All Commercial property articles
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NewsAGCS names AIG’s Martin as global head of property
Allianz Global Corporate & Specialty (AGCS) has hired Mike Martin from AIG to take the position of global head of property, filling a role vacated by Maria Grace when she left the carrier late last year.
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News
UPC reports widening core loss and moves away from cascading cat structure
United Insurance Holdings (UPC Insurance) fell to a worse-than-expected core loss of $29.3mn or $0.68 a share in first quarter results it said reflected its “aggressive” de-risking and deleveraging in personal lines, as it also revealed a restructure of its slimmed down cat program away from cascading limit.
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News
Lexington adds depth with ex-Swiss Re CorSo E&S property head Pippin
Lexington Insurance Company has strengthened its property team with the hire of Darrell Pippin, Swiss Re Corporate Solutions’ former head of E&S property North America, The Insurer can reveal.
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News
Breckenridge adds Friend as specialty property program senior underwriter
Breckenridge Insurance has bolstered its specialty property program platform with the hire of Peter Friend from Global Indemnity Group as a senior underwriter.
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WTW takes Marsh property exec Hamilton to be new NY metro property leader
WTW has recruited Marsh’s Northeast zone property placement leader Josh Hamilton, in the broker’s latest move to reload its talent-base following the termination of its planned merger with Aon, The Insurer can reveal.
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Everest unveils new middle market property product with up to $350mn in capacity
Everest Insurance has launched a new middle market property coverage that provides capacity of up to $350mn with new hire Ross Kerr spearheading the offering, The Insurer can reveal.
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Comment
RIMS 2022: The haves and the have nots
After three years of a broad hardening of rates in the US commercial insurance market, a shift in dynamics is taking place. But rather than a linear progression of widespread deceleration, plateauing and softening, an uncertain picture is emerging where there will be a wide range of individual experience for ...
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News
Marsh and Victor seek new property capacity as Nephila pulls out of Alternus
Nephila is winding down its participation in Alternus, the property facility offered through Marsh’s MGA platform Victor that was launched five years ago to write up to 10 percent shares on programs placed by the retail broking giant, our sister publication Program Manager revealed.
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RT’s Austenfeld: Tough property market presenting carriers with “specific opportunities”
Difficult property market conditions were once again a top theme at the Wholesale and Specialty Insurance Association (WSIA)’s mid-year underwriting summit, but the president of national property at wholesale intermediary RT Specialty said market conditions are ripe for carriers to capitalize on the dislocation.
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Groenheide takes senior role at parametric specialist New Paradigm
Specialty insurance executive Mark Groenheide has taken a senior position at parametric specialist insurtech New Paradigm, The Insurer can reveal.
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Aon: “Prudent” US property underwriters cautious on CTE and valuation
Although rates moderated and capacity is still ample, underwriters in the US property segment remain cautious about the issues of contingent time element coverages and property valuation, according to broker Aon.
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CRC REDY property index shows double digit increases continued in December
E&S property renewal pricing was up 10.7 percent based on CRC’s latest REDY index as the wholesaler highlighted some of the ongoing issues impacting dynamics in the sector.
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News
Beazley appoints McCarthy interim E&S head following Morrello’s exit
Beazley has appointed Tom McCarthy as its interim head of E&S with the company considering the structure of its team in the wake of Joe Morrello’s departure to Arch Insurance, The Insurer has learned.
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Beazley enhances open market offering with MS Amlin’s Hunter
London-listed Beazley has appointed MS Amlin’s Katie Hunter as an open market property underwriter.
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PES settles oil refinery explosion property claim with insurers
A settlement has been reached in principle between PES Holdings and its insurers in a dispute over property damage from the 2019 explosion and fire at its refinery complex, a move that follows the business interruption claims being settled for $270mn last year.
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News
Alliant: Cyber capacity could shrink further this year
In a new state of the market report, Alliant has commented that cyber capacity could continue to fall this year while further property pricing volatility is expected following 2021’s loss activity.
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News
Weston carriers merge in restructure as it targets coastal growth
Weston Insurance Company (WIC) and Weston Specialty Insurance Company (WSIC) have merged into a single carrier under the name Weston Property & Casualty Insurance Company (Weston P&C) with a renewed focus on expanding coastal offerings including into new states, The Insurer can reveal.
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News
Demand for SRCC cover up as Mena region sees civil unrest surge 45%
Companies are increasingly turning to specialist strikes, riots and civil commotion cover after civil unrest surged by 45 percent in the Middle East and North Africa over the last year, according to Chaucer.
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News
Amwins: Cat-exposed real estate challenged as carriers and MGAs reduce line size
While real estate accounts in general are likely to see rate increases of 7.5 percent to 15 percent in Q1 2022, very specific categories are likely to experience much more challenging renewal outcomes with rate increases in the 25 percent to 100 percent-plus range, Amwins has commented.
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News
AM Best revises US commercial property outlook to stable on Covid BI trends
AM Best has revised its US commercial property insurance market segment outlook to stable from negative, citing carriers’ strong risk-adjusted capital, continuing rate increases and the favourable rulings in business interruption (BI) lawsuits related to the pandemic.
