Operations/tech
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It is understood that Liberty will halt support for property lines in the LatAm region effective 2026. -
The payment will cover what the filing called “foregone incentives at his former employer”.
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The plaintiffs' bar has been playing out the same rulebook for 15 years. It’s time the defense catches up.
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Finance and insurance hiring is 27% below 2022’s peak, compared with 37% nationwide.
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The platform will debut in Germany before an accelerated global rollout in 2026-27.
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The CEO thanked his friends and colleagues and said he was “going quiet”.
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A former NOAA climatologist who left the agency is running the new operation.
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The company is looking to grow through its new MGA incubator program.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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The layoffs will mostly affect workers in Michigan.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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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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JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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Getting that message across is key to bettering the industry.
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Sources said the start-up has two $10mn+ Ebitda platform deals lined up.
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Sources said they expect the carrier’s listing to raise about $100mn.
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The executive has been with ASG since it was formed in 2016.
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The insurance industry’s lower reliance on foreign skilled workers softens the blow.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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The deal’s benefits headlined AJG’s investor day presentation.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The program, expected to start doing business next month, will be wholesale-only.
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It is understood that CyberCube has been considering a sale of the business.
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Claude Wade is to step down from his role to address ongoing health issues.
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Sales velocity ticked up to 12.2% in Q2 but has remained steady in the past five years.
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The move includes One80 Intermediaries, formerly part of Risk Strategies.
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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
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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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The 127-acre corporate campus has been the reinsurer’s North America headquarters since 1999.
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CEO David Howden accused rivals of “restricting choice for their own clients”.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The executive said the claims industry is going to “be transformed”.
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The awards, now in their fifth year, will be held in New York at 583 Park Avenue on September 25.
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Cardinal E&S expands the carrier's underwriting capabilities and makes it more competitive relative to peers.
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The technology will help analyze growing and emerging risks, especially climate change.
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The broker has emerged as the emphatic winner of the supercycle, but new tests are coming.
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While official return to office mandates have gathered steam, what they look like in practice can vary widely.
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The VC firm has been incorporated in Delaware since its founding in 2009.
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The MGA is expected to launch a product-recall portfolio in September.
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Volante joins capacity providers Allianz and Tokio Marine Kiln.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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The insurer’s system has now been out of commission for over two weeks.
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The platform will capture and standardise data from all submissions, the broker said.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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Slide will also expand its footprint to New York and New Jersey towards the end of the year.
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The insurer first noticed “unusual network activity” on June 7.
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Markel is simplifying its structure from six US wholesale and two US retail regions to four integrated US regions.
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Above-market organic growth, mid-market M&A and talent infusions were all heralded.
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Case added that recently acquired broker NFP has “exceeded” expectations.
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The Series C brings the company's valuation to $2.1bn, its highest to date.
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This publication revealed back in February that Itel was being prepared for a sale.
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Ed Short was previously VP, digital partners, at Arch.
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Starr joins a panel that includes capacity from Axis and Skyward.
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The Floridian brokerage expects to bring its leverage levels below 4x later this year.
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The program will succeed the previous buyback launched in 2023.
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The exec said if he were a carrier CEO, now is the time he would start looking for deals.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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Specialty insurer’s global chief of claims warns others about the allure of AI.
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The Nordic operations have capacity provided by Allianz Commercial.
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Here’s the five-pillar playbook for insurers ready to move from pilots to profit.
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MGA growth is still strong but has passed its 2022 peak.
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In an interview, Blue spoke about integration, organic growth, M&A and current market uncertainty.
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Of the $170mn cat losses outside LA wildfires, US cat activity accounted for 74% and international cats 26%.
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The specialty insurance platform has now exceeded $3.1bn in premiums.
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The business will divide into US wholesale and specialty, and programmes and solutions.
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The BRIC program helped fund local resiliency programs, which can reduce loss costs.
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A one-time impact would be a mid-single digit increase to physical injury auto severity.
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Business hates uncertainty and geopolitical tensions are off the charts.
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Despite elevated ROEs, insurers have remained disciplined.
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The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.
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The amount of change over the past year falls short versus the discourse.
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After a period of business building, MGAs will likely spend more time optimizing.
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A new report warns that underwriters must consider political uncertainty and macroeconomic trends.
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Colorado and New York have already passed regulations regarding insurer AI use.
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Cue a feeding frenzy from suitors and a frenzy of speculation from the market.
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Shareholders say the stock has declined around 59% in the past year while book value has dropped ~30%.
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The company is seeking to expand in the reinsurance and retrocession markets.
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He also joined Everest’s board last week as an independent director.
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The move combines two units in the North America middle market division.
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Tactics underwriters employ to manage cyber risk are maturing, as well.
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The market is up against emerging risks and a whole heap of uncertainty.
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Customers will keep their agent relationship and policies will not be impacted.
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The carrier is looking to accelerate E&S growth after 7% expansion in 2024.
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The group will house a segment for specialty and benefits and another for underwriting.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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Technology is key to streamlining the value chain and mitigating loss ratios.
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A quick roundup of our best journalism for the week.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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In October, this publication revealed that the carrier had resumed IPO preparations.
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The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.
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The broker will be using Verisk US agricultural risk models.
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The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
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The insurer will move its Atlanta-area assets to a new "innovation hub".
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The chief executive will also receive a yearly bonus of 200% of base salary.
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Arch announced the retirement of CEO Marc Grandisson on Monday, with immediate effect.
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Last week, the insurer placed ~450 staff at risk of redundancy in its international business.
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The move is the latest phase of the operational transformation program, AIG Next.
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Reinsurers continued to diversify into primary and specialty business.
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The unit will support Ascot’s third-party capital business.
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Axa's newly formed teams join the company's "complex cyber" unit.
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Trade, technology, weather and workforce were identified as the main megatrends.
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The operation will be led by Stephen Saunders, with Jawad Ghunaim from AIG as CUO.
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The Oxbow report found that AI use cases span the entire (re)insurance capability model.
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The model uses machine learning and daily data to forecast hurricane seasons.
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Analysis shows several CEOs with pay diverging from the trendline.
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From a buyer and underwriter perspective, managing top risks needs fresh approaches.
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The company will now focus on its better-positioned businesses.
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Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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He will oversee management of the P&C loss adjusting business.
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Mexico is Everest’s second office in LatAm after the (re)insurer opened its regional headquarters in Chile.
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The shares are being sold by select shareholders in the group.
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The FTC issued a final rule on April 23 banning the use of non-competes nationwide.
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The carrier is also seeing growth opportunities across the West.
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The technology will drive hyperspecialization, panelists said.
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The MGA will be offering $10mn limits for $300mn-$10bn companies.
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The Coalition Cyber Threat Index predicts a jump in exploit-based cybercrime this year.
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The carrier laid off approximately 850 staff late last year.
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Putting together two “show me” stories risks investor skepticism.
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CEO Joseph Brown’s compensation will continue at $1mn with a minimum annual bonus opportunity of $2mn.
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In his first interview as CEO of the private brokerage, Zimmer said he will not change the DNA of the firm and that legislation around non-competes may help Alliant.
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In addition, the executive is eligible to receive an annual bonus of $262,000 for threshold performance, and up to $437,500 for maximum performance.
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Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.
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The programme services carrier will serve UK MGAs from 1 January.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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The reduction in force amounts to less than 10% of the company’s total headcount of approximately 500, a spokesperson told this publication.
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The reorganization reflects the carrier’s prioritization of customer service and use of digital tools to help customers and partners.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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The cuts amount to roughly 2% of the insurer’s US workforce.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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New risk transfer platform will allow MGA, InsurTech, embedded insurance customers cost-effective path to building “full-stack” insurance operations
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The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.
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The exercise is understood to involve mainly junior and non-broking staff.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.
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These measures are intended to create a more efficient organization, and they follow a thorough evaluation and reduction of operational expenses across Farmers, the announcement noted.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The layoffs will be effective at the end of September.
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CNA said in a filing with the SEC that the $1.8mn will be paid in two installments, in addition to certain health and welfare benefits.
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The exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.
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The platform will connect MGAs with capacity from a wide range of providers.
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Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.
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Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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The InsurTech has identified over $25mn in annual expenses to eliminate since February.
