Interview

reThought: Industry needs to start pricing correctly for flood risk

Specialist flood MGA reThought Insurance is working on new technology to further develop true pricing of flood risk to build into its underwriting model as it looks to attract long-term capacity to support its business model and the viability of the flood insurance market, The Insurer can reveal.

THM crowdsources industry response to Roe memos

The Hard Market has a unique feel for the pulse of a wide swathe of the industry, and in an exclusive interview with The Insurer the Instagram account’s creator commented that last month’s Supreme Court ruling to overturn Roe v Wade is affecting women in the sector “way more than men are grasping”.

Boost’s Maffeo: Embedded 2.0 will be about product innovation not distribution

Alex Maffeo, CEO and founder of Boost, believes the embedded insurance space will evolve to be more about product innovation rather than simply being a different distribution channel, with the executive also stating he sees his insurtech as building a modern Lloyd’s.

Fast-growing LGBTQ+ industry group Link calls for consistent action outside of Pride Month

The leaders of LGBTQ+ industry networking group Link have called on companies to look beyond Pride Month each June and make changes that drive real diversity and inclusion (D&I) in the sector, as the organisation continues to attract support going into its second decade.

AGCS eyes leading role in Broadway insurance market

Allianz Global Corporate & Specialty (AGCS) is looking to capitalise on opportunities in the market for Broadway theatrical production insurance as carriers that have historically dominated the specialist sector pull back after incurring heavy losses from Covid-19-related shutdowns, The Insurer can reveal.

Cover Genius CEO: Number of people buying embedded insurance will be “incredibly large”

Digital MGA Cover Genius recently passed the milestone of selling 10 million policies, with CEO and co-founder Angus McDonald telling The Insurer the areas where he expects further growth and how his definition of embedded insurance differs from some other insurtechs.

Markel’s Colosimo: Complex construction group to capitalise on infrastructure demand

Markel’s Vincent Colosimo says the launch of the specialty insurer’s new complex construction group is aimed at building on its “stronghold” in the sector and capitalising on surging demand triggered by the recently passed $1trn US infrastructure bill.

Lloyd’s attracting new class of private investor but agents say more could be done to promote its appeal

Lloyd’s is becoming an increasingly attractive investment to a new breed of return-hungry investors facing the gloomy prospect of global recessionary pressures in other asset classes, according to Argenta Private Capital Limited managing director Robert Flach.

Ledger to target significant growth in traditional insurance company sector

After initially targeting the MGA and programs space working with fronting carriers, insurtech Ledger Investing will now also look to meaningfully build its business with traditional insurance carriers as it brings its ILS marketplace to the sector.

Legacy firm Marco on why Polo will be a success at Lloyd’s

At a time when many of its more established peers are stumbling, Oaktree Capital-backed legacy acquirer Marco has nimbly executed a flurry of M&A deals in its first two years.

The Hard Market sounds off on pay equity, remaining anonymous and WWII tanks

Around bonus season earlier this year, the Instagram meme account The Hard Market had many across the industry buzzing over an unexpected tidal wave of pay disclosures from insurance professionals of all stripes.

Interview: Howden and Fox on the $1.6bn “game changer” reinsurance tie-up

The entrepreneurial duo behind Howden Tiger say the transformational transaction brings together similar cultures that are a clear competitive advantage for a combined firm that will be of unique relevance to talent, clients and markets.

Pie’s Swigart: Transition to full-stack carrier to be completed in around 18 months

Pie Insurance will complete its transformation to a full-stack insurer in around the next 18 months, after which carrier partner SiriusPoint will act on a solely reinsurance basis, with the insurtech’s CEO also telling this publication it will likely look to expand beyond workers’ compensation within the next year.

Argo’s Duncan: No signs of slowdown in E&S space

The momentum of business flow and premium increases in the non-admitted channel has continued, Argo’s head of E&S Marsh Duncan recently shared with this publication, though the executive also urged underwriting caution as loss costs pick up.

Swiss Re: Industry at “an inflection point” on parametrics take-up

The parametric insurance sector is on the cusp of an inflection point with take-up of the specialist coverages increasing among commercial buyers as growing confidence in the products and the hardening traditional market drive up interest, Swiss Re’s Megan Linkin and Cole Mayer have told The Insurer.

Pen Underwriting targets marine, energy and aviation entry as GWP set to top £700mn

Pen Underwriting is on course to write in excess of £700mn ($860mn) in gross written premium (GWP) by the end of 2022, CEO Tom Downey has said, with the expansive UK/international MGA targeting entry into aviation, energy and marine lines as part of its continued growth drive.

Lockton’s Clune: “Remarkable” recruitment supports 27% growth and record revenues in FY22

Lockton’s 2022 fiscal year ended with record revenue that increased by 27 percent – much of it organic – to $2.69bn, with CEO Peter Clune telling The Insurer that the “remarkable roster” of hires made over the past 12 months played a key role in the significant expansion.

LDI’s Donelon gives industry a “C” grade for post-Ida claims handling

Louisiana insurance commissioner Jim Donelon told this publication he would give the industry a “C” in grading its claims handling response to Hurricane Ida and other storms, and that his office is focused on passing legislative reform “on a daily basis”.

NFP posts 9.2% organic growth and 29.5% Ebitda margin in Q1 as Hammond highlights M&A pipeline

After ending the first quarter with consolidated organic revenue growth of 9.2 percent and an Ebitda margin of 29.5 percent, NFP’s chairman and CEO Doug Hammond has told The Insurer there is plenty of growth opportunity across the broker’s business with its M&A pipeline the best it has ever been.

Cloutier: IPO or trade sale not the only options as Aspen activates earnings power

Aspen has put itself in a position where it could consider other strategic opportunities including M&A as its next step if depressed P&C sector valuations persist and conditions for a previously flagged IPO or trade sale are unappealing, according to the Bermudian’s CEO Mark Cloutier.

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