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The Insurance Insider US news team runs you through the earnings results for the day. -
Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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The insurer reached a high of over 1.4 million policies in September 2023.
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HNW family offices are now among investors considering the US MGA segment.
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Fears of the oncoming soft market are causing a sector rotation away from P&C.
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Tompkins Insurance is a subsidiary of Tompkins Financial Corporation.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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Widespread underinsurance and low exposures will limit losses.
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Both the primary and reinsurance segments benefitted from a light cat year.
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It is understood that Sutton National is the fronting carrier sitting behind the facility.
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The Bermuda carrier brought a winding-up petition earlier in October.
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The acquisition will expand PHLY’s presence in the niche market.
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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 executive will fill the role previously held by Howden’s Figliozzi.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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The search for a CFO had been underway since last July.
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Many commercial risks will have London coverage, but insured values are relatively low.
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CEO Greg Case said data center demand could generate over $10bn in new premium volume in 2026.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The broker grew earnings per share by 12.1% during the quarter.
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The broker continues to expect 20% to 30% property rate reductions, as well as increased market competition.
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Gallagher said that the firm is ready to engage in large deals again after the acquisition of AP.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Gray specializes in contract bonds for mid-sized and emerging contractors.
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Dairy and livestock products within the agricultural unit were main growth drivers in Q3.
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The FIO said it will work with regulators on coverage for digital assets.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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The broker is monitoring whether the economic environment will limit discretionary spending.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The broker will join Ron Borys’ financial lines team.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The broker said it was on track to hit its financial goals despite macro uncertainty.
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Greenberg has strong links with IQUW management, and praised the firm’s leadership and cultural fit.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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This publication revealed that Starr was zeroing in on the deal earlier today.
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The parties could announce the transaction soon, according to sources.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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The regulations are designed to address long-term solvency concerns.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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Erbig joins after more than 20 years in finance-related positions at Liberty Mutual.
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Opportunities for growth remain in small and medium commercial accounts.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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BP Marsh has agreed the sale of its 28.2% shareholding as part of the deal.
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Jason Keen joined Everest in 2022 as head of international.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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The executive joined the Dallas-based insurer as CUO in 2023.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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This publication revealed the move earlier this year.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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The specialty carrier’s share price fell nearly 7% on the day of the call.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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The broker said WTW hasn’t shown it was irreparably harmed by the defection.
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APIP is one of the world’s largest property programs.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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A canvassing of the cyber market suggests the impact will be negligible.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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The range allows “for information that could emerge beyond what is known today”.
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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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MultiStrat, the founder of casualty ILS, is focusing on committed capital to grow, said Bob Forness, CEO, MultiStrat.
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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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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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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.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Lupica moved to the role last year as part of a staggered handover of responsibilities to Juan Luis Ortega.
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JP Morgan and RBC are advising the brokerage on its options ahead of an eventual IPO.
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The move marks Acrisure Re’s first investment in Latin America.
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The executive was formerly EVP and central regional leader at Aon.
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Property underwriters are ‘competing fiercely’ to access mining risks.
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The executive has been at the broker for over 20 years.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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When owners are not paying attention, discipline and governance are not top priorities.
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Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The two executives join from Markel and Arch, respectively.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The executive will officially start in mid-November.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The broker will now have access to an M&A war chest for inorganic growth.
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Expansion into adjacent markets, capital return and M&A among top means of capital deployment.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.
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The company will implement a new leadership structure after his departure.
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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 new unit will be led by former Emerald Bay exec George Dragonetti.
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The request cites use of Verisk’s forward-looking wildfire model.
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New home sales could be impacted by a prolonged stalemate.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Insurers continue to compete on price, especially in the SME sector.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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The business has been ~70% owned by White Mountains since January 2024.
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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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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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The executive has worked for Aon for almost two decades.
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The executive was most recently serving as CRO – insurance.
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Landa was part of the team lift led by Michael Parrish, who is CEO of the US retail arm.
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The business is beginning to integrate following a $9.8bn acquisition.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Sources said that Howden Capital Markets is advising the fronting company.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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The move is the latest in a series of casualty leadership shake-ups at the insurer.
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She previously served as Hub’s North American casualty practice leader.
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Neptune’s stock price jumped 25% on the first day of trading.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Superintendent Harris is stepping down this month after four years of service.
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Sexual abuse and molestation exclusions are starting to hold in higher layers of hospital towers this year.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The specialty insurer posted $800mn in GWP for the first six months of the year.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
