Everest PE vertical head Reinert exits for Sompo International

Verisk predicts insured losses for Hurricane Helene will range between $6bn and $11bn

WTW’s Chicago property head Volker rejoins Marsh as part of central zone property team

Signs of stabilizing reinsurance market for regionals navigating SCS challenges

Milton could bring back the fear…

Hurricane Milton: Track, size and intensity hold key as to where loss sits in $10bn-$100bn+ range

Hurricane Milton is beginning to move northeast on a track that is expected to bring it to the centre of Florida’s west coast as a strong Category 3 storm late tomorrow.

Exclusive: RenRe scrutinising cedant action on portfolio exposure and rate after year-long US casualty study

RenaissanceRe has communicated to brokers on its US excess casualty reinsurance book that it needs to see data-based evidence of cedants’ actions to address underlying portfolio exposure and suggested significant rate increases may be needed where loss cost trends outpace pricing, The Insurer can reveal.

Latest Articles

Verisk predicts insured losses for Hurricane Helene will range between $6bn and $11bn

Nardac: Offshore renewables to remain buyers’ market unless claim burden intensifies

PICC pays out $2.1mn after rain and heat trigger parametric agriculture scheme in Jiaxing

Travel insurance brand Berlin Direkt adopts Blink Parametric travel disruption solutions

AM Best: Workers’ comp state funds grow direct premium to $6.9bn in 2023

Program Plus and IRM switch preferred hab program capacity provider to Ascot

Epic promotes five to Northern California leadership team

The fact that many Florida-focused property reinsurers buy relatively low attachment points suggests that reinsurers could collectively bear a higher percentage of Milton losses than for previous 2024 weather events

KBW analyst Meyer Shields on material reinsured Milton losses impacting the trajectory of 1.1 pricing

Analysis

US insurance stocks outperform as robust jobs report pushes Wall Street into the black

Personal lines drive strong H1 for US P&C industry

European and US P&C shares deliver mixed results despite strong September for global equity

US insurance composite edges up 0.2% as Helene leaves (re)insurance stocks largely unscathed

New entrants hold key to Lloyd’s reaching $100bn GWP target

US insurance composite rose 1.2% last week as Wall Street welcomed Fed rate cut

More News

AssuredPartners acquires Massachusetts-based agency Halstead

Ambac confirms backing of Miller-led MGA Pivix

Gallagher strengthens upstream energy with Miller and Marsh hires

Admiral’s UK insurance CEO Nestares steps down

Axis names Flitman London ceded re head

BHSI launches DACH PI and cyber offering through Hamburg office

MarketScout: Q3 commercial lines price increases decelerate to 3.8%

Hurricane Milton track likely missed Mexico’s parametric cat bond trigger zone

Arch Insurance promotes Brooks to global fine art and specie head

How efficient is capital allocation in insurance?

Patient capital: how should tomorrow’s insurers be funded?

Drowning in data: The high costs of poor data management

Baked in: how a computer scientist anticipated the MGA boom

Balancing act: MGAs and the search for durable capacity

APCIA 2024

Milton could bring back the fear…

Reinsurers seeing the value of higher attachment points

Axa XL Re sets sights on growth in North America

Concert’s new sidecar Harmony Re being positioned to take on third-party funds

Marine market converges on $1.5bn-$2bn Baltimore bridge loss estimate

US casualty concerns extending into international market

Cyber Risk Insurer

NetDiligence panel: “Better framework” needed for adjusting cyber BI losses

A better approach is needed for adjusting large cyber business interruption losses with clients frustrated by continuous questions from excess carriers amid a lack of clarity around forensics reports, according to Westfield Specialty’s Jeff Kulikowski and Aon’s Matt Chmel.

Beazley’s Wice, Marsh’s Patel, Pondurance’s Swann receive NetDiligence awards

Cyber risk readiness and response services firm NetDiligence has announced the winners of its 2024 Toby Merrill Awards.

Brown & Brown’s Owad: AI is a double-edged sword in cyber risk

Brown & Brown senior vice president Anju Owad has raised concerns about the balance between efficiency and security when using AI, particularly when handling sensitive client data.

Panel: Cyber reinsurers seen as “conduit” for capital market access through ILS and sidecars

Cedants are focusing more on tailored solutions for cyber as event covers grow in popularity, while sidecars may also soon emerge in the space, speakers on a reinsurance panel at a NetDiligence summit said.

Beazley: Demand for cyber insurance will treble in next six years

Beazley has forecast an 18 percent compound annual growth rate in the cyber insurance sector between now and 2030, with international expansion set to outpace growth in the more mature North American market.

NetDiligence reinsurance panel: CrowdStrike should prompt reevaluation of “fault lines” in portfolios

The CrowdStrike outage was the latest example of a near miss for the cyber (re)insurance market and highlighted challenges with event definitions, speakers during a session at NetDiligence conference suggested.

Axis’s Bailey: Cyber market to see “more maturity moments” in 2025

There are signs that the cyber market is growing up, including some headline-grabbing events over the past year and the emergence of a cat bond market, with “more maturity moments” to come in 2025, according to Axis Capital’s head of global cyber and technology Lori Bailey.

Parametric news

Seadrif pays $3mn total to Lao PDR after Yagi flooding triggers second payout

Munich Re and ARC back new shock-resilient loans for West African countries

Parametric insurer Paratus covers jet fuel price risk for Southeast Asian airline

Kansas festival Buskerfest purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Parametric-focused Revo Insurance approved to open Spanish branch

Parametric agriculture firm WRMS expands to Latin America

The Insurer TV

Comment

Milton could bring back the fear…

Disabling the enablers…

Bridging the gap…

African Risk Capacity’s Diong to lead loss and damage fund

Comment: WTW provides another data point showing US rate increase deceleration

The Monte Carlo postcard…

Program Manager

Program Plus and IRM switch preferred hab program capacity provider to Ascot

One80 Intermediaries’ Programs Plus and Innovative Risk Management have switched the capacity provider supporting their preferred habitational program from Argo’s Colony Insurance Company to Ascot Specialty Insurance Company.

Amwins and Floodbase launch parametric flood insurance program for California municipalities

Broker Amwins and parametric flood data company Floodbase have announced a flood insurance program for California’s public sector, with some policies already bound.

Ambac confirms backing of Miller-led MGA Pivix

Ambac Financial Group has confirmed that it has partnered with surplus lines veteran Mike Miller and his team on the launch of excess and surplus lines MGA Pivix Specialty Insurance Services.

Beazley launches $100mn cyber consortium

Beazley has launched a $100mn cyber consortium named “Beazley Quantum” for large corporates with turnover in excess of $1bn.

AM Specialty and Swain & Baldwin launch pet insurance program

AM Specialty Insurance Company and Swain & Baldwin Insurance & Risk Management have launched PawPro Pet Insurance Program for renters with pets.

Starwind raises $270mn to launch Fractal Re sidecar for programs quota share

Starwind Specialty Insurance Services has raised $270mn from investors including Nationwide, Enstar and others for a Bermuda sidecar-style reinsurer called Fractal Re that will write a 15-20 percent quota share across 35+ programs on its underwriting platform, Program Manager can reveal.

S&P: K2 posts $1.6bn revs and $83mn adj Ebitda in TTM to 30 June 2024

K2 Insurance Services generated total net revenue of around $237mn and gross premiums written of some $1.6bn in the 12 months to 30 June 2024, with the Bob Kimmel-led MGA platform’s adjusted Ebitda for the period totalling $83mn, according to S&P Global Ratings.

Starwind confirms Conrad appointment as CUO

Starwind Specialty Insurance Services has brought in Kirk Conrad as CUO, with the recruit making the move after this publication revealed in August he had left BMS amid links to the TIH Underwriting division.

Ryan Specialty in deal to buy EverSports MGU assets from Everest

Ryan Specialty and Everest Group have announced a deal for the wholesaler and underwriting giant to acquire certain assets of sports, leisure and entertainment risks MGU EverSports & Entertainment Insurance from the Bermudian (re)insurer.

Fidelis Partnership’s Pine Walk launches property-focused Seraphina

The Fidelis Partnership’s specialist MGA platform Pine Walk has launched international property-focused Seraphina as its tenth MGA.

RedBird-backed Bishop Street makes specialty auto play with Verve acquisition

Start-up Bishop Street Underwriters has continued to extend its reach after the RedBird Capital Partners-backed platform made a strategic equity investment in full-service auto insurance MGA Verve Services.

Sands Point Risk inks joint venture with NCC to launch multi-line construction platform

Avesi Partners-backed MGA platform Sands Point Risk is preparing the launch of a new contractors program in partnership with independent wholesaler National Coverage Corporation (NCC) that aims to be online by year-end or sooner, The Insurer can reveal.

E&S Insurer

AmRisc panel: Only a return to “fear in the room” would tighten softening property market

The major shift towards softening property market conditions will only be reversed by the return of “fear in the room” from an event which has a major financial impact or changes the perception of risk, although a series of smaller events could slow the pace, according to a panel of brokers and insurers.

WSIA Annual Marketplace: Bullish themes persist as wider P&C sector transitions

As the E&S market arrives in San Diego for the start of the WSIA Annual Marketplace 2024, record numbers in excess of 8,000 are expected, and many of the bullish themes that have featured in recent years are likely to persist around the sector’s prospects.

Axis recruits Lexington’s Goldberg to lead new E&S allied healthcare unit

Axis has brought in Deb Goldberg from Lexington Insurance Company to lead the launch of its new E&S allied healthcare offering in North America.

B&W’s Danny Kaufman: Wholesaler has been growing 20% every month in 2024

Burns & Wilcox president Danny Kaufman said that the wholesaler has posted over 20 percent growth every month this year through August, with policy count rather than rate a major driver of the increase, as he also highlighted international expansion as a priority.

Ironshore’s Dolan: Market dislocation continues to provide opportunity for E&S underwriters

Matt Dolan, president of North America specialty and Ironshore at Liberty Mutual Insurance, has said there continue to be plentiful opportunities for “thoughtful underwriters” to navigate and find the “right risk-reward balance” in an E&S market where there is still a lot of dislocation.

Tech-enabled wholesaler Arqu raises $10mn in Series A with Intact, Lightspeed backing

Tech-enabled wholesaler Arqu has raised $10mn in a Series A funding round led by Crosslink Capital and backing from Intact Ventures along with existing investors Lightspeed Venture Partners, and Nationwide Ventures, The Insurer can reveal.

SURE and SageSure launch non-admitted BOP in California

SureChoice Underwriters Reciprocal Exchange, in partnership with SageSure, has launched its first non-admitted business owner’s policy in California.

RT Specialty promotes six as leadership transition continues

Wholesale giant RT Specialty has made a raft of promotions to time with the transition of its executive leadership team at the start of October, with Seth Johnson, Jonathan Reiner, Hugh Mooney, Ryan Grimes, Leah Ohodnicki and Tim Lomas all handed more senior positions.

XS Global makes E&S property play backed by A rated capacity

XS Global has extended its reach in the US after the Miami-based MGA secured capacity support to begin writing a book of E&S property business in every state.

Honeycomb launches E&S hab program with Builders and Hannover Re-led panel

Honeycomb Programs has partnered with Builders to secure up to $24mn of E&S premium capacity, offering $10mn of property limit and $1mn/$2mn general liability limit, with the Atlanta-based insurer retaining around 20 percent of the risk supported by a reinsurance panel led by Hannover Re, Program Manager can reveal.

E&S veteran Miller launches Ambac-backed MGA Pivix Specialty

Surplus lines veteran Mike Miller has brought a new E&S-focused MGA to market called Pivix Specialty Insurance Services, which this publication understands is backed by Ambac as the start-up’s primary investor.

AM Best: Lloyd’s and BH continue to dominate surplus lines market

Lloyd’s and Berkshire Hathaway Insurance Group remained by far the two largest writers of surplus lines business in 2023 after growing their direct premiums written in the market by 28.8 and 21.1 percent, respectively, against a backdrop where the entire sector expanded by 17.4 percent last year.

Interview

Axa XL Re sets sights on growth in North America

Ningen: Tech, underlying performance and risk sharing key issues for regionals/mutuals

Hannover Re’s Freiboth: Property valuations and casualty loss trends in focus for renewals

Scor’s Conoscente: Insurance industry must address under-pricing in property and casualty

Munich Re’s Winter: Property reinsurance in the balance…

WTW’s Carter: Don’t bury your head in the sand on a transition plan

Sustainable Insurer

Nardac: Offshore renewables to remain buyers’ market unless claim burden intensifies

London underwriting capacity for offshore renewable energy and infrastructure projects has been forced into competing on price, with premiums expected to remain low over the next 2 to 3 years, according to Nardac Insurance Services.

Postcard from Dive In 2024

With this year’s Dive In Festival attracting participants across a record 48 countries over more than 130 sessions, the three-day event has continuously highlighted that inclusion is a business imperative which requires focus and commitment all year round.

Scor pilots €10mn ecosystem restoration recovery insurance solution

Scor is currently piloting an ecosystem recovery insurance solution for wetland and woodland areas as part of a newly launched nature restoration and conservation initiative.

Greenhushing – An emerging D&O liability?

Matt Kuznik, partner at Keoghs LLP, on why greenhushing is an emerging risk for directors and officers.

IAG backs NZ govt inquiry into climate adaptation, calls to address market failures

The New Zealand arm of IAG has welcomed a government committee’s inquiry into climate adaptation, with the insurer underlining the importance of building political consensus around changing climate patterns.

Tokio Marine pledges ¥45bn in transition premium by 2026

Japanese insurance giant Tokio Marine has unveiled a new interim target to reach ¥45bn ($316.9mn) in premiums from transition-related products and services by 2026.

Axa Climate continues as Mesoamerican Reef Fund capacity provider in fourth annual placement

Axa Climate has been renewed as insurance capacity provider for the fourth annual placement of the Mesoamerican Reef Fund’s insurance programme.

Calls mount on Eiopa to include transition risk in insurer capital requirements

A coalition of 20 environmental and civil society campaign groups have signed an open letter urging the European Insurance and Occupational Pensions Authority to include climate-related transition risks when calculating insurers’ solvency capital requirements.

Climate activist groups back New York bill to end fossil fuel underwriting

A coalition of environmental campaign groups have declared their support for a bill proposed in the New York state legislature, which aims to prohibit insurers from withdrawing coverage immediately following a cat event, as well as ceasing underwriting and investment in oil, gas and coal utility projects.

WTW’s Carter: Don’t bury your head in the sand on a transition plan

WTW’s Peter Carter has called on firms not to “stick their head in the sand” or underestimate the full financial impact of the transition across customers and the supply chain.

Lomas hails market progress on bettering culture as Dive In marks 10th year

Dive In Festival will celebrate its 10th anniversary this year with a focus on the sustainability of inclusive talent pools, Lloyd’s head of culture Mark Lomas told The Insurer.

Region

Topics

Events & Conferences

Content Types

Everest PE vertical head Reinert exits for Sompo International

Verisk predicts insured losses for Hurricane Helene will range between $6bn and $11bn

WTW’s Chicago property head Volker rejoins Marsh as part of central zone property team

Signs of stabilizing reinsurance market for regionals navigating SCS challenges

Milton could bring back the fear…

Hurricane Milton: Track, size and intensity hold key as to where loss sits in $10bn-$100bn+ range

Exclusive: RenRe scrutinising cedant action on portfolio exposure and rate after year-long US casualty study

Latest Articles

Verisk predicts insured losses for Hurricane Helene will range between $6bn and $11bn

Nardac: Offshore renewables to remain buyers’ market unless claim burden intensifies

PICC pays out $2.1mn after rain and heat trigger parametric agriculture scheme in Jiaxing

Travel insurance brand Berlin Direkt adopts Blink Parametric travel disruption solutions

AM Best: Workers’ comp state funds grow direct premium to $6.9bn in 2023

Program Plus and IRM switch preferred hab program capacity provider to Ascot

Epic promotes five to Northern California leadership team

Analysis

US insurance stocks outperform as robust jobs report pushes Wall Street into the black

Personal lines drive strong H1 for US P&C industry

European and US P&C shares deliver mixed results despite strong September for global equity

US insurance composite edges up 0.2% as Helene leaves (re)insurance stocks largely unscathed

New entrants hold key to Lloyd’s reaching $100bn GWP target

US insurance composite rose 1.2% last week as Wall Street welcomed Fed rate cut

More News

AssuredPartners acquires Massachusetts-based agency Halstead

Ambac confirms backing of Miller-led MGA Pivix

Gallagher strengthens upstream energy with Miller and Marsh hires

Admiral’s UK insurance CEO Nestares steps down

Axis names Flitman London ceded re head

BHSI launches DACH PI and cyber offering through Hamburg office

MarketScout: Q3 commercial lines price increases decelerate to 3.8%

Hurricane Milton track likely missed Mexico’s parametric cat bond trigger zone

Arch Insurance promotes Brooks to global fine art and specie head

How efficient is capital allocation in insurance?

Patient capital: how should tomorrow’s insurers be funded?

Drowning in data: The high costs of poor data management

Baked in: how a computer scientist anticipated the MGA boom

Balancing act: MGAs and the search for durable capacity

APCIA 2024

Milton could bring back the fear…

Reinsurers seeing the value of higher attachment points

Axa XL Re sets sights on growth in North America

Concert’s new sidecar Harmony Re being positioned to take on third-party funds

Marine market converges on $1.5bn-$2bn Baltimore bridge loss estimate

US casualty concerns extending into international market

Cyber Risk Insurer

NetDiligence panel: “Better framework” needed for adjusting cyber BI losses

Beazley’s Wice, Marsh’s Patel, Pondurance’s Swann receive NetDiligence awards

Brown & Brown’s Owad: AI is a double-edged sword in cyber risk

Panel: Cyber reinsurers seen as “conduit” for capital market access through ILS and sidecars

Beazley: Demand for cyber insurance will treble in next six years

NetDiligence reinsurance panel: CrowdStrike should prompt reevaluation of “fault lines” in portfolios

Axis’s Bailey: Cyber market to see “more maturity moments” in 2025

Parametric news

Seadrif pays $3mn total to Lao PDR after Yagi flooding triggers second payout

Munich Re and ARC back new shock-resilient loans for West African countries

Parametric insurer Paratus covers jet fuel price risk for Southeast Asian airline

Kansas festival Buskerfest purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Parametric-focused Revo Insurance approved to open Spanish branch

Parametric agriculture firm WRMS expands to Latin America

The Insurer TV

Deloitte’s Johal on growth, M&A, and talent: “Specialty lines and technology are driving the future”

Institutional investors remain cautious on cyber cat bonds

Allied World Bermuda’s Perspective on Emerging Cyber Risks & Buying Strategies

CRC’s Kessler says first LOI is signed amid planned expansion as standalone company

Axa XL's Pilko: Emerging risks will continue to drive E&S growth

Axis Re’s Haugh: Reinsurers head into 1.1 focused on stability and push for profitability

Aon’s Pennay: Cat bond market expansion set to continue in Q4

GC’s Darr: Unprecedented speed and scale of Helene raises important questions for industry

Voralia: Everest’s approach remains disciplined heading into renewals

OIP’s Subasic: Insurers can better allocate their tech budgets

Everest’s Klinger: Strong reinsurance growth amid industry challenges

EY’s Santenac: AI use cases "will accelerate" in the reinsurance sector

Eureka Re's A- rating marks milestone for long-term vision, says Holschneider

Howden Re’s Cook reaffirms commitment to attracting top-tier talent

Lancashire’s Maloney hails US E&S growth as direct specialty lines beckon corrective action

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