Apollo 1969 plans 2023 stamp increase to £530mn
Apollo’s Syndicate 1969 plans to increase its stamp capacity by ~18 percent in 2023, becoming the latest syndicate to add double-digit headroom to its Lloyd’s plan for next year, The Insurer can reveal.
Cyber insurtech At-Bay closing in on deal to buy Relay Platform
Cyber-focused unicorn MGA At-Bay is closing in on a deal to acquire placement and quoting specialist Relay Platform, in a deal that could mark the start of a pickup in insurtech M&A activity, as businesses that previously gained traction look to navigate an increasingly murky economic picture, The Insurer can ...
Peak Re promotes Nowakowski to CUO
Hong Kong-based reinsurer Peak Re has promoted Piotr Nowakowski to the role of chief underwriting officer.
Fitch: South Korean motor claims likely to trigger reinsurance recoveries
Insured losses from severe flooding in South Korea will put pressure on the financial performance of the country’s non-life insurers, Fitch Ratings has warned.
Jencap names new P&C binding and transportation heads
Jencap Insurance Services Inc (JCIS) has appointed Tara Gudenkauf as property and casualty binding practice leader while the wholesaler has also promoted Roman Atkielski to transportation and garage practice leader.
Allied World unit hit by UK haulage firm’s pandemic BI suit
Allied World’s European arm is pushing back on a claim that it should pay out £8mn ($9.8mn) to a UK-based haulage company to cover losses suffered as a result of the Covid-19 pandemic.
IAG CEO Hawkins: Rate just one of many levers to combat inflation
IAG saw mid- to high single-digit inflationary impacts across its business during the 2022 financial year, managing director and CEO Nick Hawkins told analysts during the group’s earnings call.
QBE looks to simplify reinsurance structure ahead of anticipated orderly renewal
QBE has said it expects an orderly renewal of its outwards reinsurance program for 2023, with CFO Inder Singh revealing the group will be looking to simplify its reinsurance structure at the upcoming renewal.
IAG sounds climate warning after cat claims double in FY22
Australian insurance giant IAG has increased its annual natural perils allowance by almost a fifth to A$909mn ($645mn) for the 2023 financial year on the back of an increased severity and frequency of extreme weather events in FY2022.
Pat Ryan: Flow into E&S channel remains at “historically high levels”
Ryan Specialty chairman and CEO Pat Ryan has said the flow of business into the non-admitted channel has continued to remain at “historically high levels” and the industry remains in the “prolonged stages of a historically hard market”, as his company lifted its full-year organic revenue guidance after reporting its ...
Kingstone extends Griffin Highline exclusivity agreement over potential takeover
Kingstone Companies has reported a widening operating loss for the second quarter, and revealed that it has extended its exclusivity agreement with Griffin Highline Capital over the Northeast regional insurer’s potential takeover by the investment firm.
Demex launches Markel-backed snow insurance products
The Demex Group – a technology firm that offers a platform for analysing, pricing and transferring climate-linked risks – has launched two snowfall insurance products backed by non-admitted paper from Markel subsidiary Evanston Insurance Company.
Hagerty shares rise 8% on Q2 results, inflation slows new business count
Hagerty’s share price closed up 8 percent on Thursday after the classic car MGA reported strong premium growth and progress towards the launch of its partnership with State Farm, but management acknowledged the inflationary environment drove slower-than-anticipated new business count.
Ryan Specialty organic rev growth accelerates to 22.3% in Q2, margins narrow YoY
Organic revenue growth at wholesale intermediary Ryan Specialty accelerated to 22.3 percent in the second quarter - up from 20.1 percent in the first quarter - though its adjusted Ebitdac margin compressed to 33.8 percent from 36 percent a year ago.
Hippo gross loss ratio improves 83pp to 78% in Q2
Hippo has reported a much reduced gross loss ratio of 78 percent for the second quarter, with the homeowners insurtech updating its full-year guidance by improving its loss ratio outlook but lowering its expectations for total generated premium and revenue.
McGriff confirms Hodo rehire in strategic growth role, names Buchwald VP
McGriff has confirmed Doug Hodo will rejoin as chief strategic growth officer, a hire first revealed by this publication, while the Truist retail broking unit has also named Seth Buchwald vice president in its executive risk advisors transactional risk team.
Kemper downgraded to A- by AM Best on earnings deterioration
AM Best has downgraded Kemper’s financial strength rating to A- (Excellent) from A (Excellent) following the insurer, which has a heavy auto focus, reporting prolonged earnings deterioration resulting from elevated inflation and supply chain disruptions.
Transverse to unlock US DA and open market opportunities under MSI: Slabbert
Mitsui Sumitomo Insurance Company’s (MSI) $400mn acquisition of Transverse Insurance Group will enable the hybrid fronting carrier to access new growth channels such as open market and delegated authority business as it pivots to an insurance company with fronting capabilities, according to MS Amlin Distribution Holding’s Johan Slabbert.
Obenauer: BenefitMall acquisition matches up CRC offering to retail client needs
The addition of BenefitMall – the largest employee benefits wholesale general agency in the US – will allow CRC Group to now provide a complete suite of offerings to retail brokers of all sizes, according to the wholesaler’s CEO Dave Obenauer.
Westfield Specialty adds claims exec Trokan and looks to enter primary E&O and cyber
Westfield Specialty plans to enter primary E&O and cyber business as it continues the build-out of its WestfieldPro offerings and adds industry talent, including the recent hire of Sara Trokan from Chubb as senior vice president of specialty claims, The Insurer can reveal.
Tysers’ 2021 Ebitda falls to £6.6mn as new filings highlight Covid cost
London market wholesaler Tysers saw its operating profit decrease more than 42 percent in the year ended 31 December 2021 as Covid-19, currency fluctuations and ongoing integration-related costs from its acquisition of RFIB weighed on its revenues and bottom line.
QBE NA returns to H1 UW profitability and commits to programs sector despite $400mn cull
QBE reported strong first-half top-line growth in North America driven by crop and rate increases and a much-improved combined ratio of 95.6 percent, as group CEO Andrew Horton said the carrier expects the region to also return to underwriting profitability for the full year, subject to cat activity.
Gallagher denied TRO in dispute with Alliant over Chicago hires
Arthur J Gallagher has been denied a temporary restraining order (TRO) in its dispute with Alliant over the departures of eight Chicago-based employees, including construction managing director for the Midwest and Great Lakes region Kristen Long.
Skyward Specialty grows Q2 GWP 24% as combined ratio improves to 91.8%
Skyward Specialty has reported 24.2 percent gross written premium (GWP) growth for the second quarter, with 33.6 percent growth from continuing lines, while its combined ratio improved 2.4 percentage points to 91.8 percent.
WTW adds global client advocate to expanding energy team in Houston
WTW has continued the expansion of its Houston-based energy team with the appointment of Blake Koen as managing director and global client advocate for natural resources across its North America business.
TMHCCI moves London market operations to the Walkie Talkie
Tokio Marine HCC International (TMHCCI) is to relocate its London market operations, including renewable energy insurer GCube, to 20 Fenchurch Street, commonly known as the Walkie Talkie.
RiverStone agrees first Vermont captive acquisition with deal for Western P&C
Run-off specialist RiverStone has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), marking the group’s first Vermont captive acquisition.
Zurich shares gain on buyback and earnings beat
Shares in Zurich pushed higher in early trading this morning as investors reacted to a consensus-beating jump in first-half operating profit and plans for a larger-than-anticipated share buyback.
Cowbell and Swiss Re partner to provide cyber coverage for cloud workloads
Cyber MGA Cowbell has partnered with Swiss Re to provide cyber insurance coverages to businesses with up to $750mn in revenue that are building their digital footprint on Amazon Web Services (AWS).
Tokio Marine partners with Arbor Ventures to accelerate insurtech investment
Tokio Marine Asia has announced a strategic partnership with Arbor Ventures, a Singapore-based insurtech-focused venture capital firm, in a move designed to accelerate innovation within the (re)insurance sector.
QBE shares rise 3% as underwriting profits grow to $1.2bn in H1
Zurich unveils $1.9bn share buyback as operating profit grows 25% in H1
Jefferies: Rhine water level fall could trigger Axa Climate parametric triggers
Victor hires Tarpey to lead US reinsurance operations
FedNat’s 10-Q filing delayed by Monarch transaction
Hagerty adjusted Ebitda slips 16% in Q2 to $16mn as GWP increases 14%
Marsh sues Lockton over hire of SPAC group leader Millett
Ercot hits Cincinnati with counterclaims in Uri dispute
AM Re and GIC Re settle $115mn+ lawsuit
CargoCorp hires Lions Gate’s Ramos to lead new financial lines offering
Corvus names Tadikonda CEO as founder Edmundson moves to exec chair
Patriot raises additional capital in round led by Antares
M&T puts $40mn-revenue retail broking operations up for sale
Maher leaves Canopius USA for MGU CannGen
The Hartford launches global specialty insights unit amid macroeconomic tumult
Hagerty buys outstanding 60% stake in Broad Arrow for $65mn
TSR follows CSU and NOAA in slightly reducing Atlantic hurricane season forecast
MGA Aqueous adds senior development underwriter
Apollo adds ex-Beazley underwriter as head of property at flagship Syndicate 1969
Irish regulator looking to impose climate regulations on insurers
Aviva shares surge 10% on buyback and solvency beat
Ex-Ascot underwriter to lead GCube’s Houston office as US solar risks increase
BHSI hires Kammermann to launch executive and professional lines in Switzerland
Mitsui Sumitomo inks $400mn+ deal to acquire Transverse
Beazley “smart tracker” syndicate plans 66.66% stamp increase for 2023
Aviva GI posts H1 CR of 94%; mulls further capital return
Admiral swerves inflation trend among UK motor insurers to deliver £251mn H1 profit
Liberty Mutual rebuffs hotels’ multi-million-pound BI suit
Talanx lifts FY growth target after increasing GWP by 17.7% in H1
Former Axis Re and RenRe exec Nichols joins Hippo’s board
Munich Re Specialty Insurance promotes Parker to inland marine head
Atrium forecast deteriorates 3.8 points for 2020 YoA amid investment challenges
BRP organic growth declines to 24% YoY in Q2
Global Indemnity divestments over as refocus continues
Security First keeps A Demotech rating as review period winds down
Tangram acquires entertainment industry focused MGA New Empire
Odyssey’s Hudson Insurance hires WTW’s Lowe as cyber leader
Root stock tumbles 25% as investors digest Q2 results
Root in other embedded insurance talks after “transformational” Carvana partnership
HCI working on Florida start-ups to to take advantage of market turmoil
Investors send Argo share price down 18% despite strategy review update and LPT news
Partners Group clinches deal to buy majority stake in FRP from Warburg
AIG to shift more HNW business to non-admitted market and bring in third-party capital
Lemonade shares jump on Q2 results, quota share reduced to 55%
Aurora adds ex-Munich Re partnership manager to senior team
Talanx reappoints Leue as management board chair, extends contract
Enstar falls to $493mn Q2 loss as investment hit outpaces rise in run-off earnings
Property, rate and new business drive 31% NWP growth at AIG’s Lexington
Gallagher’s RPS buys Oregon-based MGA Evergreen
Global Indemnity operating income falls to $1.8mn in Q2