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Pre-tax cat losses were down 63% from the prior year quarter to $285mn. -
The Jay Rittberg-led program manager kicked off a strategic process in August.
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Howden is facing fallout from its push into the US retail market via mass hires.
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A quiet wind season is also expected to further soften the property market.
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MultiStrat, the founder of casualty ILS, is focusing on committed capital to grow, said Bob Forness, CEO, MultiStrat.
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There’s nothing medical about SAM claims.
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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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The Insurance Insider US news team runs you through the earnings results for the day.
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The company is looking to grow through its new MGA incubator program.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The hire comes a few months after Nick Greggains was promoted to CEO.
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The London-based executive will relocate to Daytona Beach, Florida.
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Early Q3 earnings reports point to worsening market conditions.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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The new chief executive has served on PI’s board since 2018, including as chair.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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The executive is charged with defrauding investors out of nearly $500mn.
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The broker will report to Howden US CEO Mike Parrish.
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MGAs that are good operators will stick out compared to the rest.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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The selloff may hint at headwinds for equity investors.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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An average of 81% of property accounts renewed flat or down.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The facility provides coverage for property, terrorism, energy, construction and utilities risks.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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The carrier reported favorable reserve development of $22mn compared to $126mn in Q3 last year.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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The motion claims the New York court has no jurisdiction in the case.
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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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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Fronting doesn’t look any better when it’s broken down by segment.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The international division is seeking a new London market manager.
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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 division mostly places higher up the tower, where many insurers have taken action to address SAM losses.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Moretti has relocated to California from London.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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Founder Chad King will transition to chairman but continue leading M&A efforts.
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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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The MGA platform wants to expand into Europe and the UK and grow its wholesale business.
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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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Lupica moved to the role last year as part of a staggered handover of responsibilities to Juan Luis Ortega.
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JP Morgan and RBC are advising the brokerage on its options ahead of an eventual IPO.
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The move marks Acrisure Re’s first investment in Latin America.
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Insurers are pleased, brokers are looking for trade-offs, and everyone’s talking about Howden.
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The executive has been at the broker for over 20 years.
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The unit’s co-heads, Braithwaite and Apostolides, left the firm in the summer.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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The two executives join from Markel and Arch, respectively.
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The executive will officially start in mid-November.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The broker will now have access to an M&A war chest for inorganic growth.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The company will implement a new leadership structure after his departure.
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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 firm posted trailing 12-month organic growth of 23% YoY supported by a three-pillar strategy.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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Landa was part of the team lift led by Michael Parrish, who is CEO of the US retail arm.
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The business is beginning to integrate following a $9.8bn acquisition.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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The move is the latest in a series of casualty leadership shake-ups at the insurer.
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She previously served as Hub’s North American casualty practice leader.
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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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Superintendent Harris is stepping down this month after four years of service.
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Sexual abuse and molestation exclusions are starting to hold in higher layers of hospital towers this year.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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Cyberattack/data breach remains in the top slot.
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The change reflects the insurers’ recent deal with ProAssurance.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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AIG’s filing alleges copyright and trademark breaches, as well as violations of unfair business practice laws.
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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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Verisk's recent deals and its interest in cyber-analytics firm CyberCube show M&A in the segment has ticked up.
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The executive previously spent more than 16 years at The Hartford.
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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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Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.
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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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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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Juries don’t significantly differentiate in cases involving severe injury.
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He will drive the growth of Chubb's claims-made excess casualty facility.
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Getting that message across is key to bettering the industry.
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The executive joins the company after 17 years at Aon.
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Rates continue to be favorable for buyers across major lines of coverage.
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The executive will join Howden’s new US retail broking operation.
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Sources said momentum around resiliency laws is growing at the state and local level.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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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 WCB has denied the allegations, claiming its decisions were based on “reasonable investigations”.
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Markel’s Bryan Sanders is receiving the Lifetime Achievement Award for his service to the industry.
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The succession could take some time, and the current CEO could also move to exec chairman.
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The company is estimating its IPO price at $18-$20 per share.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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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 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 low degree of overlap between the combining portfolios benefits both parties.
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Other parties that looked at the business include CPPIB, Permira and Carlyle, sources said.
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The acquisition furthers Howden’s expansion into the US retail space.
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Despite tort reform, physicians’ insurers are struggling with the same loss inflation challenges as other liability peers.
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Sources said the agency first considered a debt raise but recently pivoted to a sale process.
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The case is now headed to appellate court.
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The Chicago-based executive was previously Everest’s CUO of excess casualty.
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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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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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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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Tangram will become the inaugural portfolio company of Balavant Insurance.
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The measures also seek to encourage greater wildfire mitigation efforts.
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There will also be a renewed focus on organic growth, both in P&C and across US and international operations.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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Her predecessor will become head of US excess casualty and operations.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
