Marsh & McLennan Companies (MMC) delivered 1 percent organic contraction in the third quarter, echoing the result posted by Willis Towers Watson earlier this morning, with organic growth at Marsh largely offset by a flat result from Guy Carpenter and a reduction in its consulting arm.
Soon-to-be Aon-owned Willis Towers Watson (WTW) has reported an overall organic decline of 1 percent in the third quarter, as growth in its Investment, Risk and Reinsurance (IRR) division – which includes Willis Re – was offset by organic reduction in its Corporate Risk and Broking (CRB) segment.
Hurricane Zeta looks set to become a multi-state loss event following its Category 2 landfall in Louisiana last night, with the storm’s rapid forward speed expected to generate damage far inland from the landfall location.
Allianz Global Corporate & Specialty (AGCS) has named Stefan Versluis as regional head of broker management, North America, and Melissa Folmer as regional head of client development and relations, North America.
Growing (re)insurance advisory firm Oxbow Partners has appointed Gary Duggan as senior advisor.
White Mountains has raised $56.8mn from the initial public offering of MediaAlpha, with its stake in the insurance marketing technology company reducing to 33 percent.
London-listed Hiscox has named Yana O’Sullivan as head of investor relations.
Swiss Re has joined a global coalition of academic, non-profit and private sector organisations that aims to better predict and prevent outbreaks, epidemics and pandemics by leveraging data and analytics.
Artificial intelligence-driven cyber insurtech Cowbell Cyber has added endorsements to its recently launched Prime 250 admitted offering aimed at the manufacturing and construction sectors.
Insurance technology-solutions provider Patra has named UFG executive Jane Rheem as chief data and analytics officer.
Climate change means that vendor catastrophe models which rely on long-term historical experience “may no longer be a reliable guide”, according to RenaissanceRe’s CEO Kevin O’Donnell as he touted his own firm’s proprietary approach as a major competitive advantage.
The (re)insurance industry is not taking full account of the Atlantic Multidecadal Oscillation (AMO) in its underwriting of hurricane risk, despite no sign of a change from the warm phase of the cycle that tends to drive increased activity, according to Swiss Re’s Mohit Pande.
ReAlign Insurance Holdings has announced the formation of Summit Specialty Insurance Company, a new surplus lines insurance carrier that will be headed by former Ironshore and AIG specialty casualty executive Timothy McAuliffe.
Randall & Quilter Investment Holdings (R&Q) has announced its wholly owned subsidiary R&Q Re (Bermuda) has been registered under the Segregated Accounts Companies Act 2000.
Acquisitive Texas-based broker Higginbotham has broadened its reach on the Lone Star State’s coast after agreeing a deal to merge operations with Brisky & Perez Insurance Agency.
Expansive Boston Insurance Brokerage (BIB) has created a new programs and compliance division that will be headed up by senior vice president Christopher Fell.
Lockton’s investment and advisory arm, Lockton Capital Markets (LCM), has brought in Michael Goodstein as senior adviser.
James River Group’s outgoing CEO has called the company’s results for 2020’s third quarter “very strong” after the business’ operating profit per share comfortably beat the average of analysts’ estimates.
The Business Continuity Coalition (BCC) – described by Marsh CEO John Doyle as a “powerful force” – has been formally launched to develop a plan with policymakers and stakeholders to limit future economic damage from pandemics and other national emergencies that cause business interruptions.
WR Berkley’s excess and surplus (E&S) lines insurer Nautilus Insurance Group has announced Thomas Joyce will serve as its new president from the beginning of next year, succeeding the long-standing Thomas Kuzma who will be appointed chairman.
Selective Insurance Group managed to shake off the impact of heightened catastrophe losses and post operating income of $63.8mn for the third quarter of 2020, an increase of 9 percent year on year and a result which beat Wall Street’s expectations.
Wholesale broker and program manager One80 Intermediaries has acquired national broker The Marcus Insurance Agency, which expands its offerings to include highly specialized life insurance for impaired risk customers, disability, annuities and long-term care products.
Shares in Florida-based homeowners insurer Universal plunged 18 percent today after a Q3 operating loss that included two retention losses from hurricanes in the quarter, Irma creep as it upped its gross loss to $1.55bn, and the revelation it had bolstered surplus in its main operating subsidiary by $44mn.
American Financial Group reported a comfortable core operating earnings beat and raised full-year guidance as it said renewal pricing in its P&C business was up 13 percent overall in the third quarter, the highest in 15 years.
Expansive broker Risk Strategies has expanded its presence in the Southeast US with the acquisition of LaRocca & Associates, a specialty brokerage with a focus on employee benefits and property casualty.
Axis Capital has reported a $65mn operating loss for the third quarter, compared with a $33mn operating loss in the prior-year period, with $240mn of catastrophe and weather-related losses coming in the middle of the Bermudian (re)insurer’s pre-announced range.
Former Allied World executive Frank D’Orazio has been named CEO of James River Group Holdings, with the specialty (re)insurer’s founder J Adam Abram retiring from the position but continuing as non-executive chairman.
QBE North America has announced the hiring of Bobby Steinsdoerfer as regional underwriting leader - Central region, as well as the promotion of Lucas Prahl to regional underwriting leader - Western region.
Hudson Insurance Group has agreed a deal with AIG to buy the renewal rights to select Validus Specialty professional lines business and take on the underwriting team led by Cathy Cossu, The Insurer can reveal.
Shares of Root opened down almost 4 percent in its debut on the Nasdaq this morning before recovering to its offering price of $27, which valued the personal lines insurtech at $6.7bn.