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Fears of the oncoming soft market are causing a sector rotation away from P&C. -
Tompkins Insurance is a subsidiary of Tompkins Financial Corporation.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Widespread underinsurance and low exposures will limit losses.
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Both the primary and reinsurance segments benefitted from a light cat year.
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It is understood that Sutton National is the fronting carrier sitting behind the facility.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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The search for a CFO had been underway since last July.
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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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Gallagher said that the firm is ready to engage in large deals again after the acquisition of AP.
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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 FIO said it will work with regulators on coverage for digital assets.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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The broker will join Ron Borys’ financial lines team.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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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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This publication revealed that Starr was zeroing in on the deal earlier today.
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The parties could announce the transaction soon, according to sources.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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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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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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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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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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Erbig joins after more than 20 years in finance-related positions at Liberty Mutual.
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Opportunities for growth remain in small and medium commercial accounts.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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Jason Keen joined Everest in 2022 as head of international.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race.
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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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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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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 range allows “for information that could emerge beyond what is known today”.
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Haney will remain on board as a senior adviser.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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The appointments are aimed at offering a clearer team structure.
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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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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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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 former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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Pre-tax cat losses were down 63% from the prior year quarter to $285mn.
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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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