Tokio Marine
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A roundup of today’s need-to-know news, including leadership changes at Chubb.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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TMHCC said the appointments underline its "commitment to innovation, market expansion and customer service".
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Tokio Marine's international co-head Williams is handing the role to TMK CEO Irick.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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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 carrier is one of a number of small firms with heavy concentration in Hawaii.
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Farmers Insurance becomes the latest major national carrier to pump the brakes in California, limiting new business to only 7,000 policies per month, signaling further problems in the state’s homeowners’ market.
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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 said the Japanese insurer will pull back from the California personal auto market in June 2025 as it is set to exit the state’s admitted personal lines market on June 1, 2026.
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In addition to the role, Glomb will continue to serve as CEO at PHLY and Tokio Marine North America Services.
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The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Kellom most recently served as president of the public entities group at Intact Insurance Specialty Solutions.
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Tokio Marine Highland (TMH) has promoted Linda Long to chief administrative officer, Eric Wurmser to COO and Kelly Cretti to specialty property division president.
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The executive joined the Tokio Marine Kiln-owned MGA in 1995 and helped build the firm’s flood insurance division.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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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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Tokio Marine has committed $42mn to the initial fund with plans to deploy more capital into subsequent fund cycles.
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In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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Palotay succeeds Richard Robin, who joined Tokio Marine following its acquisition of NAS Insurance, where he was CEO, in April 2019.
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The underwriter has more than 36 years’ experience and has previously worked at Hiscox and Faraday.
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Fischer will oversee the P&C underwriting agency’s portfolio in the fine art market, including art dealer, exhibition, museum, and private and corporate collection coverages.
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The co-head of international also stressed that its emphasis on ESG was "simply the right thing to do".
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The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.
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The Lloyd’s broker plans to establish additional regional offices.
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The outgoing finance chief will continue advising the carrier for two years after she steps down.
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Earnings at the international non-life business also halve as EMEA operations swing to a 12.5bn yen loss.
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AM Best said the upgrade partly reflected the company’s increasingly strategic role within the Delphi Financial and Tokio Marine group.
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The Tokio Marine HCC MGA takes Zoe Massie from AGCS and confirms the hire of Talbot’s Joshua Cantwell.
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The insurers say they are not liable for Hertz’s defense costs from a 2014 regulatory probe.
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The insurer wrote an excess casualty policy for the ride-share company in 2014.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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The deal comes as renewable energy rates continue to harden.
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Earnings decline in the international non-life business of the Japanese carrier.
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The ratings for HCC were lowered to A+ from AA- following the acquisition's close.
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The Japanese group’s shares in the reinsurer were worth about $333.9mn at Monday close.
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The executive’s departure after 11 years at the helm of TMK was first announced in September.
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The carrier is expanding its leadership team as part of its 2020 strategic plan.
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The executives replace Brad Irick, who is moving to head up Tokio Marine Kiln.
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The deal takes Tokio Marine’s overseas M&A spend to over $20bn in total.
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The $3.1bn deal eclipses other US P&C transactions this year.
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The Japanese carrier says loss derives mainly from an appreciation in the value of the yen since TMR’s launch in 2000.
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