Umbrella market tipped to intensify further in H2
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.
(Re)insurers should brace themselves for another active hurricane season
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 stand-off continues as renewal deadline nears
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.
MPL market struggling with shrinking demand, soft pricing
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.
Brokers and UWs at RIMS agree on firming commercial insurance market
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.
Insurers sue LNG company to force $189mn Harvey claim arbitration
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.
Neon to stay under AFG ownership as sales process pulled
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.
A brief history of Canadian pension funds’ love of insurance
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 takes minority stake in Czech broker Renomia
Gallagher has purchased a minority stake in Czech-domiciled insurance broker Renomia for an undisclosed sum.
Glatfelter to transfer $450mn book to AIG paper by 1.1
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 sues NFP defectors to enforce non-solicitation and confidentiality agreements
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.
Chandler leaves JLT Re for BMS
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 South: “We will fight” to keep every client
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.