Operations/tech
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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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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.
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The move follows a rebrand completed in November 2022.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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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.
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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.
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As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.
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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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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.
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The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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