Insurance

Darag concludes North America legacy workers’ comp and auto liability deals

Legacy specialist Darag has completed two transactions with undisclosed North American captive insurance companies.

UK aircraft lessor lawsuits at $7.5bn as global tally tops $9.8bn

Legal cases launched in the UK by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since its invasion of Ukraine now total more than $7.5bn, analysis by The Insurer shows.

Gallagher Re’s Bowen: Insurance industry in unique position to educate on risk

Gallagher Re chief science officer Steve Bowen has reiterated calls for the (re)insurance sector to play a greater role in educating clients and individuals around the risks they face following an above-average H1 for natural catastrophe losses.

Gallagher Re: US accounted for 76% of global insured losses in H1

US severe convective storm insured losses reached a near-record $34bn during the first half of 2023, according to Gallagher Re’s H1 2023 Natural Catastrophe Report.

AAA and State Farm outline commitment to Florida market

AAA has responded to recent reports by stressing it is not leaving the Florida market but will non-renew certain policies, while State Farm has outlined “a commitment to responsible growth” in the Sunshine State.

TMHCC: Covid drives 36% drop in TRI notification rate

The Covid-19 pandemic caused a 36 percent drop in the claims notification rate for transaction risk insurance as companies placed a greater focus on internal stability than post-purchase audits, according to a report by Tokio Marine HCC.

MRSI names Kramer as E&S president

Munich Re Specialty Insurance has named Liz Kramer as president of excess and surplus lines, an appointment that comes almost three years after she joined the firm from Zurich North America.

Axis cyber head Trueman exits to be replaced by Bailey

Axis Insurance’s long-standing global head of cyber and technology Dan Trueman has resigned from the firm with the prominent cyber executive set to be replaced in the role by new recruit Lori Bailey, The Insurer can reveal.

Germany’s Arag Group acquires Ergo’s legal insurer DAS UK

German insurer Arag Group has struck a deal to acquire DAS UK in a move that would create a near £200mn ($250mn) gross written premium legal expenses insurance business.

TMHCC agrees to acquire medical-focused MGU GGEBS

Tokio Marine HCC has signed an agreement to acquire Mississippi-based MGU Gulf Guaranty Employee Benefit Services.

Scandinavian carriers disappoint as higher retentions prompt rise in claims frequency

One of the key takeaways from the Q2 results season will likely be the increased earnings volatility among primary carriers due to the reduced availability and higher cost of reinsurance.

Energy companies prepare for ‘third wave’ as climate litigation risk gathers momentum

Nadine Coudel and Robert Gardner look at the climate liability risks facing the energy sector and what steps companies can take to identify and reduce these threats to support long-term success.

July European storms to generate hundreds of millions in losses: Aon

The recent wave of severe convective storms in Europe will likely result in hundreds of millions of euros in aggregated economic and insured losses, according to Aon.

Fitch: MPL posts 5.4% CR drop in 2022 but profit remains elusive in challenging market

The medical professional liability insurance market’s aggregate combined ratio improved 5.4 points in 2022 but still ended the year in the red, with Fitch Ratings warning that the sector’s return to a consistent underwriting profit “is unlikely”.

Axa XL adds CNA’s Smith in next phase of mid-market launch

Axa XL Insurance has hired Adele Smith from CNA as head of mid-market generalist in the next phase of its targeted US mid-market insurance business launch.

Liberty cuts 370 US jobs as part of organisational changes

Liberty Mutual’s organisational changes announced last week - which include the formation of a US Retail Markets (USRM) business unit - mean 370 positions have been eliminated US-wide while the Global Retail Markets (GRM) unit has been discontinued.

Wells Fargo: Focus on pricing, cat losses and margins for non-life insurance sector

With the Q2 earnings season getting underway this week for carriers – with financials due from Travelers and WR Berkley on Thursday – investor focus will be on pricing and underlying margin improvement, according to Wells Fargo analyst Elyse Greenspan.

BHSI names Walker as UK head of national business

Berkshire Hathaway Specialty Insurance has named Mark Walker as its head of national business, UK.

Coalition acquires web privacy specialist Jumbo

Cyber insurtech Coalition has acquired mobile privacy app Jumbo, with terms of the deal undisclosed.

US House subcommittee debates ESG mandates’ impact on insurance costs

Democrats and Republicans clashed last week over the impact of ESG mandates on housing and insurance costs during a hearing that also included testimony from R Street’s Jerry Theodorou.

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