Operations/tech

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”.

The plaintiffs' bar has been playing out the same rulebook for 15 years. It’s time the defense catches up.

Finance and insurance hiring is 27% below 2022’s peak, compared with 37% nationwide.

The platform will debut in Germany before an accelerated global rollout in 2026-27.

The CEO thanked his friends and colleagues and said he was “going quiet”.

A former NOAA climatologist who left the agency is running the new operation.

The company is looking to grow through its new MGA incubator program.

Christopher Reynolds and AJ Jones have been hired as business development directors.

Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.

The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.

Activists from the left and the right are focusing on insurance, often on the same issues.

Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.

The layoffs will mostly affect workers in Michigan.

The specialty insurer was recently acquired by Korean carrier DB Insurance.

Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.

The new unit will be led by former Emerald Bay exec George Dragonetti.

The firm posted trailing 12-month organic growth of 23% YoY supported by a three-pillar strategy.

JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.

The $20bn+ TIV data center is seen as the leading edge of significant new demand.

Getting that message across is key to bettering the industry.

Sources said the start-up has two $10mn+ Ebitda platform deals lined up.

Sources said they expect the carrier’s listing to raise about $100mn.

The executive has been with ASG since it was formed in 2016.

The insurance industry’s lower reliance on foreign skilled workers softens the blow.

This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.

The deal’s benefits headlined AJG’s investor day presentation.

As data privacy litigation increases, insurers increasingly lean on exclusions.

The program, expected to start doing business next month, will be wholesale-only.

It is understood that CyberCube has been considering a sale of the business.

Claude Wade is to step down from his role to address ongoing health issues.

Sales velocity ticked up to 12.2% in Q2 but has remained steady in the past five years.

The move includes One80 Intermediaries, formerly part of Risk Strategies.

Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.

The tech could quickly open the door to disruptors, and firms with poor data management will lose out.

More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.

The 127-acre corporate campus has been the reinsurer’s North America headquarters since 1999.

CEO David Howden accused rivals of “restricting choice for their own clients”.

Insurers must write policies in high-risk areas in order to incorporate the model.

The executive said the claims industry is going to “be transformed”.

The awards, now in their fifth year, will be held in New York at 583 Park Avenue on September 25.

Cardinal E&S expands the carrier's underwriting capabilities and makes it more competitive relative to peers.

The technology will help analyze growing and emerging risks, especially climate change.

The broker has emerged as the emphatic winner of the supercycle, but new tests are coming.

While official return to office mandates have gathered steam, what they look like in practice can vary widely.

The VC firm has been incorporated in Delaware since its founding in 2009.

The MGA is expected to launch a product-recall portfolio in September.

Volante joins capacity providers Allianz and Tokio Marine Kiln.

The executive previously held roles at Capgemini, The Hartford and AIG.

Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.

The insurer’s system has now been out of commission for over two weeks.

The platform will capture and standardise data from all submissions, the broker said.

The Pennsylvania-based insurer experienced a 10-day network outage this month.

Slide will also expand its footprint to New York and New Jersey towards the end of the year.

The insurer first noticed “unusual network activity” on June 7.

Markel is simplifying its structure from six US wholesale and two US retail regions to four integrated US regions.

Above-market organic growth, mid-market M&A and talent infusions were all heralded.

Case added that recently acquired broker NFP has “exceeded” expectations.

The Series C brings the company's valuation to $2.1bn, its highest to date.

This publication revealed back in February that Itel was being prepared for a sale.

Ed Short was previously VP, digital partners, at Arch.

Starr joins a panel that includes capacity from Axis and Skyward.

The Floridian brokerage expects to bring its leverage levels below 4x later this year.

The program will succeed the previous buyback launched in 2023.

The exec said if he were a carrier CEO, now is the time he would start looking for deals.

At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.

Specialty insurer’s global chief of claims warns others about the allure of AI.

The Nordic operations have capacity provided by Allianz Commercial.

Here’s the five-pillar playbook for insurers ready to move from pilots to profit.

MGA growth is still strong but has passed its 2022 peak.

In an interview, Blue spoke about integration, organic growth, M&A and current market uncertainty.

Of the $170mn cat losses outside LA wildfires, US cat activity accounted for 74% and international cats 26%.

The specialty insurance platform has now exceeded $3.1bn in premiums.

The business will divide into US wholesale and specialty, and programmes and solutions.

The BRIC program helped fund local resiliency programs, which can reduce loss costs.

A one-time impact would be a mid-single digit increase to physical injury auto severity.

Business hates uncertainty and geopolitical tensions are off the charts.

Despite elevated ROEs, insurers have remained disciplined.

The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.

The amount of change over the past year falls short versus the discourse.

After a period of business building, MGAs will likely spend more time optimizing.

A new report warns that underwriters must consider political uncertainty and macroeconomic trends.

Colorado and New York have already passed regulations regarding insurer AI use.

Cue a feeding frenzy from suitors and a frenzy of speculation from the market.

Shareholders say the stock has declined around 59% in the past year while book value has dropped ~30%.

The company is seeking to expand in the reinsurance and retrocession markets.

He also joined Everest’s board last week as an independent director.

The move combines two units in the North America middle market division.

Tactics underwriters employ to manage cyber risk are maturing, as well.

The market is up against emerging risks and a whole heap of uncertainty.

Customers will keep their agent relationship and policies will not be impacted.

The carrier is looking to accelerate E&S growth after 7% expansion in 2024.

The group will house a segment for specialty and benefits and another for underwriting.

HCI will now consist of two operating units – the other being its four underwriting entities.

Technology is key to streamlining the value chain and mitigating loss ratios.

A quick roundup of our best journalism for the week.

The board will lead the review following feedback from shareholders including activist investor Jana.

The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.

In October, this publication revealed that the carrier had resumed IPO preparations.

The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.

The broker will be using Verisk US agricultural risk models.

The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.

The insurer will move its Atlanta-area assets to a new "innovation hub".

The chief executive will also receive a yearly bonus of 200% of base salary.

Arch announced the retirement of CEO Marc Grandisson on Monday, with immediate effect.

Last week, the insurer placed ~450 staff at risk of redundancy in its international business.

The move is the latest phase of the operational transformation program, AIG Next.

Reinsurers continued to diversify into primary and specialty business.

The unit will support Ascot’s third-party capital business.

The deal covers US and international business.

Axa's newly formed teams join the company's "complex cyber" unit.

Trade, technology, weather and workforce were identified as the main megatrends.

The company last rebranded in 1999.

The operation will be led by Stephen Saunders, with Jawad Ghunaim from AIG as CUO.

The Oxbow report found that AI use cases span the entire (re)insurance capability model.

The model uses machine learning and daily data to forecast hurricane seasons.

Analysis shows several CEOs with pay diverging from the trendline.

From a buyer and underwriter perspective, managing top risks needs fresh approaches.

The company will now focus on its better-positioned businesses.

Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.

He will oversee management of the P&C loss adjusting business.

Mexico is Everest’s second office in LatAm after the (re)insurer opened its regional headquarters in Chile.

The shares are being sold by select shareholders in the group.

The FTC issued a final rule on April 23 banning the use of non-competes nationwide.

The carrier is also seeing growth opportunities across the West.

The partnership will launch with NIP’s landscaper program.

The technology will drive hyperspecialization, panelists said.

The MGA will be offering $10mn limits for $300mn-$10bn companies.

The Coalition Cyber Threat Index predicts a jump in exploit-based cybercrime this year.

The carrier laid off approximately 850 staff late last year.

Putting together two “show me” stories risks investor skepticism.

CEO Joseph Brown’s compensation will continue at $1mn with a minimum annual bonus opportunity of $2mn.

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.

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.

Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.

The programme services carrier will serve UK MGAs from 1 January.

Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.

The reduction in force amounts to less than 10% of the company’s total headcount of approximately 500, a spokesperson told this publication.

The reorganization reflects the carrier’s prioritization of customer service and use of digital tools to help customers and partners.

The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.

The cuts amount to roughly 2% of the insurer’s US workforce.

The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.

New risk transfer platform will allow MGA, InsurTech, embedded insurance customers cost-effective path to building “full-stack” insurance operations

The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.

The exercise is understood to involve mainly junior and non-broking staff.

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.

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.

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.

A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.

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.

Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.

Issues with faked letters of credit are not limited to one banking provider, sources said.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The layoffs will be effective at the end of September.

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.

The exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.

The platform will connect MGAs with capacity from a wide range of providers.

Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.

Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch.

Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.

Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.

Need to Know

Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.

The InsurTech has identified over $25mn in annual expenses to eliminate since February.

The move follows a rebrand completed in November 2022.

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.

Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.

As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Sources suggested that the layoffs at Buckle are more severe than at other InsurTechs that instituted headcount reduction programs with a view to preserving cash.

The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.

It is understood that the company has mandated Nomura to raise the risk capital.

The Canadian pension fund will retain 9.4% of the carrier’s voting shares.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.

The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.

The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.

The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.

It is understood that Lyons has been set to retire from the company in the summer of 2023.

The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.

It is understood that most of the cuts affected employees in the sales and marketing division.

The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.

2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.

The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.

The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.

Inside P&C’s news team runs you through the key highlights of the week.

The members were unanimously selected by the board as part of its multi-year succession planning process.

Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.

The carrier has called this month’s vote ‘a critical moment in Argo’s history’.

The new consulting arm will be led by Risk Strategies executive vice president John Greenbaum.

The amount will be paid in one installment of $200,000, two of $100,000 and a final $175,000 payment over the next 18 months.

The severance package will be paid in three separate installments of $250,000 over the next 18 months.

The activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.

The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.

In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.

Since joining the company in 2017, the executive has helped to spearhead a turnaround in performance for the carrier.

The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.

The likely windows for a secondary offering of Corebridge's common stock will be mid- to late March as well as mid-May to late June.

In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.

The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.

Argo is set to hold its annual meeting with shareholders on December 15, when seven nominees will be elected to the board.

The activist reduced its position to 3.05% of the insurer from the ~6.6% stake it owned at the end of Q2.

The company said longer term impacts of the pandemic, primarily significant prolonged inflation, have led to lower volumes of policies in force.

The delisting comes after the insurer’s stock price fell below $1 for 30 consecutive days.

The spun-off units include general wholesale, environmental, construction, cyber and professional liability divisions.

While regulations and shareholder proposals draw concerns, the insurance industry also sees ESG efforts as tool for drawing new blood to the business.

The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.

The sale is part of the firm’s strategy to improve its capital structure and optimize operating expenses.

Sources said that Gallagher is in the process of obtaining both retail and reinsurance licenses in the South American country.

The bi-annual study produced by Aon’s Ward and The Jacobson Group found it's harder to hire than at an all-time high for the industry.

Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.

Next is the latest InsurTech to reduce its staff in what has become a widespread phenomenon within the space.

The Aon president also dismissed the idea Aon is a “great stock, not a great company” and said brokers are not in control of the pricing cycle.

The news comes as the steep correction that public tech valuations have suffered year-to-date spills over into the private InsurTech market, and private VC funding dries-up.

The memo notes if an employee under Chubb's medical plan needs a procedure that must be performed more than 100 miles from their home, the carrier will cover it.

Current CEO Bradley will receive 78,760 shares of restricted stock over a 12-month period, as well as 135,000 stock appreciation rights with an exercise price of $43.80.

KPMG has been appointed to succeed its Big Four rival as the up-for-sale Bermudian tries to turn the page on its delayed annual filings.

Policygenius laid off staff just two months after doubling its total funding to $250mn in a Series E round.

The ~$60bn-premium marketplace is only going to grow, and in the aggregate can outperform insurers’ own underwriting.

His comments come on the heels of Markel’s announcement last week that the co-CEO plans to retire by March 31, 2023.

Hansen’s appointment is in support of the company’s decision to separate the roles of chairman of the board and CEO.

Shareholders supported Buffett remaining as chairman and chief executive on a nearly 6-to-1 margin.

“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.

Berkshire’s board opposed the proposal and recommended that the shareholders vote against it.

Individual staff like the freedom and flexibility of hybrid working, but management is concerned about hidden long-term costs.

The CEO says shortfalls exposed by responses to the pandemic can spur companies to finally take climate and other long-tail risks seriously.

The US firm is looking at expanding across Australia, Canada and the UK after securing new investment.

The activist investor cited progress on governance issues in pulling back two proposed directors but pushed Safety Insurance for further strengthening.

The ratings agency has also terminated the provision and redistribution of all information products and services to clients in Russia with immediate effect.

Board members include the former CEO of Assurant and the chief legal officer of Stripe.

The newly installed CEO wants to build on the businesses the firm has and deliver a low 90s combined ratio.

As well as wheeling out the same old products, the sector manages new risks through exclusion and does a poor job of telling its story to insureds.

The investment firm said that pivoting to a pure-play insurance data business would unlock up to $20bn of value.