USI has predicted that US rate increases will gain further momentum for the rest of 2019, and noted the situation in the primary general liability and umbrella market in particular is intensifying.
On the eve of the official start to the 2019 North Atlantic hurricane season which officially starts tomorrow (1 June), (re)insurers have been warned that the next five months could see another active season to potentially equal 2018 or even 2017.
The outcome of a complex and fraught Florida renewal remains uncertain going into its final week as brokers test the resolve of the market and several of the biggest reinsurers hold back authorizations.
Berkshire Hathaway is by far the biggest writer of US medical professional liability insurance, a market that is facing falling demand, soft market pricing, reform challenges and dwindling reserve redundancies, an AM Best report has revealed.
The shift in US commercial insurance pricing momentum highlighted in the Q1 earnings season was even more pronounced at RIMS last week as brokers and carriers were unusually aligned in their characterization of a transitioning market.
A group of insurers are suing liquid natural gas manufacturer Freeport LNG Development and its contractors to try to force arbitration over a $189mn claim relating to 2017’s Hurricane Harvey.
The process to find a new strategic investor for Neon has been pulled after a recent proposed transaction – thought to involve PE firm Madison Dearborn – was seen as not sufficiently valuing the Lloyd’s insurer.
Canadian pension funds in recent years have made large direct investments in insurance players like Ascot, Allied World, AmWINS and USI. The signs are that investment activity may increase this year.
Gallagher has purchased a minority stake in Czech-domiciled insurance broker Renomia for an undisclosed sum.
Program manager Glatfelter is in the process of transitioning the portfolio of business it currently writes on Munich Re paper to the balance sheet of its new owner AIG by 1 January 2020, The Insurer can reveal.
MMC has sued NFP and four former JLT Specialty USA employees over the defection of real estate and property teams from the newly acquired broker.
JLT Re North America deputy CEO Peter Chandler has left the firm to take the position of president at expansive broker BMS’s US reinsurance operations.
Marsh’s US executives have acknowledged that more departures will come in the aftermath of the JLT acquisition, but report that clients have been supportive.