Insurance Insider US
Insurance Insider ILS
Subscribe
Log in
Free Trial
X
LinkedIn
Email
Show more sharing options
Copy Link URL
Copied!
Print
X
LinkedIn
Email
News
Daily Digest
Bermuda
Brokers
Companies
InsurTech
Interviews
London
Major losses
Rates
Reinsurance
Daily Digest
Bermuda
Brokers
Companies
InsurTech
Interviews
London
Major losses
Rates
Reinsurance
M&A
Opinion
Analysis
Data
Talent Tracker
UK broking M&A
Legacy deals
Lloyd's stamp capacity
Lloyd's aggregate results
Lloyd's syndicate results
Talent Tracker
UK broking M&A
Legacy deals
Lloyd's stamp capacity
Lloyd's aggregate results
Lloyd's syndicate results
Insider On Air
Webinars
Video Interviews
Podcasts
Webinars
Video Interviews
Podcasts
Events
Our Events
Insider Progress
Our Events
Insider Progress
Monte Carlo 2024
Show Search
Submit Search
Search Query
Menu
Submit Search
Search Query
News
Daily Digest
Bermuda
Brokers
Companies
InsurTech
Interviews
London
Major losses
Rates
Reinsurance
Daily Digest
Bermuda
Brokers
Companies
InsurTech
Interviews
London
Major losses
Rates
Reinsurance
M&A
Opinion
Analysis
Data
Talent Tracker
UK broking M&A
Legacy deals
Lloyd's stamp capacity
Lloyd's aggregate results
Lloyd's syndicate results
Talent Tracker
UK broking M&A
Legacy deals
Lloyd's stamp capacity
Lloyd's aggregate results
Lloyd's syndicate results
Insider On Air
Webinars
Video Interviews
Podcasts
Webinars
Video Interviews
Podcasts
Events
Our Events
Insider Progress
Our Events
Insider Progress
Monte Carlo 2024
Subscribe
Log in
Free Trial
© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.
Accessibility
|
Terms of Use
|
Privacy Policy
|
Modern Slavery Statement
Cookies Settings
Marissa Page
Published by this author:
AOB reform bill clears Florida House
The legislation would limit attorney fees in AOB cases, and would allow insurers to sell AOB-exempt cover.
Marissa Page
,
13 April 2019
Insurance agency M&A continues at steady clip: Optis
The firms said there were 151 insurance agency deals in the US and Canada announced in the first quarter.
Marissa Page
,
12 April 2019
Canadian regulator puts winter storm losses at $124mn
Quebec and Ontario saw the bulk of the insured damage.
Marissa Page
,
11 April 2019
Aon facing NLRB and EEOC probes of termination claim
A woman alleged she was fired from Aon for airing grievances about sexual harassment.
Marissa Page
,
11 April 2019
Zurich Canada adds liability head
Marco Royer joins Zurich Canada from Aon, and he will lead market-facing underwriting teams.
Marissa Page
,
11 April 2019
Tokio Marine HCC sells off bail businesses
The firm has sold Bail USA and all bail bond business written by select subsidiaries.
Marissa Page
,
10 April 2019
StarStone names Noonan chairman and Sanford president
Former Validus CEO Ed Noonan and PartnerRe US president Dick Sanford will join StarStone.
Marissa Page
,
09 April 2019
AIG settles Cosby defamation claims
Plaintiffs were “satisfied” with the settlement, according to legal filings.
Marissa Page
,
09 April 2019
Nationwide CEO Rasmussen announces retirement
The board has begun its search for a successor with help from an independent advisor.
Marissa Page
,
04 April 2019
Tech will woo next generation to insurance: execs
InsiderTech Chicago keynote speakers said innovation in SME insurance could attract young talent.
Marissa Page
,
04 April 2019
Tech giants still have a role to play in InsurTech: Notaras
In her keynote address, the XL Innovate partner laid out 10 predictions for InsurTech in 2019.
Marissa Page
,
04 April 2019
American Family to buy Ameriprise subsidiary for over $1bn
The deal is expected to close in the second half of 2019.
Marissa Page
,
02 April 2019
Commercial auto falters on poor pricing, reserving: AM Best
The line posted an underwriting loss every single year from 2011 to 2017.
Marissa Page
,
02 April 2019
Atlas Financial again delays 10-K filing
The auto insurer said its outside auditor needs more time.
Marissa Page
,
01 April 2019
Reserve releases, lower cat losses buoy Chubb Syndicate 2488 in 2018
This year’s loss activity 'well within our risk tolerances and expectations', syndicate says.
Marissa Page
,
29 March 2019
Risk ‘more difficult’ to place than ever: insurance execs
Panellists at the Insider US event outlined the challenges facing the market.
Marissa Page
,
26 March 2019
Scor hits back at CIAM activist challenge
The reinsurer is urging shareholders to reject CIAM’s proposal to split the chairman and CEO roles.
Marissa Page
,
26 March 2019
HCI expects higher EPS after note repayment
The Tampa, Florida-based insurer is hoping its share price will rise by 32 cents to 48 cents annually.
Marissa Page
,
25 March 2019
Gallagher appoints new cyber head
John Farley joins the broker from Hub International, where he worked for over four years.
Marissa Page
,
25 March 2019
RenRe closes TMR acquisition
The blockbuster $1.5bn deal grows RenRe to a $3.9bn-premium reinsurer.
Marissa Page
,
22 March 2019
HW Kaufman Group adds compliance head
Kori Johanson will also become corporate vice president of the Michigan-based holding company.
Marissa Page
,
22 March 2019
AM Best withdraws Mapfre Global Risks ratings
Parent company Mapfre recently won approval to distribute MGR business to its other subsidiaries.
Marissa Page
,
22 March 2019
TransRe’s McKeon warns of $3bn-$5bn D&O reserve hole
The TransRe North America CUO noted significant rate decreases across other liability lines in 2018.
Marissa Page
,
21 March 2019
AM Best withdraws Atlas ratings
The rating was dropped at the request of the company
Marissa Page
,
20 March 2019
AmWins reveals spate of new hires
The wholesale broker has hired or promoted seven individuals across its widespread operations.
Marissa Page
,
20 March 2019
Former Lockton CEO Lumelleau becomes Orchid chairman
He succeeds Steve Carlsen, who served as chairman for the past two years.
Marissa Page
,
20 March 2019
Michael claims rise above $6bn: Floir
That figure represents claims reported through 15 March.
Marissa Page
,
20 March 2019
Integrand rating drops on new cat business ban
This is the second downgrade of Integrand’s financial strength rating in about four months.
Marissa Page
,
16 March 2019
Berkshire workers’ comp unit under investigation: NY Post
Applied Underwriters has reportedly been under investigation since as early as May.
Marissa Page
,
13 March 2019
RenRe gets regulatory go-ahead for TMR deal
The Bermudian said it anticipates closing the deal “as soon as possible”.
Marissa Page
,
13 March 2019
Marijuana insurance market to reach new highs: AM Best
Many insurers have been hesitant to enter the market as marijuana is still illegal at a federal level.
Marissa Page
,
12 March 2019
Donegal put on negative watch by AM Best
The agency also affirmed Donegal’s financial strength rating of A.
Marissa Page
,
12 March 2019
New Guy Carp NA head rallies staff after high-level exits
John Trace highlighted the importance of serving client needs amid management upheaval.
Marissa Page
,
12 March 2019
US commercial hardened slightly in Q4: Willis
Commercial auto prices increased for the fifth consecutive quarter, according to London-based Willis Towers Watson.
Marissa Page
,
11 March 2019
OneBeacon successor entity Atlantic Specialty upgraded by AM Best
The ratings agency said its action reflects the company’s “strategic alignment” with Intact Financial.
Marissa Page
,
09 March 2019
HCI shares fall on Q4 net loss
The Floridian’s shares were down nearly 15 percent from the prior day’s close on Friday morning.
Marissa Page
,
08 March 2019
Voce names Argo director candidates
Voce said none of its nominees have business or financial entanglements with the investment firm.
Marissa Page
,
08 March 2019
Australia flooding could yield $1.2bn total losses: Aon
The Queensville event was by far the costliest catastrophe globally in February.
Marissa Page
,
07 March 2019
US P&C ratings downgrades rose in 2018: AM Best
Catastrophe losses, pricing challenges and capital market volatility were behind the upswing.
Marissa Page
,
07 March 2019
Aon subpoenaed in NY probe of Trump Organization
US President Donald Trump and his family organisation have been Aon clients since 2009.
Christopher Munro
,
06 March 2019
US commercial P&C market mostly firmed in Q4: CIAB
CIAB said all lines except workers’ compensation, cyber and terrorism saw pricing increases.
Marissa Page
,
06 March 2019
Aon pursuing possible Willis deal
The takeover would create the largest (re)insurance broking business by revenue.
Christopher Munro
,
06 March 2019
Pie Insurance raises $45mn in Series B round
The Sirius-backed InsurTech has accumulated $61mn in capital since its 2017 launch.
Marissa Page
,
05 March 2019
Severe tornado ravages Alabama county
The storm, an EF-4 in severity, sustained winds of 170 miles an hour.
Marissa Page
,
05 March 2019
Argo touts performance after Voce’s missive
Argo highlighted its “qualified and engaged” board of directors on the heels of criticism from Voce.
Christie Smythe
,
04 March 2019
Heritage posts top line growth in Q4
Heritage attributed its growth to the inclusion of a full quarter of NBIC, which it acquired in 2017.
Marissa Page
,
02 March 2019
FedNat strikes FHCF reinsurance deal
FedNat will be reimbursed for covered property losses in Florida in the upcoming hurricane season.
Marissa Page
,
02 March 2019
CinFin closes Beaufort deal
The Ohio-based company agreed to the $134.8mn transaction last October.
Marissa Page
,
01 March 2019
PG&E says its equipment likely ignited Camp Fire
The embattled company said it recorded a $10.5bn charge related to the historic fire.
Laura Sanicola
,
01 March 2019
AmWins forms separate railroad group
The Charlotte, North Carolina-based firm already does significant business in the railroad space.
Marissa Page
,
28 February 2019
Amerisafe wraps strong 2018 with 17% ROE
The Louisiana-based specialty workers’ comp insurer beat Wall Street consensus estimates.
Marissa Page
,
28 February 2019
More (re)insurers mulling ESG in decisions: AM Best
The increased consideration of ESG stems from greater oversight from a variety of sources.
Marissa Page
,
27 February 2019
1347 PIH shares jump 24% on FedNat deal
347 PIH’s stock price closed at $5.96, up 23.9 percent from the previous day’s close.
Marissa Page
,
27 February 2019
NatGen endures Q4 cat hit with strong earnings
The New York-based carrier slightly beat Street estimates.
Marissa Page
,
26 February 2019
Commercial pricing continued rise in Q4: Marsh
Prices notched up by 2 percent in the period, the highest bump since 2012.
Marissa Page
,
25 February 2019
Next Insurance grows net premium five-fold in 2018
Next Insurance became a licensed carried in 15 states, up from eight at the mid-year mark.
Marissa Page
,
25 February 2019
ProAssurance healthcare professional liability head to retire
Howard Friedman will leave his leadership role but will continue working at ProAssurance.
Marissa Page
,
22 February 2019
Kinsale continues positive earnings streak in Q4
CEO Michael Kehoe said the carrier was “optimistic” heading into 2019.
Marissa Page
,
22 February 2019
Chubb unit fined over NRA Carry Guard policies
A Washington state regulator hit Illinois Union with a cease and desist order against underwriting the policies.
Marissa Page
,
22 February 2019
Employers Holdings reports strong Q4
The Reno, Nevada-based insurer posted a combined ratio of 80.8 percent for the quarter.
Marissa Page
,
21 February 2019
California Capital ratings review status shifts on Auto-Owners deal
AM Best said it changed the review status of the carrier following the announcement of the acquisition.
Christie Smythe
,
21 February 2019
Crypto firm BitGo partners with Lloyd’s underwriters
The product will cover up to $100mn for custodial assets held by BitGo.
Marissa Page
,
21 February 2019
Donegal takes another weather hit in Q4
The Marietta, Pennsylvania-based P&C insurer saw a loss of $32.8mn for the calendar year.
Marissa Page
,
20 February 2019
Great American appoints two new EVPs
Anthony Mercurio and David Thompson Jr. were both promoted.
Marissa Page
,
20 February 2019
Orchid Underwriters appoints Zuk as corporate development head
Joe Zuk will oversee M&A, organic growth, product and program expansion.
Marissa Page
,
20 February 2019
Sirius rating affirmed despite parent’s liquidity issues
AM Best said Sirius will retain its financial strength rating of A due to its independence from CMIG.
Marissa Page
,
16 February 2019
Fairfax executive says firm ‘not interested’ in Protective
President Paul Rivett denied deal rumours and said the firm is “done” with big acquisitions.
Marissa Page
,
15 February 2019
AIG takes $362mn reserve hit in D&O
That figure accounts for the bulk of AIG’s $445mn unfavourable reserve development, pre-adverse development cover.
Marissa Page
,
15 February 2019
Fema head to step down
Brock Long’s departure comes just two days before a potential US government shutdown.
Marissa Page
,
14 February 2019
Favourable workers’ comp performance won’t last: Conning
The current state of workers’ compensation is “as good as it gets”.
Marissa Page
,
14 February 2019
Arch weathers Q4 catastrophe hit with solid earnings
The firm reported earnings per share of $0.46, a beat against consensus estimates of $0.38.
Marissa Page
,
13 February 2019
Before taking on crypto risk, D&O rates need to harden: experts
Carriers are reluctant to expand their appetite in areas like cryptocurrency before D&O prices rise.
Marissa Page
,
12 February 2019
Kemper’s solid Q4 helped by reinsurance recoveries
The carrier reported operating income of $59.9mn for Q4 2018.
Marissa Page
,
12 February 2019
Maiden sued by investors over AmTrust relationship
The proposed class action lawsuit was filed against Maiden as well as former executives.
Gavin Davis
,
12 February 2019
CNA stock dips more than 7 percent on news of Q4 loss
The carrier's group core income came in at a loss of $23mn for the fourth quarter.
Marissa Page
,
12 February 2019
Axis hires Quane as underwriting head
Bob Quane will be based in New York and report to Eric Gesick, group CUO at Axis.
Marissa Page
,
11 February 2019
Disappointing reinsurance pricing and profitability continue: AM Best
Reinsurers did not adequately adjust pricing to account for 2018 losses and 2017 creep, the ratings agency says.
Marissa Page
,
09 February 2019
Heritage announces $11.3mn in non-core charges for Q4
The charges stem from debt transactions and the relocation of a subsidiary's headquarters.
Marissa Page
,
08 February 2019
D&O rates must rise or carriers will exit: panel
D&O pricing has lagged behind claims activity for the better part of a decade, market experts say.
Marissa Page
,
08 February 2019
Catastrophes weigh heavy on EMCI year-end results
The Des Moines, Iowa-based carrier reported a net loss of $0.35 per share for the year.
Marissa Page
,
07 February 2019
CoverHound wraps $58mn Series D round
Hiscox led the round, with additional funding from Chubb, Aflac and Japan-based MS&AD.
Marissa Page
,
05 February 2019
#MeToo movement fuelling new form of D&O risk
Sexual harassment allegations against corporate executives are starting to spawn securities lawsuits.
Christie Smythe
,
05 February 2019
Better conditions down the road for commercial auto: JLT
Some top-tier commercial auto carriers stand to see market improvement, JLT says.
Marissa Page
,
01 February 2019
Blue Capital’s Q4 dragged down by high cat losses
The Bermudian reinsurer posted a combined ratio of 191.6 percent for the year.
Marissa Page
,
31 January 2019
Sompo International partners with German insurer on parametric ag product
SV ErnteIndex protects against crop losses in instances of drought, frost or wet weather.
Marissa Page
,
31 January 2019
Covéa board 'firmly rejects' Scor accusations
The French mutual’s board said it would “take all action in order to defend its interests”.
Marissa Page
,
31 January 2019
Gentsch joins Finma board
Benjamin Gentsch was formerly CEO of Scor Switzerland AG.
Marissa Page
,
30 January 2019
APCI outlines negotiations for US-UK trade agreement
The negotiations of a new trade agreement come as a result of Brexit.
Marissa Page
,
30 January 2019
Axis Re hires new underwriting head in Canada
Jason Arbuckle will head up Axis Re’s Canada office.
Marissa Page
,
29 January 2019
Former Hub CFO Goldsmith joins PCF Insurance
The executive will serve as CFO and COO for the brokerage, and join PCF’s board.
Marissa Page
,
29 January 2019
Risk modellers take measured view of climate change impacts
A data deficit means it’s often too early to make assumptions about rising global temperatures.
Marissa Page
,
29 January 2019
D&O competition curbing rates: AM Best
An increase in securities litigation is expected to lead to greater D&O losses in 2019.
Christie Smythe
,
29 January 2019
Wildfire losses tallied by California reach $11.4bn
That figure is an increase of 25 percent, or $2.3bn, since the state first reported losses in December.
Marissa Page
,
29 January 2019
Chubb enters tie-up with Banco de Chile
Banco de Chile will distribute Chubb’s life and general insurance products.
Marissa Page
,
29 January 2019
Activist investor pursues EMCI board seat
Gregory Shepard owns 1.1mn EMCI shares according to a disclosure filed Monday.
Marissa Page
,
29 January 2019
PG&E bankruptcy will be 'credit negative' for carriers: Moody’s
PG&E estimates that its liabilities to insurers and wildfires could exceed $30bn.
Marissa Page
,
25 January 2019
Lockton digital broker Mylo raises $28mn
The round was led by Guggenheim Partners.
Marissa Page
,
25 January 2019
Employers Holdings aims to create workers’ comp InsurTech
EHI is starting a new subsidiary, Cerity, to serve as a digital provider of workers’ comp insurance.
Marissa Page
,
24 January 2019
Commercial auto remains a challenge for Travelers
The insurer took a pretax charge of $245mn from commercial auto, impacting earnings.
Marissa Page
,
24 January 2019
Karen Clark wins International Insurance Society award
The organisation said the president and CEO of the eponymous modelling company was a “game changer” for the reinsurance industry, and a driving force behind the cat bond market.
Marissa Page
,
23 January 2019
More Hawaii homeowners sue Lloyd’s underwriters
The complaint alleges Lloyd’s underwriters engaged in deceptive practices.
Marissa Page
,
23 January 2019
Marsh & McLennan Agency acquires Florida-based Bouchard
The deal is set to close later this month.
Marissa Page
,
22 January 2019
Tokio Marine announces management changes
Chairman Shuzo Sumi will be replaced by Tokio Marine’s current president and group CEO.
Marissa Page
,
22 January 2019
AM Best removes Kemper from under review
The rating actions followed the close of a deal with Infinity Property and Casualty.
Marissa Page
,
19 January 2019
EMCI reports $18.5mn catastrophe hit, sinking Q4 results
The California wildfires accounted for the biggest proportion of the company’s catastrophe exposure.
Marissa Page
,
18 January 2019
XPT Group acquires trucking MGA
PE backer BP Marsh is helping to fund the deal.
Bernard Goyder
,
18 January 2019
Church insurer Brotherhood Mutual downgraded by AM Best
The agency said its outlook for the insurer’s ratings is stable.
Marissa Page
,
16 January 2019
Axis hires former Chubb exec as CIO
Keith Schlosser joins Axis from Chubb’s Overseas General Insurance division.
Marissa Page
,
16 January 2019
The Hanover estimates $50mn pre-tax losses in Q4
The losses largely stem from the Camp and Woolsey wildfires and Hurricane Michael.
Marissa Page
,
16 January 2019
Markel Catco scrutiny draws shareholder suit
The complaint on behalf of Markel investors follows the disclosure of regulatory probes into the accounting of loss reserves.
Christie Smythe
,
16 January 2019
Travelers expands in US M&A sector with ASQ capacity deal
ASQ will underwrite transactional risk policies with an initial gross capacity of $50mn per transaction.
Marissa Page
,
15 January 2019
Addesso’s departure highlights transition to new generation of leadership
Reinsurance executives shuffled in 2018 due to M&A, ageing workforce.
Gavin Davis
,
15 January 2019
Lloyd’s underwriters accused of defrauding Hawaii homeowners
A lawsuit alleges the homeowners were “steered” into policies that contained exclusions for perils including lava.
Marissa Page
,
11 January 2019
AM Best boosts Generali credit rating
The ratings agency also revised the outlook of Generali’s long-term ICR to positive from stable.
Marissa Page
,
11 January 2019
NFIP poised for identity crisis in 2019
The programme has been sustained by a dozen short-term lifelines amid political impasse in the US Congress.
Marissa Page
,
08 January 2019
White Mountains buys piece of auto insurer Noblr
Noblr co-founder Gary Tolman resigned from the White Mountains board to avoid a conflict of interest.
Marissa Page
,
07 January 2019
Safety National buys Midlands Management
The acquisition brings Midlands into the fold of Tokio Marine Group.
Marissa Page
,
03 January 2019
WR Berkley appoints new executives
Philip Welt was promoted to executive vice president and general counsel, and two other executive vice presidents were named.
Marissa Page
,
03 January 2019
CSAA faces lawsuit from 2017 wildfire victims
CSAA estimates left the homeowners with “woefully insufficient” funds to rebuild their homes, victims alleged.
Marissa Page
,
21 December 2018
Platinum Partners receiver sues Beechwood Re affiliates
Platinum Partners is facing civil and criminal fraud cases, and Beechwood Re is also facing numerous lawsuits.
Marissa Page
,
21 December 2018
AM Best gives Ascot A rating
The ratings agency’s announcement applies to both Ascot Insurance and Ascot Specialty.
Marissa Page
,
20 December 2018
Michael claims in Florida top $4.5bn: Floir
Losses have climbed by about $500mn since the regulator’s last update at the end of November.
Marissa Page
,
20 December 2018
Axis estimates wildfire losses up to $150mn
The company said its losses are consistent with industry insured losses of up to $20bn.
Marissa Page
,
20 December 2018
Recent Blackstone-led investment will partly fund M&A: Acrisure CEO
Roughly $240mn of that preferred equity investment will serve as “dry powder” for upcoming deals.
Adam McNestrie
,
19 December 2018
IFG announces casualty executive appointments
The insurer named a new president of primary casualty and head of excess casualty.
Marissa Page
,
19 December 2018
Integro US buy a ‘complementary’ transaction: Garvey
The Epic CEO said the acquisition will make firm as “significant player” in healthcare and entertainment.
Adam McNestrie
,
19 December 2018
Marriott breach losses could reach $600mn: AIR
AIR said its estimates are based on the assumption that 500mn records were stolen.
Marissa Page
,
19 December 2018
Argo promotes Harris to international insurance chief
The Bermuda carrier also broadens the remit of US and Latin America insurance chief Kevin Rehnberg.
Marissa Page
,
18 December 2018
Soft market pressures in workers’ comp easing
Rate reductions have already started to ‘decelerate’, one industry expert said.
Marissa Page
,
18 December 2018
Epic sees off AJ Gallagher to buy Integro’s US operations
The deal followed rumors that the insurance broker would go to AJ Gallagher instead.
Marissa Page
,
18 December 2018
D&O pricing notches upward in Q3: Aon
More than half of primary D&O policies saw a price increase in the third quarter.
Marissa Page
,
18 December 2018
Casualty sees robust first half of 2018: Lockton
Commercial auto and liability rates continued to rise in Q3, and workers’ comp savings persisted.
Marissa Page
,
17 December 2018
AOB abuse inflates costs for Florida policyholders: III
So far this year, nearly 135,000 assignment of benefits lawsuits have been filed in Florida.
Marissa Page
,
13 December 2018
California insurance regulator reports $9bn in wildfire losses
The state regulator released preliminary insured loss data, showing most losses coming from the historically destructive Camp Fire.
Marissa Page
,
13 December 2018
AM Best drops Mercury Casualty to A after wildfire hit
Mercury Casualty's ratings have been cut from A+ to A, a move which reflects the company's significant market concentration in California.
Marissa Page
,
12 December 2018
Lincoln Financial announces Athene reinsurance transaction
Capital generated from the transaction will largely fund share repurchases of up to $500mn.
Marissa Page
,
12 December 2018
Blue Capital estimates $17mn in Michael and wildfire hit
The company cautioned that its actual losses “may ultimately differ materially” from the estimate.
Marissa Page
,
12 December 2018
Wildfire losses for 2018 could top $20bn: CoreLogic
The November wildfires alone are expected to cost anywhere from $15bn to $19bn.
Marissa Page
,
11 December 2018
Load More