Casualty/GL
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Reinsurers will likely push for double-digit US premium rate increases.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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The company is currently “underweight” in that line of business, he added.
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CEO Thierry Léger claims the “insurability” of global risk is becoming “challenged”.
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The reinsurer constructed a “social inflation index” for a new study.
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Scor is also limiting its exposure in political risk and cyber.
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The transaction complements its previous acquisition of RMS in 2021.
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The property market remains “one of the most favourable... I've seen in my career", he said.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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Fears around social inflation have maintained upwards pressure on US liability reinsurance pricing.
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The broker noted a shift towards alternative risk solutions in the MENA region.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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Jessica Cullen is relocating to London from New York to take up the new role.
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The Lloyd’s chief of markets said he was generally comfortable with market fundamentals.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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Joy had previously set up the casualty practice at Global Indemnity.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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As risks continue to become more interconnected, (re)insurers face increased pressure to manage aggregation.
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Social inflation continues to prove challenging in the casualty space and is rebounding post-Covid.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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He joins from Hoerbiger Holding, where he was head of corporate risk and insurance management.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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The French reinsurer said continued price increases, particularly on cat and US casualty, remain necessary.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Dave Cahill and Adam Power have resigned, as Miller managed to shore up remaining members of its casualty team.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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If you only read a handful of articles this week, make it the selection below.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The underwriter has worked at various Axa entities for 13 years, holding a string of increasingly senior positions.
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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The MGA writes management liability, professional indemnity, crime and cyber risk.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The carrier continues to write the class from other global hubs.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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The SPA was launched in 2019 and generated a combined ratio of 88.8% last year.
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Ress will lead Axa XL’s underwriting strategy for general liability, motor and environmental insurance in Europe and the APAC region.
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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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The newly acquired carrier has confirmed a payout of £80mn for UK Covid-19 claims so far.
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The carrier will mobilise 3,000 general agents plus distribution partners to make offers on an “unprecedented scale”.
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The underwriting executive will oversee lines including cyber, D&O and casualty.
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Reinsurers are clamouring for proportional business, while maintaining excess-of-loss rate rises at 1 January levels.
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Ascot Group named Matthew Lillegard to its newly created post of group chief actuary on Wednesday, the latest in a flurry of hires.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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Insiders Mark Appleton and Thomas Stamm take new roles as the carrier expands management of the line beyond Hanover.
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The CFO said that commercial lines business was improving faster than retail, reversing previous trends.
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The hire reflects Ascot’s push to build capabilities on the island.
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Ben Wallace will lead the team as the syndicate continues to expand in the casualty space.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The broker previously held positions at Guy Carpenter, JLT Re and HSBC Insurance Brokers.
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The insurer is also said to have scaled back its cession percentage to between 25%-30%, with final signings still being determined.
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Ceding commissions are not falling as reinsurers look to capitalise on insurers' re-underwriting.
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Brokers are navigating a market where new capacity from underwriters who have waited out the soft market may help dampen price rises.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The insurer was ordered to pay out for policies by the Western Cape High Court earlier this week.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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Since Covid-19 began to spread in areas with high insurance penetration, the situation has been in constant evolution.
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The executive’s departure from the Willis Towers Watson merger partner follows that of other casualty reinsurance colleagues.
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The changes are part of the carrier’s move to a more regional operating model.
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The transaction covers casualty reserves for the 2009 to 2017 years of account.
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The deal covers subject premium of around $2bn and will run for 18 months.
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His anticipated move to Guy Carpenter follows that of Francis Paszylk to TigerRisk.
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The appointments follow an expansion in the carrier’s European casualty offering earlier in the year.
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The Accredited program partner has plans to expand into new lines of business.
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The executive joined the company last year from Swiss Re and has also worked at AIG and Willis.
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Meanwhile, US GL underwriters fear the impact of Covid-19 litigation.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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The insider replaces Detlef Offenhau, who has recently retired from the role.
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A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.
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Insurance lawyers are anticipating a massive surge in PTSD-related claims in the aftermath of the Covid-19 outbreak, amid a wider uptick in liability claims triggered by the pandemic.
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Insurers for BW Offshore’s Sendje Berge FPSO may have dodged a bullet following a pirate attack on the vessel, but the ordeal may only be beginning for the nine crew members kidnapped in the raid.
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It will have a maximum line of over $20mn and allow members to adjust lines on a risk-by-risk basis.
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He replaces Chris Mauduit, who has retired after leading the team for the previous five years.
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The veteran broker will help diversify the firm’s product offering.
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The new hire comes amid fierce competition for talent in the broking space.
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Reinsurers demand exclusions and rate rises in all classes amid pandemic uncertainty.
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The equity research firm names Beazley as most exposed to the price growth within casualty because of its US hospitals business.
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Concerns over crew liability claims have led carriers to change wordings and tighten underwriting criteria.
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At least 20 states in the US have so far moved to limit the liability of care home operators.
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Aviation and marine experts Dominic Toogood and Gary Moore join the firm from Prospect Insurance Brokers.
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Florian Beerli, Angela Ives, Jae Park and Alex Marti join the carrier from Chubb.
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The Chubb CEO calls on Congress to shield corporate America from Covid-19-related litigation as the US begins to re-open.
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The carrier is looking to grow its business share in the international liability market.
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The executive was head of casualty for North America and London for Axis Reinsurance.
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An increase in the severity of securities class actions has seen D&O insurers present a united front against rising litigation, but divisions between carriers remain, writes John Hewitt Jones.
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Active underwriter says pricing, retro conditions and casualty crisis will play out in MAP 2791’s favour.
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Carriers are retracting quotes as they balk at taking on further risk amid the Covid-19 pandemic, according to market sources.
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Remedial actions start to bear fruit in primary property.
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The analyst predicted that rate hardening will continue, albeit with reduced premium levels.
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Jonah Pfeffer was previously president of reinsurance at OneBeacon.
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The book of occupational disease liability is highly volatile and payouts can be significant.
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Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
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His arrival comes as rates surge across the excess casualty market, driven by social inflation in the US.
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The Japanese-owned carrier installs the fifth and final divisional head following a business overhaul.
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The liability cover is the second product to stem from the Lloyd’s innovation facility.
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Global P&C CEO Conoscente offers reassurance on US casualty exposure.
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The move follows S&P and Fitch putting ProAssurance’s ratings under review.
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The executive said syndicates would struggle to grow market share as casualty rates rise.
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The ratings agency said its outlook on the carrier remains unchanged following the announcement of its acquisition of Norcal.
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Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Colm Lyons, Lee Ackerman, James Perrott and Tom Graham join Syndicate 1969.
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Analysts remain unconvinced that the US casualty reserving crisis is behind the carrier.
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The former underwriter left Barbican following the company’s acquisition by Arch.
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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The CEO explained the reasoning for the carrier's recent reserve increase during a call with analysts on Wednesday.
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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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Berkshire Hathaway-owned MedPro provides medical malpractice insurance in the US.
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The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results.
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General liability, professional liability and personal lines were key growth areas for the carrier.
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The broker has experience placing business for offshore law firms and trust companies.
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The move by a senior claims executive to the underwriting side comes amid mounting casualty claims due to social inflation.
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The carrier's first full-year results as a listed entity will include $28mn of unfavourable development.
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SVP Tom Jurgens told The Insurance Insider that he expects the book to grow at least 15 percent this year.
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Disruption in P&C markets is expected to boost demand for captive services.
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If early reporters Travelers and RLI are reliable cross-industry bellwethers, it looks like significantly lower overall catastrophe losses last year will flatter carriers’ Q4 and 2019 results and offset much of the damage from spiralling casualty claims.
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The appointment follows the closing of Gallagher’s acquisition of Capsicum Re.
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The former Navigators executive has set up a consultancy called G58 to work with private equity and insurance clients.
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