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Property insurance rates declined by 9%, the same as in the prior quarter. -
Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The executive said the floor on D&O pricing is in sight.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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The professional lines market remains ‘challenging’ overall, however.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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Pricing was “virtually flat” in the second quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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The insurer denies it is responsible for the actor’s legal fees.
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The company also encouraged insurers and brokers to support the initiative.
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The VC firm has been incorporated in Delaware since its founding in 2009.
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At the year’s mid-point, there were 111 new SCAs filed in federal courts.
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The executive has experience as both an attorney and a broker.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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High general liability losses are cause for concern despite modest improvements in other lines.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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Competition and ample capacity are pushing premiums lower.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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“Models aren't going to tell you what the emergent risks today are,” Dolan said.
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In casualty, getting significant blocks of capacity remains a major challenge.
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The program is designed to address a changing risk environment.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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The insurer's professional liability reinsurance book shrank by around 25%.
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The role will unify the P&C and professional and executive risk practices.
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The company has hired Axa XL’s Irvine to lead the new platform.
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The MGA will likely expand its D&O book as well, but excess casualty will grow faster.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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A new report warns that underwriters must consider political uncertainty and macroeconomic trends.
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The executive will continue as head of BHSI’s E&P lines business.
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Inflation, tariffs and climate change are all making for an uncertain 2025.
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Markel had announced the exit from the line of business in the US last year.
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The market is up against emerging risks and a whole heap of uncertainty.
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At the PLUS D&O symposium, executives raised concerns over tariffs and the role of reinsurance.
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D&O liability premiums have declined by double digits in seven of the last eight quarters.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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The suit accuses CEO Brian Cornell and other Target executives.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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The average change for primary policies with the same limit and deductible was a 3.5% decrease.
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Anti-DEI shareholder activist groups are targeting directors and officers with increasing threats of litigation.
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Sources said Dowling Hales is advising the professional lines quoting platform on the process.
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Challenges in claims frequency and carrier competition are likely to remain.
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‘Emotionally driven’ claims by non-profits underscore their unique D&O exposures, according to Travelers' Nicole Murphy.
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A Delaware judge ruled that a “bump-up” exclusion was inapplicable.
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Federal court securities class actions hit a four-year high last year.
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Frequency and severity of claims is starting to rise, and comes after sharp softening of rates.
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The expectation – and strong hope – is that deregulation will spur growth and bring benefits to the D&O line.
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Underwriting remains disciplined as insurers target profitable growth.
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The price for policies with the same limit and deductible decreased 6.0%.
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D&O direct written premiums fell 8% YoY as of June 30, and direct earned premiums declined 16%.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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The firm will specialize in professional liability insurance for SMEs.
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Renewals with flat or increased premiums are on the rise, however.
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Expansion of the middle-market book is an ongoing focus.
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However, the market is still struggling with excess capacity and low demand.
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Securities class actions are a perennial source of claims for D&O insurers.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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Pearce brings 25 years of experience with a background in the A&E sector.
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In 2023, the segment had its best direct loss ratio in nearly a decade at 50.8%.
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The offering is an admitted product for SMBs and non-profits.
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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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As the industry gathers in San Diego, these are the key discussion points.
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Rooker joined the Texas brokerage in 1999, while Schramm joins from CNA.
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Michael Smith is a former mortgage broker.
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The policy offering expands third-party liability coverage and wage and hour liability.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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The hire comes after the company’s recent rebrand from Capitola Insurance.
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The executive has been with Zurich since 2018.
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The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
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The US regulator faces litigation from both sides of the climate issue.
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A total of 30 carriers entered the US public company D&O space in 2023.
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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Given ample capacity and no sharp increase in demand, a market sea change is not expected, barring an unforeseen economic event.
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WTW said the rise of the risk from health and safety was “surprising”.
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This continues a consecutive quarterly gain of over 6%.
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