Underlying drivers all positive for European composite insurers: BerenbergUnderlying drivers for European composite insurers are all positive with continued discipline in the hard reinsurance market helping maintain strong pricing at primary level, according to Berenberg.
Citi: CrowdStrike could be “Goldilocks scenario” with reversal of rate falls and coverage creepAnalysts from Citi have suggested the CrowdStrike global outage could be a “Goldilocks scenario” for the insurance market, providing a “wake-up call” in relation to demand and IT hygiene, while also reversing rate reductions and coverage creep.
Global commercial insurance rates flat in Q2 after 26 quarters of increases: MarshGlobal commercial insurance rates were flat in the second quarter of 2024, marking the first time in almost seven years that the composite rate did not increase, according to the latest Marsh global insurance market index.
CrowdStrike insured loss bill for Fortune 500 companies could top $1bn: ParametrixInsured losses among Fortune 500 companies impacted by the CrowdStrike outage are likely to be between $540mn and $1.08bn, according to cyber modelling firm Parametrix.
Westfield Specialty names Cousins PV and war class underwriterWestfield Specialty International has promoted Joanna Cousins to class underwriter for political violence and war.
Insurers cannot afford to ignore the peril of real-life TwistersMS Amlin’s Ed Pope examines the risk of tornadoes to the (re)insurance sector…
Chubb Q2 P&C UW income flat as CR ticks up 1.4 points on catsChubb ended Q2 2024 with P&C underwriting income of $1.42bn that was essentially flat while its combined ratio ticked up by 1.4 points to 86.8 percent on increased catastrophe losses and slightly lower favourable prior period development.
Applied Systems acquires AI company PlanckApplied Systems, a private equity-backed provider of agency and brokerage management systems, has acquired Planck, a New York-based AI company, in a reportedly $300mn deal.
Liberty Mutual Strategic Ventures launches $200mn venture capital fundBoston-based Liberty Mutual Strategic Ventures has launched its second venture capital fund, committing $200mn to support entrepreneurs who are “reshaping the future” of the property and casualty insurance industry.
District Cover launches commercial package policy with Vantage capacity after $7mn fundraiseDistrict 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.
Beazley CrowdStrike loss estimated at $80mn-$120mn: BerenbergBeazley’s potential loss from the global IT outage caused by a CrowdStrike systems update could range from $80mn to $120mn, according to Berenberg.
MMA promotes Watkins to upper midwest regional CEOMarsh McLennan Agency (MMA) has promoted Ryan Watkins, president of its upper midwest region, to the role of regional CEO.
Kingstone facing “greatest profitable growth opportunity” as competitors quit NYKingstone Companies CEO Meryl Golden believes the current market conditions present the regional carrier with the “greatest profitable growth opportunity” in its history after the executive outlined in a letter to shareholders how certain competitors have stopped writing business in its native New York state.
Tom Bolt to retire from AIG at year endAIG’s executive vice president and chief risk officer Tom Bolt is set to transition to a newly created role on 1 September before retiring from the company at year end, with current EVP and global CUO Chris Schaper stepping into the CRO role on an interim basis until a successor is appointed, The Insurer can reveal.
Resilience parts company with five execs including UW heads Pruzinsky and McGowanCyber program manager Resilience has parted company with five of its leadership team, including global head of underwriting and sales CJ Pruzinsky and CUO Kevin McGowan, in a change it says is needed to achieve its full potential, Cyber Risk Insurer can reveal.
PGA Tour golf event receives parametric payout after rainfall disruptionA parametric claim has been triggered after two days of rain disrupted the Dick’s Sporting Goods Open, a PGA Tour Champions event in New York.
Flight disruption from outages causes surge in parametric travel payoutsDue to the increasing prevalence of parametric flight disruption coverage in recent years, many holidaymakers whose journeys were delayed due to the recent global outage received automatic compensation.
Carbon obtains in-principle approval for US program-focused Syndicate 5757Specialist MGA Carbon Underwriting has received in-principle approval from Lloyd’s to launch Syndicate 5757 on 1 January 2025.
OneAdvent’s Criterion agrees capacity partnership with BridgehavenOneAdvent’s Criterion Underwriting has reached a capacity agreement with hybrid fronting insurer Bridgehaven Specialty UK.
SRG adds MGA Trilogy to MX UnderwritingExpansive intermediary Specialist Risk Group (SRG) has acquired property and casualty-focused MGA Trilogy Underwriting within its underwriting pillar MX.