USI

Umbrella market tipped to intensify further in H2

2019-06-25T22:21:00+01:00

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.

Hurricane Florence from Space

(Re)insurers should brace themselves for another active hurricane season

2019-05-31T14:56:00+01:00

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.

Florida

Florida stand-off continues as renewal deadline nears

2019-05-24T22:16:00+01:00

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.

AM Best – Hospital

MPL market struggling with shrinking demand, soft pricing

2019-05-10T10:29:00+01:00

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.

RIMS boston

Brokers and UWs at RIMS agree on firming commercial insurance market

2019-05-06T20:11:00+01:00

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.

Freeport

Insurers sue LNG company to force $189mn Harvey claim arbitration

2019-06-25T15:52:00+01:00

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.

Martin Reith – Neon

Neon to stay under AFG ownership as sales process pulled

2019-06-25T17:08:00+01:00

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.

Pensions

A brief history of Canadian pension funds’ love of insurance

2019-05-21T18:07:00+01:00

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 rugby ball

Gallagher takes minority stake in Czech broker Renomia

2019-06-25T14:46:00+01:00

Gallagher has purchased a minority stake in Czech-domiciled insurance broker Renomia for an undisclosed sum.

Anthony P. Campisi – Glatfelter Insurance Group, AIG and Munich Re

Glatfelter to transfer $450mn book to AIG paper by 1.1

2019-06-24T15:22:00+01:00

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.

Gary P. Pestana – NFP

MMC sues NFP defectors to enforce non-solicitation and confidentiality agreements

2019-05-08T18:57:00+01:00

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.

BMS US logo image

Chandler leaves JLT Re for BMS

2019-05-03T15:13:00+01:00

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.

Patrick Donnelly and Martin South – Marsh

Marsh’s South: “We will fight” to keep every client

2019-05-01T01:13:00+01:00

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.