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The range allows “for information that could emerge beyond what is known today”. -
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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Sources said that the executive will join the reinsurance brokerage next year, after his garden leave expires.
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WTW’s Jessica Klipphahn will take over as head of North America mid-market.
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Old Republic said the acquisition is expected to close in 2026.
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The company saw growth accelerate in its property and casualty segments.
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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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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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Ben Hanback joins from Aon, where he spent almost a decade.
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The company and its main debt provider Ares agreed to relax its debt terms in April.
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Dealmaking took centerstage, but other discussed topics were growth, talent and capacity.
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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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Bill Ross has been CEO of the non-profit for 21 years.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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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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AWS suffered a large-scale service disruption originating in northern Virginia.
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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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A quiet wind season is also expected to further soften the property market.
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Bonnet has spent more than four years at WTW in increasingly senior roles.
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There’s nothing medical about SAM claims.
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Sources said the PE-backed platform retained IAP to advise on the process.
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The CEO also said that the “bloom is off the rose” in the E&S property market.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company is looking to grow through its new MGA incubator program.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The hire comes a few months after Nick Greggains was promoted to CEO.
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The London-based executive will relocate to Daytona Beach, Florida.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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The new chief executive has served on PI’s board since 2018, including as chair.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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The executive is charged with defrauding investors out of nearly $500mn.
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The broker will report to Howden US CEO Mike Parrish.
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MGAs that are good operators will stick out compared to the rest.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Critics claim the dispute system denies consumers' key legal rights.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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The selloff may hint at headwinds for equity investors.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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An average of 81% of property accounts renewed flat or down.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The facility provides coverage for property, terrorism, energy, construction and utilities risks.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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Private capital–backed buyers accounted for 73% of the 513 transactions this year.
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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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The broker’s new business and client services division is targeting $400mn of savings.
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The carrier reported favorable reserve development of $22mn compared to $126mn in Q3 last year.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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Earlier this week, the broking house announced a rebrand to Marsh.
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Dale Krupowicz was also named head of operations for the segment.
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The insurer booked a $950mn policyholder credit expense in September.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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The motion claims the New York court has no jurisdiction in the case.
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State Farm is under investigation as its premiums have been rising “drastically".
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The federal panel hasn’t finalized a timeline for formulating the new rules.
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After six years as CFO, Mark Craig is taking on the position of chief investment officer.
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Shared and layered accounts are seen as reaping the biggest benefits.
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Neil Ross was also appointed CUO for the broker’s MGA.
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Brian Church has spent 20 years at Chubb.
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Fronting doesn’t look any better when it’s broken down by segment.
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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 reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.
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The international division is seeking a new London market manager.
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Growth concerns were top of mind at this year’s conference.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Moretti has relocated to California from London.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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Founder Chad King will transition to chairman but continue leading M&A efforts.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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The layoffs will mostly affect workers in Michigan.
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WTW claims at least two $1mn accounts were also unfairly lost to Howden.
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The MGA platform wants to expand into Europe and the UK and grow its wholesale business.
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The broker is understood to manage Brown & Brown’s account at Howden.
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Jeremiah Bickham will be a strategic adviser until the end of the year.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
