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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting. -
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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But June was the busiest month of the year on the back of recent broker churn.
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Elevated cat losses in H1 weren’t enough to stop a further softening of the market.
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The executive joined The Hartford when it acquired Navigators in 2019.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The soft market continued through H1 2025, especially on shared programs.
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The LA wildfires accounted for 59% of loss activity over Q1.
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Premium rose across the top 15 P&C risks in 2024.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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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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Much was learned after the fires, but it could take years before that data influences models.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The platform will capture and standardise data from all submissions, the broker said.
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The ratings agency cited support from parent company MSI for the upgrade.
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The exchange is backed by $100mn in funding from CD&R and others.
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The executive previously spent 15 years in a variety of roles at Zurich.
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This is up from last year’s $1bn protection for its Florida treaty.
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Few claims have been filed thus far, as damages have been highly localized.
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The ongoing demonstrations could have law enforcement liability implications.
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The medical care index numbers were below April’s 0.5% rise.
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Increases dropped to 5.3% from 5.6% for the previous quarter.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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The legislature did pass Twia reforms, however.
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"Smoke damage is real damage," Commissioner Lara said.
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
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Inflation indices fell in April, but some items related to P&C are still elevated.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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The revision is significantly lower than the $4.5bn October estimate.
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Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
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The medical CPI is up 3.1% for the last 12 months.
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New broker vehicles are setting up amid accelerated softening in D&F.
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California homeowners are also expected to move admitted business to E&S.
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In casualty, getting significant blocks of capacity remains a major challenge.
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As the industry gathers in Chicago, Insurance Insider US reviews key discussion points.
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The Lone Star State has seen rapidly increasing rates in recent years.
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The only major product line to see rate increases was casualty.
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In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.
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Rates for umbrella accelerated to 9.26%, from 8.76% in Q4 2024.
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The specialty insurance platform has now exceeded $3.1bn in premiums.
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The insurer's professional liability reinsurance book shrank by around 25%.
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He will replace Scott Lee, who is retiring after 40 years in claims.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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Despite positive inflation headlines, there are issues for insurers under the surface.
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The Floridian company applied to be traded on the NYSE.
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Rouse was promoted to co-global placement leader last October.
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Live since May 2023, the reinsurer has over 40 trading relationships currently.
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The coverage will only be available in Illinois and Michigan at first.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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The 12 insurers together have $418mn in policyholder surplus.
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The tariffs could expose insurers to the risk of recession and shrinking income.
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Korte had been serving as interim president of the unit since December.
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Universal submitted allegedly ineligible claims to the Florida fund.
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The bill being considered would effectively eliminate personal injury protection.
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Overall market capacity increased by 5.3% year-on-year, the broker reported.
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Coverage will increase to $20mn per building.
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Construction defects, GL and risk-managed professional liability lines saw the greatest headwinds.
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Inflation, tariffs and climate change are all making for an uncertain 2025.
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ShoreOne is offering an all-in-one policy that includes flood protection.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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BHSI is dividing its retail general property unit into four regions.
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Last month’s inflation figures were lower than expected, but tariffs continue to loom.
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The agency collects gold standard data and conducts research. Without that, there’s more uncertainty.
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A quick roundup of our best journalism for the week.
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The move combines two units in the North America middle market division.
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Excess/umbrella liability and commercial auto broke the trend with high price increases, however.
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The executive joined the Bancolombia-owned insurer as CEO in early 2020.
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Industry veteran Tonya Courtney will lead the company’s newest E&S business.
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The London D&F market will shoulder most of the losses.
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Florida House speaker Daniel Perez is seeking an investigation into the charge.
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Inflation, supply chains and tariffs also add to the challenges, he said.
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The organization was hoping to grow its reinsurance cover.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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The firm projects losses from the fires at between $160mn-$190mn.
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Sources noted that Dowling Hales is advising the MGA.
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Sources said that the MGA has been working with investment bank Waller Helms to find a potential investor.
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The news comes around three months after GTCR agreed to sell AssuredPartners to AJ Gallagher for nearly $13.5bn.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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January CPI/PPI heats up but won’t translate to higher loss costs.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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More than 33,000 claims had been filed as of 5 February.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The estimate covers property and vehicle claims.
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Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The storm is likely to be one of the costliest weather events in Canadian history.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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