Brown & Brown shares trade up 5% on earnings beat and outlookInvestors have responded positively to the quarterly earnings beat and positive outlook reported by Brown & Brown, with the US broker’s shares closing around 5 percent higher in New York on Tuesday.
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…
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.
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.
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.
Paragon forms small commercial division with hire of RPS’s LasherParagon Insurance Holdings has formed a new small commercial division led by Charles Lasher, who has joined the multiline MGA from RPS Atlas.
J Powell Brown: Casualty market more disciplined on pricing than any time in careerCasualty rates are expected to continue to move higher after increases of up to 10 percent in the second quarter, according to Brown & Brown president and CEO J Powell Brown, who suggested that the discipline around pricing pressure on the business in the market is greater than at any time in his career.
PGA Tour golf event receives parametric payout after rainfall disruptionA parametric claim has been triggered after two days of rain disrupted the Dick’s Sporting Goods Open, a PGA Tour Champions event in New York.
Carbon obtains in-principle approval for US program-focused Syndicate 5757Specialist MGA Carbon Underwriting has received in-principle approval from Lloyd’s to launch Syndicate 5757 on 1 January 2025.
Brown & Brown beats as Q2 organic growth picks up to 10% led by programs and wholesaleBrown & Brown continued the US-listed broker reporting season with an earnings beat that benefited from strong organic growth of 10.0 percent and an adjusted Ebitdac margin that improved from 34.2 percent in the prior-year period to 35.7 percent in Q2 2024.
WR Berkley not expecting “material loss” from Microsoft/CrowdStrike eventWR Berkley does not expect to suffer a “material loss” from last Friday’s Microsoft/CrowdStrike outage, according to the company’s president and CEO Rob Berkley, although the executive believes the event will be “a wake-up call” for the industry.
Rob Berkley cautions on social inflation despite WRB’s Q2 reserve releasesWR Berkley (WRB)’s Rob Berkley has urged further caution about the ongoing impact of social inflation and its impact on reserves even as his company booked modest favorable development in Q2 2024 while the executive pinpointed the auto market as a continued cause of concern for the industry.
Nephila has biggest share of Citizens traditional XOL as Berkshire non-renewsFunds managed by Markel-owned Nephila wrote almost 30 percent of the $1.96bn traditional reinsurance limit secured by Florida’s Citizens at its 1 June renewal, while last year’s biggest participant Berkshire Hathaway was not on the excess-of-loss (XoL) cover.
WR Berkley books Q2 earnings beat even as cat loss-hit CR increases 1.5 pointsWR Berkley reported a significant increase in its operating income per diluted share for Q2 2024, with the $1.04 booked ahead of analysts’ consensus forecast and achieved despite the carrier’s consolidated combined ratio deteriorating by 1.5 points owing to increased catastrophe losses.
Hub adds to NC footprint with Wade Associates dealHub International has added to its capabilities in North Carolina with the acquisition of Wade Associates, LLC, an independent agency that has four locations across the Tar Heel State.