Comment: Mixed messages from bellwethers on US commercial pricing
Travelers saw a strong increase in pricing momentum on its business insurance book, but specialty carrier RLI was more muted in its enthusiasm after “flat” E&S submissions and moderate rate hikes in the first quarter.
Ritz exits as Western World comes under Lexington structure
Former Western World CEO Jonathan Ritz is leaving the specialty carrier as it is realigned to become part of AIG’s Lexington Insurance E&S platform, The Insurer can reveal.
Travelers shares up as commercial pricing accelerates in Q1
A solid earnings beat and positive commentary on commercial insurance pricing at Travelers were only slightly tempered by news of a reserve charge related to New York’s Child Victims Act legislation.
Fema confirms close of second cat bond, covering $300mn of NFIP risk
The Federal Emergency Management Agency (Fema) now has $2.12bn of flood cover in place after confirming the close of a $300mn catastrophe bond covering National Flood Insurance Program (NFIP) risk, with Hannover Re acting as a transformer.
Vault plans major geographical and product expansion in 2019
A year and a half after its launch, high net worth (HNW) insurer Vault has received approval to write on an admitted basis in Connecticut, New Jersey and Pennsylvania as it looks to roll out its homeowners offering to 15 new states this year, The Insurer can reveal.
Allstate hit with $381mn March cat bill
US insurance giant Allstate sustained $381mn of catastrophe losses last month.
Canopius signs AmTrust at Lloyd’s merger agreement
PE-backed Canopius has moved a step closer to completing its landmark merger of its Lloyd’s business with AmTrust’s, after signing a definitive sale and purchase agreement, a move that will catapult the carrier into being a top-five Lloyd’s insurer.
Dual sale processes to be run for Minova’s Pioneer and BMS
Canaccord Genuity is poised to run a dual sale process for Minova Insurance’s MGA platform Pioneer Underwriting as well as its broking operation BMS.
NSM targets further 2019 acquisitions to grow premium beyond $1bn
White Mountains-owned full service MGU and program administrator NSM is expected to add to its Embrace Pet Insurance acquisition in the coming months, as it continues to execute its specialty niche roll-up strategy through a strong pipeline of bolt-on transactions.
Marsh names JLT’s Howett CEO of Irish business; Grogan takes exec chair
Broker Marsh has named Joe Grogan as executive chairman of Marsh Ireland and Patrick Howett, currently managing director of JLT Ireland, as CEO.