CrowdStrike outage could firm pricing and boost demand

The Hartford shares up ~7% after Q2 earnings beat

AM Best: US crop premiums to fall further as underwriting results remain under pressure

Cowbell confirms $60mn Series C equity investment from Zurich

Aon organic growth picks up to 6%, but earnings miss in Q2

Aon’s Case: Early close drives momentum at NFP with organic growth and M&A

The early close of Aon’s $13bn NFP acquisition has led to increased momentum as the firms work together to deliver wins, with the acquired middle-market specialist already delivering “strong” organic growth and addressing an active M&A pipeline, according to Greg Case.

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

Cowbell CEO Jack Kudale said Friday that the $60mn Series C investment his company received from Zurich is a “milestone” that marks “a new chapter” for the insurtech and that its latest funding round “is an endorsement of Cowbell’s vision and capabilities”.

Latest Articles

AM Best: US crop premiums to fall further as underwriting results remain under pressure

Marsh: Global cyber rate decreases steady at -6% in Q2, moderated to -5% in US

AM Best panel: Flurry of large cyber events raises awareness of cyber insurance

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

CrowdStrike outage could firm pricing and boost demand

CrowdStrike loss “manageable” despite variance in loss estimates

BEC a “sleeper threat” for cyber (re)insurance market

We have been highlighting worsening social inflation, medical expenses and growing historical reserve concerns for quite some time. And thus, we continue to believe further rate increases are to come in casualty

Pat Gallagher, group chairman and CEO at Arthur J Gallagher

Analysis

Flight disruption from outages causes surge in parametric travel payouts

Analysis: Cyber insurance market reacts to CrowdStrike outage

Personal lines insurers lead gains in US insurance composite amid volatile week for stocks

How smart follow and algorithmic underwriting are changing the London market

Insurance stocks dip as carriers scramble to assess outage exposures

US insurance composite beats Wall Street benchmarks with 3% weekly rise

More News

Continued rebalancing of demand-supply dynamics for cyber reinsurance

Aon shares trade up 6% after better-than-expected Q2 organic growth

AJG has $3.5bn to spend on M&A through remainder of 2024

CrowdStrike could be earnings event for cyber insurers: AM Best

HRP Syndicate 2689 names D’Alessandro head of portfolio underwriting

Fitch warns of rising political and supply chain risk for EMEA corporates under Trump

Universal reports top- and bottom-line growth in Q2

Cowbell confirms $60mn Series C equity investment from Zurich

S&P upgrades Munich Re to AA

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

Fronting market keeps the faith

New fronts in the war for insurance talent

Cyber Risk Insurer

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

CrowdStrike outage could firm pricing and boost demand

Cyber market observers believe that the CrowdStrike outage could lead carriers to “recalibrate their pricing”, with some even believing the incident could present a “Goldilocks scenario” where pricing and demand rise without large losses.

CrowdStrike could be earnings event for cyber insurers: AM Best

Although the full impact of last week’s CrowdStrike outage remains unclear, it could be an earnings event for insurers due to underwriting terms and reinsurance, said AM Best.

Cowbell confirms $60mn Series C equity investment from Zurich

Cowbell has confirmed the close of a $60mn Series C equity investment from Zurich Insurance Group, which the insurtech will use to fund the next phase of its expansion.

Insuramore: Global cyber insurance GDPW exceeded $15.7bn in 2023

Worldwide cyber insurance gross direct premiums written in 2023 exceed $15.7bn, potentially surpassing $16bn with captive insurers included, according to Insuramore's updated global ranking for 2023.

CrowdStrike loss “manageable” despite variance in loss estimates

Insured losses from the CrowdStrike outage could top $1bn but carriers appear confident they will be manageable.

Coalition pegs US insured losses from CrowdStrike outage at $960mn

The global CrowdStrike outage is estimated to have caused an industry-wide loss of up to $960mn among US cyber insurance policyholders, according to Coalition.

Parametric news

Munich Re-backed parametric scheme pays Jamaican farmers for Beryl losses

Travel brand Heymondo automates flight delay payouts with Blink Parametric partnership

The Insurer Podcast: “Perfect mix” of factors driving parametric growth

Airmic: Large supply chain risks require bespoke and cross-class insurance solutions

Flight disruption from outages causes surge in parametric travel payouts

WTW mulls parametric insurance product for coral reef bleaching

Comment

Comment: Thirty years of hurt and a Lloyd’s blueprint going nowhere slowly

Low valuations leave London market carriers ripe for acquisition

The multispeed marketplace…

US pricing feedback gives mixed messages on momentum but peak increases long gone

Bruce or John: who will exit Lloyd’s first?

Leadenhall lobs a legal grenade into the 777 camp but won’t be immune from the fallout

Program Manager

Connect launches Stability Re to provide binder capacity to London MGA

The Connect Group – including specialist reinsurance MGA Connect Underwriting – has launched a new specialty reinsurer, Stability Re.

District Cover launches commercial package policy with Vantage capacity after $7mn fundraise

District Cover, a newly established public benefit company and insurance agency, has introduced its “District Covered” commercial package policy in partnership with Vantage Risk, which is a capacity provider and investor.

McGowan names B&W’s Olson MD of two business units

The McGowan Companies has appointed Karl Olson as managing director of two of its business units: McGowan Donnelly & Oberheu and McGowan Wholesale's professional and management liability division.

Munich Re provides capacity to parametric wind proxy hedge product

Munich Re has provided capacity to support a parametric wind proxy hedge risk transfer product from renewable energy-focused MGA kWh Analytics.

SRG adds MGA Trilogy to MX Underwriting

Expansive intermediary Specialist Risk Group (SRG) has acquired property and casualty-focused MGA Trilogy Underwriting within its underwriting pillar MX.

LatAm MGA Solis Re brings in former Validus Re exec Ward as interim CEO

Former Validus Re executive Conan Ward has taken over leadership of Miami-based Solis Re on an interim basis in the wake of the MGA’s founder Andy Downey passing away earlier this month, The Insurer has learned.

K2 recruits builders risk team from Intact’s Striior for launch of new program within Vikco

K2 Insurance Services has recruited a trio of builders risk underwriters from Intact Specialty Solutions led by former Highland executive Kaileigh Bowe with an aim to launch a new builders risk program in the coming months, Program Manager can reveal.

Sands Point PE sponsor Avesi Partners aiming to build $1bn+ premium MGU platform

Sands Point Risk’s private equity sponsor Avesi Partners has laid out its ambition to build a full-scale diversified MGU platform, setting its sights on $1bn in premium in the next three years fuelled by team hires and two to three acquisitions a year.

Conning: US MGA market saw robust 12% growth in 2023

The US MGA sector experienced further “robust growth” in 2023 as direct premiums written in the segment increased 12 percent to $102.1bn, driven by continued hard market conditions and the availability of fronting capacity, the latest data from Conning shows.

XS Global launches new Dubai-based platform

XS Global has been granted a full licence to begin operating within the Dubai International Finance Centre with the MGA poised to begin offering coverage solutions to clients working within the natural resources sectors.

One80 launches new non-trucking liability program

One80 Intermediaries has brought a new non-trucking liability (NTL) coverage to market designed specifically for independent service providers (ISP) and independent contractors (IC).

World’s Novatae acquires Eichhorn-led wholesale broker Denali

Novatae Risk Group, the wholesale operations of World Insurance Associates, has acquired the assets of Denali Specialty Group, a St Louis, Missouri-based full-service intermediary founded in 2019.

E&S Insurer

Kinsale’s Haney: Best priced E&S business in our history being added to books

The business Kinsale is putting on its books is the best priced in the firm’s 15 years of operation with rates across its platform up 6 percent on a nominal basis in Q2 2024 and property pricing “probably” at a 20-year high.

Private Client Select pens exclusive E&S distribution deal with Ryan Specialty

Private Client Select Insurance Services (PCS) has signed a distribution agreement with Ryan Specialty for the broker to act as its exclusive wholesaler in the high and ultra-high net worth markets in the US, with capacity from AIG’s newly formed E&S carrier Marbleshore Specialty Insurance Company.

Tredway, Paris and Carlson get new CRC Group exec leadership roles

CRC Group has named Brent Tredway as sole president of its brokerage division, with Brennan Paris stepping into the role of president of the wholesaler’s binding division, and Chris Carlson appointed COO of its overarching commercial solutions division.

CRC REDY data shows easing Q2 conditions in most lines but firming in excess casualty

Positive buying trends for E&S property continued in Q2 as carriers “aggressively” pursued growth, while cyber and private D&O conditions remained soft, E&O saw relatively stable dynamics and excess casualty pricing continued to firm, according to the latest REDY data from CRC Group.

CA, FL and TX book double digit surplus lines growth during H1

The growth in the E&S market remains strong in the three largest states for surplus lines business with California, Florida and Texas collectively seeing their sector specific premium volume increase 11.3 percent during the first half of 2024.

Ryan Specialty’s Turner to succeed Pat Ryan as CEO with Bickham named president

Ryan Specialty has announced that Tim Turner will succeed Pat Ryan as CEO in October, with the industry veteran moving to become executive chairman of the public wholesale intermediary while current CFO Jeremiah Bickham takes over as president.

E&S casualty remains “very firm” with further correction in challenged segments

Halfway through 2024 the anticipated broad rehardening of US casualty has not yet taken hold, but in the E&S market conditions remain “very firm” with high-single-digit increases on average, or double digits in challenged segments where further price correction is taking place.

Beyond Risk acquires Eirion Risk Underwriters

Summit Partners-backed Beyond Risk has acquired specialty insurance MGA Eirion Risk Underwriters in what is being described as a strategic partnership, E&S Insurer can reveal.

Dellwood files motion to dismiss AIG lawsuit it says is attempting to use judicial system to “crush” start-up

Dellwood Insurance Group has filed a motion to dismiss AIG’s lawsuit against it which it described as an effort by one of the largest insurers in the world to use the judicial system “as a cudgel to crush a fledgling start-up”.

Iram: Flow Specialty can compete with incumbents to profitably place SME business

Flow Specialty’s CEO Sivan Iram has said the rebranded digital wholesaler doesn’t expect to compete with the top incumbents for large account business, but has an advantage in being able to leverage technology to profitably place smaller accounts.

NCC’s Darragh discusses his journey with alcoholism and recovery on CR Solutions podcast

Ryan Darragh, president of National Coverage Corporation, opened up about his struggle with alcoholism in the insurance industry and his journey to recovery on a recent episode of CR Solutions’ Inside Insight podcast.

S&P Global MI: Rate of E&S premium growth slowed to 14.5% in 2023

E&S market premium growth is expected to further decelerate this year after slowing from 20.1 percent in 2022 to 14.5 percent in 2023, although the sector’s share of the overall P&C industry will remain at a historically high level, according to S&P Global Market Intelligence.

Interview

Smith hire latest step in Americas evolution, say Mosaic’s Blaser and Wheeler

CyberCube’s Millaire: Cyber insurance making notable progress in diversity

H1 nat cat losses show SCS “no longer a secondary peril”

Sands Point PE sponsor Avesi Partners aiming to build $1bn+ premium MGU platform

World’s Novatae acquires Eichhorn-led wholesale broker Denali

WTW’s Critchley: Concern over escalation of regional PVT aggregation and exposures

Sustainable Insurer

New climate activist group Shut the System makes its mark on City offices

Environmental and human rights protest group Shut the System targeted the UK offices of five carriers and Lloyd’s of London with red paint on Wednesday morning over their alleged involvement in underwriting fossil fuel infrastructure projects.

Renewables can be growth “accelerator” despite pricing inadequacy: Aviva’s Kent

Aviva has added a green energy capability to its onshore renewables team to explore more nascent technologies such as green hydrogen and biomass, with head of renewables Victoria Kent providing an optimistic outlook for the whole division’s future growth trajectory.

Annual renewal is “biggest Achilles’ heel” of insuring the transition: panellists

Lloyd’s CEO John Neal has described insurance as “everything other than a one-year issue”, with fellow panellists at the De-Risking Summit affirming calls to move beyond an annual cycle to issue long-term insurance cover as part of the transition to net-zero.

Howden calls for sovereign mechanisms and accessibility in small island states

Industry veteran David Howden has called for the insurance industry to exercise its capabilities beyond “just picking up the pieces in the event of a climate disaster” and to facilitate investment capital into climate-vulnerable small islands developing states (SIDS) to enable resilient mitigation and adaptation strategies.

ASR eyes further expansion to close specialty capacity gap across Africa

Expansive pan-African reinsurance group Africa Specialty Risks is looking to expand into aviation and marine business as its new Lloyd’s platform underlines the value of understanding local insurance markets and investment flows, as well as promoting the social role of insurance.

LMA and IUA publish sustainability data standard for underwriters

The Lloyd’s Market Association and the International Underwriting Association have partnered to launch a new data standard for underwriters when collecting sustainability data from clients.

Swiss Re CorSo and goodcarbon launch cover for carbon credit forwards

Swiss Re Corporate Solutions and Berlin-based climate start-up goodcarbon have partnered to launch the first insurance for long-term carbon credit purchases which offers in-kind replacements of insured credits.

TMK and Kita launch political risk cover for carbon credit projects

Lloyd’s carrier Tokio Marine Kiln has partnered with carbon insurer Kita to provide political risk insurance for developers of, and investors in, carbon credit projects.

GCube leads new $100mn Lloyd’s consortium for battery storage risks

Renewable energy insurance specialist GCube, a subsidiary of Tokio Marine HCC, has launched a new Lloyd’s consortium to provide up to $100mn of capacity to any single battery energy storage system project.

Lloyd’s sustainability head Heathcote exits for Fidelis Partnership

The Fidelis Partnership has doubled down on efforts to bolster its green credentials with the appointment of Lloyd’s Charlie Heathcote as head of sustainability, succeeding Olivia Brindle, Sustainable Insurer can reveal.

Axa pledges to reach €6bn in cumulative GWP for transition insurance by 2026

Axa has set a new objective for its P&C insurance operations to reach €6bn ($6.5bn) in cumulative gross written premium for transition insurance products between 2024 and 2026.

Region

Topics

Events & Conferences

Content Types

CrowdStrike outage could firm pricing and boost demand

The Hartford shares up ~7% after Q2 earnings beat

AM Best: US crop premiums to fall further as underwriting results remain under pressure

Cowbell confirms $60mn Series C equity investment from Zurich

Aon organic growth picks up to 6%, but earnings miss in Q2

Aon’s Case: Early close drives momentum at NFP with organic growth and M&A

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

Latest Articles

AM Best: US crop premiums to fall further as underwriting results remain under pressure

Marsh: Global cyber rate decreases steady at -6% in Q2, moderated to -5% in US

AM Best panel: Flurry of large cyber events raises awareness of cyber insurance

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

CrowdStrike outage could firm pricing and boost demand

CrowdStrike loss “manageable” despite variance in loss estimates

BEC a “sleeper threat” for cyber (re)insurance market

Analysis

Flight disruption from outages causes surge in parametric travel payouts

Analysis: Cyber insurance market reacts to CrowdStrike outage

Personal lines insurers lead gains in US insurance composite amid volatile week for stocks

How smart follow and algorithmic underwriting are changing the London market

Insurance stocks dip as carriers scramble to assess outage exposures

US insurance composite beats Wall Street benchmarks with 3% weekly rise

More News

Continued rebalancing of demand-supply dynamics for cyber reinsurance

Aon shares trade up 6% after better-than-expected Q2 organic growth

AJG has $3.5bn to spend on M&A through remainder of 2024

CrowdStrike could be earnings event for cyber insurers: AM Best

HRP Syndicate 2689 names D’Alessandro head of portfolio underwriting

Fitch warns of rising political and supply chain risk for EMEA corporates under Trump

Universal reports top- and bottom-line growth in Q2

Cowbell confirms $60mn Series C equity investment from Zurich

S&P upgrades Munich Re to AA

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

Fronting market keeps the faith

New fronts in the war for insurance talent

Cyber Risk Insurer

Kudale: Zurich investment is “endorsement” of Cowbell’s “vision and capabilities”

CrowdStrike outage could firm pricing and boost demand

CrowdStrike could be earnings event for cyber insurers: AM Best

Cowbell confirms $60mn Series C equity investment from Zurich

Insuramore: Global cyber insurance GDPW exceeded $15.7bn in 2023

CrowdStrike loss “manageable” despite variance in loss estimates

Coalition pegs US insured losses from CrowdStrike outage at $960mn

Parametric news

Munich Re-backed parametric scheme pays Jamaican farmers for Beryl losses

Travel brand Heymondo automates flight delay payouts with Blink Parametric partnership

The Insurer Podcast: “Perfect mix” of factors driving parametric growth

Airmic: Large supply chain risks require bespoke and cross-class insurance solutions

Flight disruption from outages causes surge in parametric travel payouts

WTW mulls parametric insurance product for coral reef bleaching

Comment

Comment: Thirty years of hurt and a Lloyd’s blueprint going nowhere slowly

Low valuations leave London market carriers ripe for acquisition

The multispeed marketplace…

US pricing feedback gives mixed messages on momentum but peak increases long gone

Bruce or John: who will exit Lloyd’s first?

Leadenhall lobs a legal grenade into the 777 camp but won’t be immune from the fallout

Program Manager

Connect launches Stability Re to provide binder capacity to London MGA

District Cover launches commercial package policy with Vantage capacity after $7mn fundraise

McGowan names B&W’s Olson MD of two business units

Munich Re provides capacity to parametric wind proxy hedge product

SRG adds MGA Trilogy to MX Underwriting

LatAm MGA Solis Re brings in former Validus Re exec Ward as interim CEO

K2 recruits builders risk team from Intact’s Striior for launch of new program within Vikco

Sands Point PE sponsor Avesi Partners aiming to build $1bn+ premium MGU platform

Conning: US MGA market saw robust 12% growth in 2023

XS Global launches new Dubai-based platform

One80 launches new non-trucking liability program

World’s Novatae acquires Eichhorn-led wholesale broker Denali

E&S Insurer

Kinsale’s Haney: Best priced E&S business in our history being added to books

Private Client Select pens exclusive E&S distribution deal with Ryan Specialty

Tredway, Paris and Carlson get new CRC Group exec leadership roles