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The broker continues to expect 20% to 30% property rate reductions, as well as increased market competition. -
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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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.
-
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.
-
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.
-
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.
-
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.
-
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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The carrier has not added new business in the state since 2007.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
-
The carrier’s Eaton Fire loss would be a retained net loss hit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The event now includes a casualty portion and has officially been re-branded as the Property and Casualty Symposium.
-
At January 1 renewals, prices dropped 5%-15% for loss-free programs.
-
The MGA and 49% owner SiriusPoint could bring in a new investor.
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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 impact of the devastating California wildfires is too early to ascertain, executives said during earnings calls.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
-
Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The total includes fire and smoke damage plus living expenses for evacuees.
-
The fire started Wednesday morning and is currently 0% contained.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
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The executives will report to Jenise Klein, CUO for North America.
-
Loss-cost indicators are high for liability, low for property.
-
Severe convective storms accounted for 41% of last year’s insured loss load.
-
The estimate has reduced slightly since the modeler’s last update in October.
-
Rate increases averaged 0.0% in December 2024, from 16.3% in December 2023.
-
Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
-
Rates are now falling, but submissions are still rising, according to wholesale brokers.
-
Irwin joins the firm from Beazley, where she’d worked since 2019.
-
CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
-
This publication revealed in July 2023 that the utility company had chosen to try self-insurance for the first time.
-
The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
-
Investigators are homing in on the likely causes of the incidents.
-
Moody’s also expects losses in the billions of dollars.
-
Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
-
Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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More than 4,000 acres are burning as thousands evacuate.
-
Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said.
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In property, Canada, Central and Eastern Europe and UAE renewals were impacted by losses.
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The insurance industry countered that the committee ignored a “toxic mix” of risks driving up costs.
-
More competitive pricing is predicted for the commercial insurance market.
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Both the US and UK had busy summers, but the talent momentum in the US did not continue into Q4.
-
Sources said Berkshire will move from the largest single capacity provider to a single-digit percentage line size.
-
TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
-
The move was led by ex-Icat CEO Gregory Butler.
-
James Drinkwater is to serve as vice chair and executive chairman at Amwins Global Risks.
-
The 2025 State of the Market report also touched on E&S and MGA growth.
-
The carrier attributed the intensification of storms this season to climate change.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
-
The executive joins RPS after almost 12 years at Markel.
-
The floods add to an already historic loss tally for Canada in 2024.
-
The executive will build out Hamilton Americas property team and a book targeting commercial E&S risks.
-
The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
-
Initial expectations for the later storm prove overblown, while inland auto losses mount for the earlier event.
-
The firm will provide an update on November 22 to avoid holiday season.
-
The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
-
Andrade flagged expected 5% to 10% increases in the US and Europe.
-
Total insured losses are expected to range from $34bn to $54bn.
-
Westhoff will also spearhead the launch of QBE’s E&S property offering.
-
Underwriting remains disciplined as insurers target profitable growth.
-
Insured losses for 9M 2024 have hit $102bn, according to a report.
-
Overall, insurance rates fell by 1%, led by competition in property.
-
The three-year deal is expected to generate $200mn in GWP over the period.
-
Sources said that Milton may slow the pace of rate deceleration.
-
The company said $13bn-$22bn will come from wind damage.
-
Prior to the event, clients were expecting a “very competitive market environment”.
-
Most of the insured loss was attributable to wind.
-
He replaces Kevin Madden who will assume the role of chairman for North American real estate.
-
Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
-
Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.
-
Milton stole the limelight from slightly stuck PE-backed brokers, acquisitive globals and the casualty conundrum.
-
The NHC is predicting storm surge, exacerbated by the tide, as high as 15ft for Tampa Bay.
-
A hurricane warning has been issued for the east coast of Florida.
-
Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
-
Reinsurance capacity is largely stable but that doesn’t mean discussions will be a smooth ride.
-
The figure does not include NFIP losses.
-
Sources expect loss amplification in claims from Georgia, the Carolinas and Tennessee.
-
The numbers will be refined further to arrive at an industry loss estimate.
-
Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
-
Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
-
An unexpected shift east towards Tampa could push losses beyond $10bn.
-
Andrew Rowland will oversee the portfolio, offering up to $7mn per risk.
-
Property rates had increased 25.5% one year ago, in Q2 2023.
-
Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
-
The storm is expected to make landfall in the next several hours.
-
An estimated $450mn of losses from Hurricane Beryl will wipe out a surplus Twia had been building since 2017.
-
"Life-threatening" storm surge and hurricane-force winds are expected for the state, according to the NHC.
-
The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
-
A hurricane watch is now in effect for the Louisiana coastline.
-
Some Canadian cedants have approached the market for top-up cover.
-
Rate increases on primary liability placements range from 10% to 20%.
-
Umbrella was the exception, ticking up slightly on the month.
-
The US carrier abandoned the project due to high price expectations.
-
Included is the full utilization of $25mn available under its cat aggregate treaty.
-
The report flagged “opportunistic underwriting” by many of the major markets.
-
The top four lines posted low-single digit to high-single digit policy count growth.
-
Premiums increased 5.6% across all major lines, down from last quarter.
-
The consortium backing the MGA is led by Axa XL Syndicate 2003.
-
It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.
-
The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
-
The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
-
Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
-
-
Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
-
The Irish MGA will be able to underwrite commercial property risk up to EUR10mn.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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