Optio bolsters European presence with Den Hartigh acquisitionOptio Group has acquired Netherlands and Brussels-based MGA Den Hartigh Beheer & Exploitatie BV.
Connect launches Stability Re to provide binder capacity to London MGAThe Connect Group – including specialist reinsurance MGA Connect Underwriting – has launched a new specialty reinsurer, Stability Re.
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.
Aon names Moore Bermuda CEO as Rego becomes chairmanAon has appointed Nick Moore as CEO of Bermuda, with incumbent Joe Rego to transition to chairman before his retirement in late 2025.
LMA and IUA publish sustainability data standard for underwritersThe Lloyd’s Market Association and the International Underwriting Association have partnered to launch a new data standard for underwriters when collecting sustainability data from clients.
Lockton Re lures Gallagher Re’s Norris to build out cyber ILS offeringLockton Re has appointed Theo Norris as head of cyber ILS as it continues to bolster its capital markets offering, The Insurer can reveal.
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…
WTW names Torresan to lead M&A practice in APAC within finex divisionWTW has bolstered its regional capabilities with the appointment of Steven Torresan as head of M&A within the financial and executive risks (finex) business for Asia Pacific and Africa.
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.
USI’s head of industry verticals and construction leader Beck to leaveUSI’s head of industry verticals and national construction practice leader Danette Beck is leaving the retail broker, The Insurer can reveal.
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.
Jury awards USI $3mn in dispute over Lockton hiring eight-strong teamUSI Insurance Services has been awarded over $3mn after a jury in a Tampa, Florida-based legal case found in favour of the broker after it countersued a group of former staff who had left to join Lockton.
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.
California court orders Lloyd’s syndicates to pay ~$18mn over bad faith claim in R&W suitA number of Lloyd’s syndicates have been ordered to pay ~$18mn in damages to Wing Inflatables for a bad faith claims handling case in relation to a representations and warranties (R&W) claim.