leader Towle departs
Marsh’s captive practice leader Ellen Charnley will continue to lead the unit, this publication understands.
Laura Sanicola
,
August 26, 2019
Downgrades outpace upgrades in H1 2019: AM Best
The commercial lines segment of the P&C industry recorded 11 upgrades and 13 downgrades in H1 2019.
Laura Sanicola
,
August 26, 2019
Tropical storm Dorian could strengthen to hurricane by Tuesday
Dorian is the fourth named tropical storm of the Atlantic hurricane season.
Laura Sanicola
,
August 26, 2019
Commercial property overtakes auto in rate hardening race: CIAB
New data from CIAB shows commercial property saw rates rise by 8.5 percent in 2019’s second quarter owing to wildfires and midwestern losses.
Laura Sanicola
,
August 22, 2019
Alliant hires Shaffer as Mid Atlantic SVP
Alliant's new arrival joins from M&T Insurance Agency.
Laura Sanicola
,
August 21, 2019
Liberty Mutual names lead excess casualty and public entity CUOs
The two will report to David Perez, EVP and general manager of national insurance specialty.
Laura Sanicola
,
August 21, 2019
JenCap acquires specialty program administrator Aran
The acquisition of Aran is JenCap’s ninth since its founding.
Laura Sanicola
,
August 20, 2019
Hamilton completes Pembroke acquisition
The deal doubles Hamilton’s total premium base on a pro forma basis to $1.1bn.
Laura Sanicola
,
August 20, 2019
E&S property hardening picks up as admitted market sheds business
More disciplined underwriting and increased submissions are driving rate in the property space.
Laura Sanicola
,
August 20, 2019
PG&E’s liability for 2017 Tubbs Fire will be decided by citizen jury
The decision, made by a US bankruptcy judge, sent PG&E shares plummeting by as much as 30 percent on Monday.
Laura Sanicola
,
August 19, 2019
QBE shifted away from public company D&O in North America: Regan
Heightened claims activity in D&O has caused the insurer to shift away from underwriting those risks for public companies.
Catrin Shi
,
August 19, 2019
Brown & Brown acquires agricultural agency
CKP will operate as a new stand-alone office within Brown & Brown’s retail segment.
Laura Sanicola
,
August 15, 2019
Willis Re’s Rubenstein returns to Guy Carpenter
This publication understands that the hire comes as the Guy Carpenter looks to further strengthen its capabilities in mutuals space.
Laura Sanicola
,
August 15, 2019
Ohio Insurance Department aims at modernising with new hires
Hamlin will serve as policy adviser for emerging products and Demory will be in charge of the new positions to assist in agency oversight.
Laura Sanicola
,
August 14, 2019
FedNat receives approval to close Maison deal
The acquisition is now slated to be completed soon after 30 November.
Laura Sanicola
,
August 13, 2019
Arch sues USC over $215mn sex abuse settlement
The insurer says it shouldn’t have to cover the university’s settlement because the policy contained an abuse and molestation exclusion.
Laura Sanicola
,
August 13, 2019
NRA probed by NY regulator over possible insurance kickbacks: report
The move follows regulatory scrutiny in other states over the offering of Carry Guard policies.
Laura Sanicola
,
August 12, 2019
Ascot taps Allied World's former Bermuda-based excess casualty team
The team includes Allied World’s Bermudian branch manager for excess general casualty Patrick Kenahan.
Laura Sanicola
,
August 12, 2019
ProSight debuts with underwriting profit in Q2
The Morristown, New Jersey-based specialty carrier posted a combined ratio of 98.1 percent.
Laura Sanicola
,
August 08, 2019
Sompo GRS forms small business team
Sompo GRS mid-market leader Matt Burns will oversee the small business team.
Laura Sanicola
,
August 08, 2019
Third Point Re transfers additional $400mn to fixed income investments
The investment changes will support the company’s continued push into the property catastrophe space.
Laura Sanicola
,
August 08, 2019
Third Point Re affirms CEO, posts improved profit in Q2
The Bermudian total return (re)insurer affirmed Daniel Malloy as CEO and appointed him to the company’s board of directors.
Laura Sanicola
,
August 07, 2019
Altamont acquires Topa for undisclosed sum
Topa Equities will maintain a minority stake in the specialty insurer following the deal's closing.
Laura Sanicola
,
August 07, 2019
FedNat will hold shareholder meeting ‘shortly’: Braun
The CEO discussed the company’s response to a lawsuit by Capital Returns Management during a conference call Wednesday.
Laura Sanicola
,
August 07, 2019
HCI misses Q2 consensus on reserve strengthening
The combined ratio was 92.9 percent, a deterioration of 3.6 percentage points from the prior-year period.
Laura Sanicola
,
August 06, 2019
FedNat swings to underwriting loss on wind and hail events
FedNat’s combined ratio was 101.5 percent, up 2.5 percentage points from the prior-year period.
Laura Sanicola
,
August 06, 2019
Greenlight Re liquidation a 'remote' possibility: Einhorn
Chairman David Einhorn noted Credit Suisse has relationships with a “broad number of strategic partners”.
Laura Sanicola
,
August 06, 2019
Greenlight Re retains Credit Suisse to conduct strategic review
The Simon Burton-led reinsurer's move follows heavy investment losses and an AM Best revision of its financial strength rating outlook to negative.
Laura Sanicola
,
August 05, 2019
Allied World Bermudian casualty team leader Kenahan departs
Patrick Kenahan and at least three members of his team are thought to have left the company.
Laura Sanicola
,
August 05, 2019
Hudson Structured hires Sangster, promotes Bardon
The two will be partners at the Bermudian asset manager.
Laura Sanicola
,
August 02, 2019
‘Fraud will continue’ in Florida despite AOB reform: Heritage’s Lucas
Heritage was one of several Floridian carriers that experienced a surge in assignment of benefits (AOB) claims before 1 July.
Laura Sanicola
,
August 02, 2019
Heritage underwriting results hurt by cats in Q2
Despite a 105 percent combined ratio the Floridian carrier beat Wall Street’s expectations by $0.05.
Laura Sanicola
,
August 01, 2019
FHCF will pick up ‘vast majority’ of Irma loss development: Universal
The carrier’s gross loss from the hurricane has now increased to $1.1bn.
Laura Sanicola
,
August 01, 2019
Hiscox US appoints Megan McConnell CUO, replacing Micheals
Andrew Dolphin moves into McConnell's previous role as director of underwriting at Hiscox Re in London.
Laura Sanicola
,
July 31, 2019
James River’s Myron returns CEO role to Abram due to health
Myron will continue at the company as president and COO.
Laura Sanicola
,
July 31, 2019
Axis ‘rightsized’ US E&S property portfolio: Benchimol
Axis made “substantial” reductions to property exposures that caused the segment’s gross written premium to decline by 25 percent.
Laura Sanicola
,
July 31, 2019
US grocer sues XL and Zurich over $225mn opioid liability cover
The Pennsylvania-based grocer has been named in multiple lawsuits by plaintiffs seeking to recover billions of dollars over opioids.
Laura Sanicola
,
July 31, 2019
FedNat investor Capital Returns sues for shareholder meeting
The activist has filed a lawsuit in Florida state court alleging that FedNat is in violation of Florida law.
Laura Sanicola
,
July 30, 2019
Aon taps Guy Carpenter’s Fleming for executive post
Market sources said he will begin his new role in mid-September.
Laura Sanicola
,
July 30, 2019
US property submissions are going up 'substantially': Grandisson
The executive said certain excess and surplus (E&S) business – including property -- is flowing back to the US from Lloyd’s and other markets.
Laura Sanicola
,
July 30, 2019
Total return reinsurer Watford Re posts 5.8% ROE in Q2
The investment portfolio produced a 1.1 percent return on average net assets, with a net investment income of $23.8mn.
Laura Sanicola
,
July 29, 2019
California judge slashes $2bn jury award to $87mn in Roundup case
The judge said that the punitive damages were higher than constitutional limits set by the US Supreme Court.
Laura Sanicola
,
July 29, 2019
PG&E’s insurers propose plan to get utility out of bankruptcy
The plan calls for the voluntary reduction of claims to $16bn, which would be converted into equity.
Laura Sanicola
,
July 26, 2019
PartnerRe sees Q2 net profit rise 128% year on year
The reinsurer’s non-life combined ratio deteriorated by 1.9 points to 92.8 percent.
Laura Sanicola
,
July 26, 2019
NatGen’s homeowners’ QS sees 6-7 point ceding commission decline
The renewal reflects significant repricing for the quota share following several cat losses in the period.
Adam McNestrie
,
July 26, 2019
Catco capacity withdrawal opened door for RenRe offerings: O’Donnell
Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
Laura Sanicola
,
July 24, 2019
Broker M&A reaches record levels: Optis
In the past 12 months, a record 665 broker transactions have been announced, according to boutique investment bank Optis Partners.
Laura Sanicola
,
July 23, 2019
Floridian shares fall following catastrophe announcements
UPC closed down nearly 6 percent Friday following its announcement it would absorb about $16mn in net cat losses from second quarter events.
Laura Sanicola
,
July 19, 2019
Jimcor hires RT’s Calhoun to launch energy practice
Alicia Calhoun serves as energy oil and gas practice leader and is based in a satellite office in Houston, Texas.
Laura Sanicola
,
July 19, 2019
Select Risk Services eyes further growth after early successes
The brokerage has placed $4mn in premium year-to-date following its launch in November 2018.
Laura Sanicola
,
July 19, 2019
RLI says it has ‘underplayed’ E&S submissions surge
Excess and surplus casualty submission are up 5 percent year on year, COO Craig Kliethermes said.
Laura Sanicola
,
July 18, 2019
FedNat estimates $17mn gross Q2 cat losses
The losses are from 12 hail and wind-related events.
Laura Sanicola
,
July 17, 2019
Hamilton’s Albo elected deputy ABIR chair
Albo is the first woman to serve as an elected officer of the Bermudian trade body.
Laura Sanicola
,
July 17, 2019
Guy Carpenter appoints North American broking executives amid restructure
The restructure follows the departure of former US chief executive Tim Gardner and other executives earlier this year.
Laura Sanicola
,
July 17, 2019
Risk Strategies acquires Californian trucking wholesaler
The acquisition expands Risk Strategies’ wholesale trucking operations.
Laura Sanicola
,
July 16, 2019
Brown & Brown acquires assets of F&I auto agency
Terms of the deal were not disclosed.
Laura Sanicola
,
July 15, 2019
USI acquires Pennsylvania-based employee benefits company
The operations of JRG Advisors will be combined with USI’s employee benefits wholesale brokerage division.
Laura Sanicola
,
July 15, 2019
Willis makes Dunlap head of North American construction
He was formerly head of casualty construction broking for the global brokerage.
Laura Sanicola
,
July 15, 2019
AIG general insurance falls short of expectations: AM Best
The ratings company made the comments amid an affirmation of AIG’s credit and financial strength rating.
Laura Sanicola
,
July 12, 2019
Universal names Donaghy new CEO
Outgoing CEO Sean Downes will be executive chairman.
Laura Sanicola
,
July 11, 2019
Sompo International’s Kuhn departs in wider management shuffle
Michael Chang, Graham Evans and Chris Sparro will co-lead the commercial P&C business as Kuhn leaves.
Laura Sanicola
,
July 11, 2019
Farmers’ cat programme renews up around 25 percent
The personal lines giant has reined in its loss estimate for Camp Fire as other cedants show creep.
Adam McNestrie
,
July 10, 2019
Global reinsurance capital rebounds in Q1 after 2018 dip: Aon
Capital has rebounded by 3 percent to $605bn in the first quarter of 2019.
Laura Sanicola
,
July 09, 2019
WR Berkley hires Westcott to lead Berkley Re America
Westcott was most recently chief operating officer of reinsurance at The Navigators.
Laura Sanicola
,
July 08, 2019
Worldwide Facilities preps for sale process
The acquisitive wholesale brokerage will come to market with adjusted Ebitda of $50mn.
Adam McNestrie
,
July 08, 2019
Philadelphia downstream loss could cost market $250mn to $350mn
The Philadelphia programme also has big lines from Munich Re and Scor.
Adam McNestrie
,
July 03, 2019
AIG appoints Hawksby to lead global downstream business
David Hawksby will lead the energy portfolio from Houston.
John Hewitt Jones
,
July 02, 2019
AM Best ‘cautiously optimistic’ on post-AOB reform Florida homeowners pricing
It’s unclear if lawyers will continue to exploit loopholes in the new AOB reform, the rating agency says in its Florida market report.
Laura Sanicola
,
July 01, 2019
FedNat grows XoL programme ahead of 1347 PIH deal
FedNat has increased its level of aggregate protection in advance of its acquisition of 1347 PIH.
Laura Sanicola
,
July 01, 2019
Enstar extends window to complete Maiden ADC
The deal was expected to close by the end of June.
Laura Sanicola
,
July 01, 2019
Bernal rejoins RT as VP of property
He returns to RT from Hiscox, where he was an AVP of property.
Laura Sanicola
,
June 28, 2019
CNA promotes Kim to new construction role
Kim was previously CNA’s Orange County and San Diego branch manager.
Laura Sanicola
,
June 28, 2019
Insurers on notice after PG&E agrees $1bn Cali settlement
The Californian utility has agreed the settlement with 18 public entities following a series of wildfires from 2015 to 2018.
Christopher Munro
,
June 21, 2019
Casualty industry must stop ‘exclusion mindset’: Shah
New bodily injury litigation is an underwriting opportunity for the liability market, Shah said.
Laura Sanicola
,
June 20, 2019
Citizens approves capped rate rises following AOB reform
The board approved a 2.3 percent increase for homeowners’ multiperil cover.
Laura Sanicola
,
June 19, 2019
Expiry of terrorism programme could cause ‘capacity shortfalls’: Marsh
The broker testified in Congress in support of the renewal of the Terrorism Risk Insurance Program Reauthorization Act.
Laura Sanicola
,
June 18, 2019
Citizens’ rate demand drops by almost half in wake of AOB reform
Citizens' is considering a revised 4.7 percent rate increase in 2019 for personal lines policyholders.
Laura Sanicola
,
June 18, 2019
Chubb holds on to lead in US cyber market: AM Best
The insurer led the pack with a 16 percent share of the cyber market last year, according to a new report.
Laura Sanicola
,
June 17, 2019
‘Stabilisation’ of cyber coverage is here: panel
Coverage options are now becoming more standard after years of expansions for new risks, Chubb’s cyber product leader said.
Laura Sanicola
,
June 14, 2019
Deer Park blaze to cost liability market $175mn
Market sources said most of ITC’s marine liability cover is written by an Aon general liability line slip.
John Hewitt Jones
,
June 14, 2019
Cyber market should brace for ‘wave of litigation’: panel
Tougher regulations are increasing the likelihood of expensive class actions, panelists at a cyber risk conference said.
Laura Sanicola
,
June 13, 2019
Lexington property EVP Silva departs
EVP of property Nadine Silva has retired from the AIG’s excess and surplus lines carrier.
Laura Sanicola
,
June 11, 2019
WR Berkley taps Argo’s Edwards to head Verus
Marlo Edwards will succeed former president Dale Pilkington, who is retiring.
Laura Sanicola
,
June 11, 2019
US cyber premium growth slows in 2018: Aon
US cyber premiums grew approximately 10 percent to $2bn in 2018, down from 30 percent in the two previous years.
Laura Sanicola
,
June 11, 2019
Atlas Financial strikes underwriting, equity deal with AFG
Shares in the commercial auto insurer rise more than 8 percent in early trading.
Laura Sanicola
,
June 10, 2019
Compatible cultures key in evaluating M&A prospects: Haley
Evaluating company culture is one of several ways to mitigate M&A risk, according to brokers.
Laura Sanicola
,
June 06, 2019
‘Between us and Lloyd’s, we’ve moved the market’: Duperreault
It took “a lot of players” to fill the capacity gap left by AIG in E&S, the executive said.
Bernard Goyder
,
June 06, 2019
AIG moves Driscoll and Baugh to new global CUO roles
Driscoll will be replaced as Validus Re CEO by former Validus Re CUO Jeff Clements.
Laura Sanicola
,
June 05, 2019
Reinsurers squeeze Floridians but wide-scale repricing absent
Huge differentiation in outcomes for buyers as reinsurers reward quality cedants.
Adam McNestrie
,
May 31, 2019
AIG's National Union Fire calls time on short-lived Florida Specialty QS
National Union Fire’s existing contract with Florida Specialty is due to expire on 1 June.
Laura Sanicola
,
May 30, 2019
Tornadoes ravage midwestern states following week of havoc
NOAA reports that 60 tornadoes may have struck eight midwestern states on Monday.
Laura Sanicola
,
May 28, 2019
NFIP left in danger of lapse after aid package blocked
A lapse in the NFIP would prevent consumers from renewing or purchasing new flood insurance policies
Laura Sanicola
,
May 24, 2019
Florida AOB bill signed into law by governor
The law was approved by the Florida legislature in late April.
Laura Sanicola
,
May 24, 2019
Florida governor signs AOB reform bill
The legislation follows several years of efforts to pass assignment of benefits reform into law.
Laura Sanicola
,
May 23, 2019
Everest Re names Stone Point’s Hartzband to board
Hartzband served as Stone Point’s chief investment officer from 1999 to 2015.
Laura Sanicola
,
May 23, 2019
D&O segment improves on slight class-action decline: AM Best
Despite performance improvement, the segment still faces challenges, the ratings agency noted.
Laura Sanicola
,
May 23, 2019
Berkshire names Roe head of NA casualty construction
Bill Sullivan will retire after six years leading Berkshire’s casualty construction team.
Laura Sanicola
,
May 22, 2019
ProAssurance names Rand as CEO
Stancil Starnes will step down and transition to becoming executive chairman of the board.
Laura Sanicola
,
May 22, 2019
Protective taps Jeremy Johnson as chief executive
Former CEO Randall Birchfield parted ways with the company on 19 October.
Laura Sanicola
,
May 21, 2019
Former Lloyd’s CFO Parry joins Armour
The executive was at Lloyd’s for 17 years, and was a member of both the board and the executive committee.
Laura Sanicola
,
May 21, 2019
Citizens' board signs off on increased reinsurance spend
Citizens will be among the buyers to come late to market with its 2019 cat programme as reinsurers push hard for rate rises.
Laura Sanicola
,
May 17, 2019
The Hartford receives regulatory approval for Navigators deal
The companies expect to close the merger “as soon as reasonably practicable”.
Laura Sanicola
,
May 16, 2019
NFP taps Alliant’s Alviggi for launch of environmental practice
Alviggi will be leading environmental coverage at the broker in energy and marine lines, while supporting its existing specialty teams.
Laura Sanicola
,
May 15, 2019
Floridian cedants test market resolve with 15% rate bumps
The vast majority of business has still not been transacted owing to brinksmanship on both sides.
Adam McNestrie
,
May 15, 2019
US Treasury concerned over ICS development: Mnuchin
Insurance Capital Standard Version 2.0 is expected to be completed by November 2019.
Laura Sanicola
,
May 13, 2019
Sompo International hires OneBeacon’s Lauer for new life sciences team
The life sciences team will target small and mid-market organisations.
Laura Sanicola
,
May 13, 2019
Florida cat fund LAE reimbursement increase passes Senate
The bill was passed in a 37-1 vote and awaits the governor’s signature.
Laura Sanicola
,
May 03, 2019
Blue Capital shows improved underwriting with lower cats
The Bermuda-based reinsurer knocked 15.5 percentage points off of its combined ratio.
Laura Sanicola
,
May 02, 2019
No ‘meaningful variation’ from national placement pricing to Florida cover: Allstate
The insurer expects to complete its Florida placement later this quarter.
Laura Sanicola
,
May 02, 2019
Universal denies it is seeking shortfall cover; Heritage prices up <20%
New firm order terms point towards less significant rises for clients with stronger records but still significant increases.
Adam McNestrie
,
May 01, 2019
The Hanover: Core commercial pricing up 5.2%, personal up 5%
The insurer beat EPS consensus for Q1 by 12.6 percent.
Laura Sanicola
,
May 01, 2019
Voce urges sale of Argo’s international business
The activist investor upped the ante by pushing for asset sales as well as issuing a $100mn expense save target.
Gavin Davis
,
May 01, 2019
FM Global to add 60 boiler and machinery engineers
The hires will bring FM Global’s total boiler and machinery staff to more than 250.
Laura Sanicola
,
April 30, 2019
Catlin and Brand formally launch Convex after $1.8bn raise
Fundraising efforts will continue over the next three months with another close expected to take capital beyond the $2bn mark.
Laura Sanicola
,
April 30, 2019
AIG’s head of US retail property departs
It is unclear who will replace Kryszon, who was based in Atlanta, Georgia.
Christopher Munro
,
April 26, 2019
Rice latest exec to leave in Marsh-JLT outflux
Rice first joined JLT Specialty USA in 2014 following a 25-year career at Aon.
Laura Sanicola
,
April 26, 2019
Florida braced for late renewal as market ‘sits on its hands’
Discussions started early, but the complex negotiating environment means firm order terms could be delayed.
Laura Sanicola
,
April 26, 2019
North American construction merry-go-round continues
Kelly Kinzer joins and Kathleen Kelly is promoted at Zurich North America while Lori Montoya arrives at The Hartford.
Laura Sanicola
,
April 25, 2019
Ceding commissions not sustainable: Berkley
WR Berkley president and CEO William Berkley said the market is starting to grapple with past mistakes.
Laura Sanicola
,
April 25, 2019
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