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The peril has been historically difficult to model compared to others. -
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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Building electrical capacity quickly requires carriers to do due diligence on who’s behind the new power plants.
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The deal to reopen the government also extended the NFIP.
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The MGA began offering US commercial E&S property products in December.
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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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Workers’ compensation was the only line that saw a YoY decrease.
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The newly installed US vice chair explains why inefficiency drove her from legacy firms.
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The company anticipates a considerable bump in book value after IPO of subsidiary Exzeo.
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The credit can now be applied to mitigation against operational losses.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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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 executive said the firm has grown its casualty business by 80% from 2022.
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The chief executive said he doesn’t expect to see a price drop anytime soon.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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Tompkins Insurance is a subsidiary of Tompkins Financial Corporation.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The broker continues to expect 20% to 30% property rate reductions, as well as increased market competition.
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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 Insurance Insider US news team runs you through the earnings results for the day.
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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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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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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 property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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The regulations are designed to address long-term solvency concerns.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The global insurer will need to convince investors on the quality of the book.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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APIP is one of the world’s largest property programs.
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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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The Insurance Insider US news team runs you through the earnings results for the day.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Old Republic said the acquisition is expected to close in 2026.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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A quiet wind season is also expected to further soften the property market.
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The CEO also said that the “bloom is off the rose” in the E&S property market.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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An average of 81% of property accounts renewed flat or down.
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Though wildfire losses are up, total losses are the lowest since 2015.
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Shared and layered accounts are seen as reaping the biggest benefits.
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Brian Church has spent 20 years at Chubb.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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WTW claims at least two $1mn accounts were also unfairly lost to Howden.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Insurers are pleased, brokers are looking for trade-offs, and everyone’s talking about Howden.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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Neptune’s stock price jumped 25% on the first day of trading.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Juries don’t significantly differentiate in cases involving severe injury.
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Sources said momentum around resiliency laws is growing at the state and local level.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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The executive met with UK colleagues to discuss plans for the US business.
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The company is estimating its IPO price at $18-$20 per share.
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The deal values the Onex-backed P&C broker at over $7bn.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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The executive’s skepticism is informed by the industry’s typical approach to cyclicality.
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A process has not been launched and a firm timeline for a liquidity event has not been agreed.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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The affirmations reflect Everest’s strong underwriting diversification.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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Models anticipate a busier second half, particularly in the next few weeks.
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The platform aims to “bend the loss curve”.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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All rates were up on a year-over-year basis, except for workers’ compensation.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The ratings outlook has also been revised to stable from negative.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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The company generated $71.4mn in revenue for H1 2025.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The executive has been serving as COO since February.
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The executive most recently served as head of North American treaty reinsurance.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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The data modeling firm said losses previously averaged $132bn annually.
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The ratings agency cited enhanced scale and diversification through organic growth.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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Storm surge of two to four feet could affect the North Carolina coast.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The promotions will enhance underwriting capability across key segments.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Company alum David Murie will lead the new business unit.
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The insurer said it expects to begin writing business by the end of the month.
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July’s medical care increase was up from June’s o.6%.
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The estimate covers property and vehicle claims.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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Both organisations still predict an above-average hurricane season.
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As the fires spread, the priority shifted from saving structures to saving lives.
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It is targeting low-risk specialty lines where it has a competitive edge.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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The tech could quickly open the door to disruptors, and firms with poor data management will lose out.
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More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.
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Social inflation is driving non-renewals, while CoRs are up for P&C and casualty.
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The executive has been with the brokerage since 2004.
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The MGA will expand its US reach in apartments, condo associations and single-family rentals.
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California wildfires account for $40bn of the insured loss tally in H1.
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The risk of cyber incidents that cause physical damage is also rising.
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The company has also expanded its relationships with US and UK MGAs.
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The Canadian insurer saw property rates dip across its global divisions, but it had strong rate on liability.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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In liability, the carrier is steering away from where inflation has been volatile.
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This follows last month’s takeout of 12,000 Citizens policies.
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The novel product appears to have been pitched to multiple clients.
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The firm will target mid-market risks with TIVs of $25mn-$1bn.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The SME and middle market segments remain ‘pretty healthy’.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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The broker has noted that double-digit reductions are increasingly available in property.
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The broker posted a 6.5% drop in organic growth YoY.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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Smaller accounts remain less affected by an influx of MGAs.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The executive will continue to lead CRC Insurisk in the expanded role.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company adjusts its rate options to expand California business under the new cat model.
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The executive said the claims industry is going to “be transformed”.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Casualty rates increased 4% globally but shot up 9% in the US.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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Renewal rates fell, despite elevated catastrophe losses.
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Alcor has also opened an Atlanta office, broadening operations in the US market.
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Rising inflation could raise claims severity but also increase investment income.
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The class can collectively challenge State Farm’s property claims calculations.
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All lines except workers’ comp are up year over year, however.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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Rate gains are easing across many commercial and personal lines.
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US events accounted for more than 90% of global insured losses.
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June’s increase was up from May’s 0.2%.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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In the US, the index fell 6.7% year on year.
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Despite predicting fewer hurricanes, the numbers are still above average.
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His 30 years of experience includes stints at Tokio Marine and Swiss Re.
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This is up from the $300mn in capacity the MGA secured in 2024.
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The floods have killed at least 81 people, with dozens more missing.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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