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 * AM BEST REVISES US PERSONAL LINES OUTLOOK TO STABLE FROM NEGATIVE


 * CITIZENS PROJECTS $4.45BN TRADITIONAL REINSURANCE/ILS COVER IN 2025


 * AM BEST MAINTAINS STABLE OUTLOOK ON US COMMERCIAL LINES


 * LLOYD’S STAMP CAPACITY TO RISE ~8% IN 2025 WITH 15 MAJOR SYNDICATES SET FOR
   DOUBLE-DIGIT GROWTH


 * EXCLUSIVE: CHUBB AND TMK LOOK TO LAND 1.4 AVIATION REINSURANCE PLACEMENTS
   EARLY
   
   Leading London market aviation insurers Chubb and Tokio Marine Kiln have gone
   out to market early to renew their 1.4 incepting excess of loss towers, The
   Insurer can reveal.


 * AON CLIENT TREATY RENEWS WITH RECORD 28.5% CO-INSURANCE SHARE
   
   Aon has renewed its follow-on London market placement facility Aon Client
   Treaty with expanded co-insurance capacity of 28.5 percent across core lines
   of business.


LATEST ARTICLES


 * AMERICAN INTEGRITY PROMOTES RITCHIE TO PRESIDENT


 * ASCOT HIRES AXA’S BENZ AS HEAD OF US ALTERNATIVE RISK SOLUTIONS


 * LIBERTY MUTUAL NAMES ORLOFF NEW GRS NA PRESIDENT WITH SMITH SET TO RETIRE AT
   YEAR-END


 * ALLIANZ TO BUY RAA'S INSURANCE BUSINESS


 * US P&C STOCKS OUTPERFORM IN BEST NOVEMBER SINCE 2020

> “Treaty is about doing … two things: returning risk to the market, which we've
> achieved by bifurcating terrorism and increasing member retentions; and
> secondly, incentivising higher take-up by giving members much greater
> flexibility around pricing”

Tom Clementi, CEO of Pool Re, on the shift to a treaty model




ANALYSIS


 * LLOYD’S STAMP CAPACITY TO RISE ~8% IN 2025 WITH 15 MAJOR SYNDICATES SET FOR
   DOUBLE-DIGIT GROWTH


 * HYPERACTIVE HURRICANE SEASON DRAWS TO A CLOSE WITH (RE)INSURERS RELATIVELY
   UNSCATHED


 * ASSET MANAGEMENT CONSOLIDATION PRESENTS OPPORTUNITIES FOR INSURERS TO FREE UP
   CAPITAL


 * PERSONAL LINES INSURERS LEAD GAINS AS US COMPOSITE POSTS THIRD CONSECUTIVE
   WEEKLY RECORD


 * EUROPEAN REINSURANCE: KEY TALKING POINTS FROM THE Q3 EARNINGS SEASON


 * US INSURANCE COMPOSITE OUTPERFORMS AMID MARKET PULLBACK FOLLOWING POST
   ELECTION-RALLY


MORE NEWS

--------------------------------------------------------------------------------


 * AMERICAN INTEGRITY PROMOTES RITCHIE TO PRESIDENT


 * ASCOT HIRES AXA’S BENZ AS HEAD OF US ALTERNATIVE RISK SOLUTIONS


 * LIBERTY MUTUAL NAMES ORLOFF NEW GRS NA PRESIDENT WITH SMITH SET TO RETIRE AT
   YEAR-END




 * ALLIANZ TO BUY RAA'S INSURANCE BUSINESS


 * AM BEST MAINTAINS STABLE OUTLOOK ON US COMMERCIAL LINES


 * US P&C STOCKS OUTPERFORM IN BEST NOVEMBER SINCE 2020




 * CEA RISK TRANSFER PROGRAM DROPS TO $8BN AFTER $511MN OF COVERAGE EXPIRES IN
   OCTOBER


 * AM BEST REVISES US PERSONAL LINES OUTLOOK TO STABLE FROM NEGATIVE


 * AGEAS UNVEILS SENIOR UK EXEC RESHUFFLE TO POSITION FOR PERSONAL LINES GROWTH



 * 
   Undercurrents is The Insurer's new, monthly deep-dive analysis of what is
   taking place below the surface on major issues affecting the (re)insurance
   markets


 * NO MARKET FOR MAVERICKS


 * HOW TO BUILD AN INSURANCE BRAND? STOP TALKING ABOUT INSURANCE


 * HOW EFFICIENT IS CAPITAL ALLOCATION IN INSURANCE?


 * PATIENT CAPITAL: HOW SHOULD TOMORROW’S INSURERS BE FUNDED?


 * DROWNING IN DATA: THE HIGH COSTS OF POOR DATA MANAGEMENT


CYBER RISK INSURER




 * CYBER PREMIUMS TO GROW 15-20% PER YEAR TO $23BN BY 2026: S&P
   
   Annual cyber insurance premiums are likely to increase by 15 to 20 percent
   per year to around $23bn by the end of 2026, according to S&P Global Ratings
   2025 cyber insurance market outlook.


 * LLOYD’S: CYBER NO LONGER CLASSED AS SHORT-TAIL DESPITE SPIKY PRICING
   
   Cyber remains the fastest-growing class of business at Lloyd’s, with loss
   development no longer classing the line as short tail, according to senior
   Corporation executives.


 * CYBER INSURTECH SAYATA TRIMS HEADCOUNT AS DEUTSCHE-LED SALE PROCESS CONTINUES
   
   Cyber insurtech Sayata has let go an undetermined number of staff, including
   head of partnerships Manny Johl and director of sales Tim Regilio, as a sale
   process for the distribution platform remains ongoing.


 * SILENT AI EXPOSURES AND SUPPLY CHAIN TO DOMINATE CYBER UNDERWRITING IN 2025
   
   The CrowdStrike outage in July will prompt insurers to review cyber policy
   wordings and coverage for systemic or supply chain incidents at upcoming
   renewals, according DAC Beachcroft.


 * CYBER SET FOR “EXCITING” 2025 DESPITE SOFT MARKET “FRUSTRATION”
   
   Cyber insurance pricing may flatten next year as frustration with the soft
   market grows and reinsurers take a harder line, while tech E&O claims are
   also “quietly doing a little more damage” than people realise, according to
   speakers at Zywave’s recent Cyber Risk Insights conference.


 * QBE: UNTAPPED OPPORTUNITY FOR BETTER VENDOR RELATIONSHIPS
   
   A report from QBE North America and Zywave indicates that cyber insurance has
   yet to be factored into the overall cost of organisational cybersecurity.


 * AUSTRALIA STRENGTHENS CYBERSECURITY WITH NEW LEGISLATIVE REFORMS
   
   The Australian Parliament has passed a suite of reforms aimed at bolstering
   the nation’s cyber defence and resilience, as well as advancing initiatives
   under its Cyber Security Strategy.


 * LLOYD’S, BEAZLEY WARN ON GROWING “CONUNDRUM” OF SUPPLY CHAIN CYBER RISK
   
   Supply chain risks and exposures in the cyber line of business demand greater
   attention going forward, according to industry leaders, with the CrowdStrike
   outage in July acting as a “warning shot” for insurers and the wider real
   economy alike.


 * COWBELL: MANUFACTURING SEES HIGHEST CYBER RISK AS SUPPLY CHAIN ATTACKS SOAR
   
   The volume of supply chain attacks grew by five times between 2021 and 2023,
   with businesses exceeding $50mn in revenue bearing much of the brunt,
   according to findings from the Cyber Roundup Report 2024 from Cowbell.


 * COMPULSORY CYBER COVER WILL BOOST UK CYBERSECURITY: HOWDEN
   
   Compulsory cyber insurance and tax relief on cyber investment have been
   identified as two measures that may incentivise greater cyber resilience
   among UK businesses, with new research by Howden showing that more than half
   of UK firms have faced at least one cyber attack in the past five years.


 * EMBROKER: CYBER INSURANCE ADOPTION AMONG START-UPS HITS 93%
   
   Nearly 93 percent of start-ups now carry cyber insurance, with many opting
   for simplified coverage solutions, according to insurtech MGA Embroker’s
   third annual Cyber Risk Index that focuses on start-ups.


 * CORVUS: RANSOMWARE SURGE CONTINUES IN Q3 2024 DRIVEN BY VPN VULNERABILITIES
   
   Ransomware activity remained persistently high in the third quarter of 2024,
   with 1,257 victims identified and nearly 30 percent of incidents linked to
   attackers exploiting virtual private network (VPN) vulnerabilities, according
   to a new report from cyber insurtech Corvus.


 * HOFFMAN: AON CYBER RISK ANALYZER EXPECTED TO DRIVE PLACEMENT OUTCOMES, CLIENT
   WINS
   
   Aon’s new cyber risk analyzer will drive differentiated placement outcomes,
   give clients a deeper view of their cyber risk profile, and has the potential
   to drive new client wins, according to the broker’s Christian Hoffman.


 * AT-BAY REPORT: FREQUENCY OF EMAIL INCIDENTS GREW 24% IN 2023
   
   An insursec ranking report from At-Bay has shown the frequency of email
   incidents grew by 24 percent in 2023, as well as highlighting that Google
   Workspace customers experienced 54 percent fewer email security incidents
   than average and three times fewer than those using Microsoft 365.


 * CYBERSECURITY FIRMS CYBEREASON AND TRUSTWAVE TO MERGE WITH SOFTBANK AS
   MAJORITY INVESTOR
   
   San Diego-based endpoint detection response company Cybereason has announced
   a definitive merger with Chicago-based cybersecurity provider Trustwave.


 * ENVELOP COMBINES BERMUDA AND LLOYD’S UNDERWRITING ACTIVITIES
   
   Envelop Risk has combined its Bermuda and Lloyd’s underwriting activities
   into Envelop Underwriting, led by Dom Peters.


 * ZYWAVE PANEL: HUMAN VULNERABILITY TO CYBER ATTACKS INCREASES AS THREAT ACTORS
   EVOLVE
   
   As cyber threats become increasingly sophisticated, human vulnerabilities
   remain a crucial concern, highlighted by experts during a panel at Zywave’s
   cyber risk conference in New York.


 * BEAZLEY SECURITY PROMOTES GOSAL TO VP OF GLOBAL PROFESSIONAL SERVICES
   
   Beazley Security has appointed Mandeep Gosal as vice president of global
   professional services to oversee the scaling of management systems.


 * ZYWAVE PANEL: COMMUNICATION, TRANSPARENCY, TRUST VITAL TO CYBER RESPONSE AND
   RECOVERY
   
   Clear communication, transparency, trust, and thorough documentation are
   crucial for effectively managing cyber incidents, according to panellists at
   Zywave’s cyber risk conference in New York.


 * ZYWAVE PANEL: VENDOR MAPPING SYSTEMS AND PARAMETRIC APPROACH REMAIN KEY TO
   TACKLING SUPPLY-CHAIN EVENTS
   
   As underwriters evaluate cyber events like CDK Global, Snowflake, and Change
   Healthcare, careful mapping of vendors several links down the chain remains a
   key measure of successful supply chain protection.


PARAMETRIC NEWS


 * APPEAL OF CONSUMER PARAMETRICS LINKED TO AGE AND PERSONALITY: STUDY


 * CELSIUSPRO LAUNCHES PARAMETRIC PLATFORM FOR BROKERS


 * MUNICH RE LAUNCHES PARAMETRIC PROGRAM FOR BOLIVIAN SOYBEAN FARMERS


 * FLOODFLASH PAYING CLAIMS AFTER UK'S STORM BERT


 * SOLA LAUNCHES TMK-BACKED PARAMETRIC WIND AND HAIL PRODUCT FOR HOMEOWNERS


 * CAPITAL MARKETS INVESTORS SEEN AS DIVERSIFIERS FOR GENERALI'S PARAMETRIC
   REINSURANCE PANEL


THE INSURER TV




 * SWISS RE’S CROSBY: +C$8BN NAT CAT LOSSES PROMPTS SHIFTING CANADA RISK VIEW
   
   Canada's natural catastrophe loss bill is projected to exceed C$8bn ($5.7bn)
   this year, driving adjustments in pricing, attachment points and deductibles,
   according to Jolee Crosby, CEO of Swiss Re Canada.


 * DELLWOOD’S PRICE: MATCHING WHOLESALERS’ SPEED AND EXPERTISE WILL BE WINNING
   FORMULA
   
   Dellwood Insurance Group’s founding CEO Michael Price has said that the
   success of the start-up will be driven by matching the “expertise and speed”
   of wholesale trading partners, adding that current P&C market conditions have
   a “multi-year runway”.


 * BAIG AND MCNATT: E&S SUBMISSIONS UP DESPITE PRICING STABILISATION AMID
   STRUCTURAL SHIFT
   
   Moves by carriers to establish dedicated wholesale operations and a
   commitment to dual distribution has led to continued growth in submission
   counts, despite stabilising market conditions, according to Amwins brokerage
   co-presidents Jeff McNatt and Sam Baig.


 * KULIKOWSKI: WESTFIELD WILLING TO WALK AWAY FROM UNPROFITABLE CYBER BUSINESS
   
   Cyber pricing is being driven down by less disciplined market entrants taking
   a generalist approach to the segment, according to Westfield Specialty’s Jeff
   Kulikowski, who added that the insurer is willing to walk away from
   unprofitable business.


 * COALITION’S HENDRICKS: “SHOCKING” HOW LITTLE THE THREAT ENVIRONMENT HAS
   ACTUALLY CHANGED
   
   The level of threat activity has remained “reasonably consistent” in 2024,
   according to Coalition’s Chris Hendricks, who said it was “shocking” that
   threat actors are still finding success with attack methods that aren’t new.


 * WESTFIELD SPECIALTY’S KUHN: NO MASS SHIFT LIKELY FROM E&S BACK TO ADMITTED
   MARKET
   
   There is no expectation of a widespread shift in business away from the E&S
   market, with the sector’s freedom of rate and form allowing it to address
   challenging issues on the admitted side, according to Westfield Specialty’s
   founding president Jack Kuhn.


 * HDI’S VIGIER: FRANCE HAS A LONG JOURNEY TO BEING A CAPTIVE-FRIENDLY DOMICILE
   
   David Vigier, chief commercial officer and head of captives strategy at HDI,
   told The Insurer TV that France’s regulatory overhaul in 2023, that led to it
   becoming a captive-friendly domicile, took years of lobbying from the risk
   management community.


 * WDIS’S RAY: MORATORIUM ADDS PRESSURE TO CA'S WILDFIRE INSURANCE MARKET
   
   California insurance commissioner Ricardo Lara’s recent moratorium on
   non-renewals is further tightening the state’s already-strained property
   insurance market, according to Michael Ray, CEO at Lloyd’s capacity-backed
   MGA Wildfire Defense Insurance Services.


 * GEORGE BEATTIE: CFC CARBON INSURANCE STRATEGY IS "DEEP BET" ON REGULATORY
   SHIFT
   
   CFC’s head of innovation George Beattie has described the company’s carbon
   credit insurance strategy as a “deep bet” on the carbon market’s future shift
   from voluntary participation to mandatory government schemes.


 * SOMPO’S BRAND: NO SIGNIFICANT CYBER RATE RISES IN EUROPE DESPITE GROWING
   DEMAND
   
   An influx of capital to meet the growing demand for cyber coverage in Europe
   is expected to keep rates stable, according to Ralph Brand, president of
   Continental Europe Commercial P&C Insurance at Sompo.


 * TARA ALLEN: “MY FAVOURITE THING ABOUT THE INDUSTRY IS THE PEOPLE”
   
   Tara Allen, a recent graduate of the Lloyd’s Market Association’s legal
   trainee programme, has told The Insurer TV that she was initially drawn to
   the sector because it offered a chance to leverage the commercial aspects of
   her legal degree.


 * THE TRUMP ADMINISTRATION AND ITS IMPACT ON SOCIAL INFLATION
   
   The unofficial theme of this year’s insurance conference season has been the
   ongoing crisis in the US casualty market.


 * CIAB: TRUMP’S TARIFFS UNLIKELY TO AFFECT INDUSTRY, FUTURE OF TAX CUTS REMAIN
   UNCLEAR
   
   Industry body the Council of Insurance Agents & Brokers (CIAB) has predicted
   that the president-elect’s proposed tariffs are unlikely to have a direct
   impact on the insurance industry, while the potential effects of his proposed
   tax cuts will largely depend on the final balance of the House of
   Representatives.


 * VALENCIA FLOODS SERVE AS WARNING OF ESCALATING RISK ACROSS EUROPE: ICEYE
   
   Events like the recent Valencia floods are expected to become more frequent
   in Europe due to the warming of the Mediterranean, according to Anke Sielker,
   head of the reinsurance practice and head of insurance for EMEA at ICEYE.


 * FERMA CHIEF: RISK MANAGERS MUST CONTINUOUSLY ADAPT INSURANCE STRATEGIES
   
   Risk managers are having to continuously adapt their insurance strategies as
   complexities within the risk transfer market grow, according to the chief
   executive of the Federation of European Risk Management Associations (Ferma).


COMMENT


 * RECORD SIRC ATTENDANCE HIGHLIGHTS ASIA GROWTH OPPORTUNITY


 * PARAMETRIC SOLUTIONS ON THE RISE IN ASIA


 * WELCOME TO SIRC 2024


 * HAS REINSURER SENTIMENT SHIFTED AHEAD OF 1.1?


 * TARGET MARKETS INITIAL TAKE: MGA CASUALTY SQUEEZE CONCERNS AMID OVERALL
   OPTIMISTIC OUTLOOK


 * ALL EYES ON BERGER’S NEXT MOVE AS SWISS RE ADDRESSES CASUALTY RESERVING
   CHALLENGE…


PROGRAM MANAGER




 * MGA ROKSTONE TAKES SECOND LLOYD’S BOX
   
   Aventum Group-owned specialty (re)insurance MGA Rokstone has acquired a
   second box at Lloyd’s just six months after announcing its first box.


 * ROKSTONE ADDS £5MN DISGRACE COVER TO CONTINGENCY LINE
   
   Specialty MGA Rokstone has expanded its contingency product with the launch
   of disgrace cover.


 * BRIDGEHAVEN AND ACCREDITED PEN TWO-YEAR CAPACITY DEAL WITH POLICY EXPERT
   
   Hybrid fronting insurer Bridgehaven Specialty UK will serve as capacity
   provider alongside Accredited on a new co-insurance arrangement with UK
   personal lines MGA Policy Expert.


 * PLATINUM SPECIALTY CLOSES IN ON DEAL TO BUY FLOOD-LED MANAGEMENT LIABILITY
   MGA ATRI
   
   Platinum Specialty Underwriters is close to a deal to acquire the Greg
   Flood-led management liability start-up MGA Atri Insurance Services, in a
   transaction expected to value the business around 19x-20x Ebitda, Program
   Manager can reveal.


 * BISHOP STREET HIRES TWFG STRATEGY AND CAPITAL MARKETS EXECUTIVE ARRICALE AS
   CFO
   
   Bishop Street Underwriting has hired strategy and capital markets executive
   Jeff Arricale from The Woodlands Financial Group as its CFO as the MGA
   platform continues its rapid build out, Program Manager can reveal.


 * STARFISH SET TO GO LIVE WITH EPLI OFFERING FOR PEOS AFTER TRIO OF PROGRAM
   LAUNCHES
   
   Starfish Specialty Insurance has begun quoting for the 1 December launch of
   an employment practices liability offering for professional employer
   organisations (PEOs) and staffing firms led by former Markel senior director
   Michael Martocci, continuing its recent run of program start-ups, Program
   Manager can reveal.


 * AM BEST MAINTAINS POSITIVE OUTLOOK ON DUAE MARKET
   
   With growth in the global delegated underwriting authority enterprise (DUAE)
   segment showing no sign of slowing and the sector continuing to invest in
   talent and technology, AM Best has maintained its positive outlook on the
   market.


 * RPS AND GALLAGHER RE UTILISING AJG SYNERGIES TO BOOST PROGRAMS BUSINESS
   
   Arthur J Gallagher stablemates Risk Placement Services (RPS) and Gallagher Re
   have been working in tandem on multiple MGA transactions, with the wholesaler
   using the reinsurance broker to secure capacity for more than 10 program
   offerings, this publication understands.


 * BAY HARBOR SAYS INCREASED SURPLUS AND LOCS TO SUPPORT PROFITABLE GROWTH IN
   2025
   
   Bay Harbor Re believes it can sustain the low 90s combined ratio projected
   for its first full year of underwriting over the medium term, as it targets
   further growth after more than doubling its surplus to $45mn and upsizing its
   letter of credit facilities to $200mn, Program Manager can reveal.


 * PM ROUNDTABLE: ALT CAPITAL’S GROWING PROMINENCE AND PORTFOLIO-WIDE QS DEALS
   IN FOCUS
   
   Alternative capital will continue to play a prominent role in the programs
   sector, and while there is significant interest from MGA platforms in
   securing portfolio-wide quota share capacity there remains reticence among
   reinsurers to support such deals.


 * EVERSPAN GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER SCOTT STEPS DOWN
   
   Everspan’s founding general counsel and chief compliance officer Nicholas
   Scott is stepping down from his posts after four years with the fronting
   carrier, and is expected to move into private practice.


 * TRADESMAN CUO SANCHEZ EXITS FOR CONSTRUCTION ROLE WITH RPS
   
   The CUO for construction-focused MGA Tradesman Program Managers Steve Sanchez
   has resigned from his role to take up a new post with Arthur J
   Gallagher-owned wholesaler Risk Placement Services, Program Manager can
   reveal.


 * GREENLIGHT RE GETS WHOLE ACCOUNT QS FOR INNOVATIONS’ MGA PORTFOLIO
   
   Greenlight Re has secured a whole account quota share to support its
   fast-growing Innovations business, with a panel of reinsurers collectively
   taking a more than 20 percent share of the Cayman Islands-based firm’s MGA
   portfolio.


 * BITCOIN SPECIALIST ANCHORWATCH SECURES LLOYD’S CAPACITY AHEAD OF DECEMBER
   LAUNCH
   
   Bitcoin specialist AnchorWatch secures Lloyd’s capacity ahead of December
   launch.


 * ARGYLE GETS MITSUI SUMITOMO CAPACITY FOR AUSTRALIA SME PROGRAM
   
   Insurtech MGU Argyle Insurance has agreed a multi-year capacity agreement
   with Mitsui Sumitomo Insurance Co (MSI) to write a portfolio of coverage
   targeted at SMEs in Australia.


 * THEGUARANTORS ADDS HUDSON AND TRISURA TO CAPACITY PANEL
   
   TheGuarantors now has 10 carrier and reinsurer partners backing its niche
   rental insurance products after the specialist MGA added three new partners,
   including Hudson Insurance Group and Trisura.


 * DOXA CLOSES IN ON ACQUISITION OF COMMERCIAL TRANSPORTATION MGA QEO
   
   Expansive MGA platform Doxa Insurance Holdings is in exclusive talks with QEO
   Insurance Group as it closes in on a deal to buy the commercial
   transportation specialist,


 * ANNEX GETS COVERHOLDER STATUS AND UNVEILS NEW RESIDENTIAL FLOOD PROGRAM
   
   Annex has secured Lloyd’s coverholder status in a move that will allow the
   flood-focused insurtech MGA to bring a new surplus lines private flood
   offering for residential properties to market.


 * K2’S AEGIS GENERAL LAUNCHES HIRSCH-LED PRIVATE COMPANY MGMT LIABILITY PROGRAM
   
   K2-owned Aegis General Insurance has launched a new US private company
   management liability program led by former Scale Underwriting executive Jeff
   Hirsch that will offer D&O, EPL and fiduciary liability coverage,


 * SPG STRENGTHENS HEALTHCARE OFFERING WITH TBS ACQUISITION
   
   Specialty Program Group (SPG) has acquired group health insurance specialist
   Total Benefit Solutions (TBS) in a deal that marks “a key expansion” for the
   Chicago, Illinois-based business.


E&S INSURER




 * EARNINGS COMMENTARY POINTS TO STRONG E&S GROWTH OUTLOOK DESPITE PROPERTY
   COMPETITION
   
   Despite heightened competition in property and minimal impact from late
   hurricane season activity, the overall growth outlook for the E&S market
   remains strong, largely driven by healthy submission flow, especially in
   casualty.


 * IGLESIAS: DIVERSIFIED APPROACH DROVE ALLIED WORLD’S E&S HARD MARKET GROWTH
   
   Allied World’s decision to maintain a dual distribution model rather than
   launching a dedicated wholesale unit has not been an impediment to growth,
   with the carrier’s E&S book expanding significantly in recent years to
   account for more than half of its US premium.


 * RPS DEPLOYS STATE NATIONAL FRONTED EXCESS LIABILITY SIDECAR
   
   Risk Placement Services (RPS) launched an excess casualty sidecar earlier
   this year which offers a $5mn line on State National paper supported by a
   quartet of at least A- rated reinsurers, E&S Insurer can reveal.


 * WESTFIELD SPECIALTY’S KUHN: NO MASS SHIFT LIKELY FROM E&S BACK TO ADMITTED
   MARKET
   
   There is no expectation of a widespread shift in business away from the E&S
   market, with the sector’s freedom of rate and form allowing it to address
   challenging issues on the admitted side, according to Westfield Specialty’s
   founding president Jack Kuhn.


 * PURVIANCE: AL IS HELPING AMWINS ACCESS THE SMALL BUSINESS MARKET
   
   AI is making small business insurance more efficient by refining data
   handling processes, according to Amwins CEO Scott Purviance.


 * BAIG AND MCNATT: E&S SUBMISSIONS UP DESPITE PRICING STABILISATION AMID
   STRUCTURAL SHIFT
   
   Moves by carriers to establish dedicated wholesale operations and a
   commitment to dual distribution has led to continued growth in submission
   counts, despite stabilising market conditions, according to Amwins brokerage
   co-presidents Jeff McNatt and Sam Baig.


 * CA, FL AND TX MAINTAIN DOUBLE-DIGIT SURPLUS LINES PREMIUM GROWTH IN OCTOBER
   
   Surplus lines premium volume generated by the stamping offices of the three
   largest states for E&S business in the US once again booked double-digit
   year-on-year growth in October, new data shows.


 * RPS: UMBRELLA AND EXCESS CASUALTY MARKET STRESS CONTINUES
   
   The US umbrella and excess casualty market is seeing continued stress and
   change amid a greater focus from underwriters on managing capacity in the
   face of escalating verdicts and settlements along with tougher reinsurance
   renewal conditions, according to Risk Placement Services (RPS).


 * B&W: PERCENTAGE OF POLICIES HANDLED BY NON-ADMITTED CARRIERS TO CONTINUE
   RISING
   
   Wholesale broker Burns & Wilcox has said the “gradual and consistent shift”
   in business from the admitted to the E&S market is a trend that is here to
   stay, as it also highlighted growing US liability concerns going into 2025.


 * AMWINS LINES UP IN-HOUSE EXCESS CASUALTY SIDECAR FACILITY
   
   Wholesale and underwriting giant Amwins has been working on securing
   additional capacity for its brokers in a rehardening excess casualty market
   with the creation of a sidecar facility,


 * RPS’S DOYLE: DATA AND ANALYTICS, PROPRIETARY PRODUCT AND INTELLECTUAL CAPITAL
   KEY TO WHOLESALE FUTURE
   
   To remain relevant in a shifting distribution landscape and capitalise on the
   flow of business to the E&S space, wholesalers will need to deliver
   additional value by offering advice, expertise and proprietary product,
   according to Risk Placement Services (RPS) CEO Kevin Doyle.


 * FLOW VS RATE
   
   Late last month we highlighted some of the themes that were expected to drive
   discussions as another record attendance descended on San Diego for the WSIA
   Annual Marketplace 2024.


 * KINSALE: “MODEST” PREMIUM GROWTH SLOWDOWN IN Q3 DUE TO INCREASED E&S
   COMPETITION
   
   Kinsale Capital’s share price closed down 5.3 percent on Friday despite a
   comfortable Q3 earnings beat, with the E&S specialist’ management
   highlighting increased competition as the reason for a slowdown in its
   premium growth.


 * CRC: NO “KNEE-JERK” PROPERTY MARKET RESPONSE EXPECTED DESPITE HELENE-MILTON
   UNCERTAINTY
   
   Renewal price increases continued to slow through the third quarter in E&S
   property prior to the recent active period for hurricane activity, according
   to the latest data from CRC’s REDY index.


 * CRC REDY: PRIVATE D&O SOFTENING ACCELERATED IN Q3 BUT E&O AND CYBER PRICING
   PICKED UP
   
   The latest quarterly data from CRC’s REDY index shows that private D&O
   softening accelerated in Q3, but employment practices liability flattened and
   E&O and cyber rates both picked up in the period.


 * AMRISC PANEL: ONLY A RETURN TO “FEAR IN THE ROOM” WOULD TIGHTEN SOFTENING
   PROPERTY MARKET
   
   The major shift towards softening property market conditions will only be
   reversed by the return of “fear in the room” from an event which has a major
   financial impact or changes the perception of risk, although a series of
   smaller events could slow the pace, according to a panel of brokers and
   insurers.


 * WSIA ANNUAL MARKETPLACE: BULLISH THEMES PERSIST AS WIDER P&C SECTOR
   TRANSITIONS
   
   As the E&S market arrives in San Diego for the start of the WSIA Annual
   Marketplace 2024, record numbers in excess of 8,000 are expected, and many of
   the bullish themes that have featured in recent years are likely to persist
   around the sector’s prospects.


 * AXIS RECRUITS LEXINGTON’S GOLDBERG TO LEAD NEW E&S ALLIED HEALTHCARE UNIT
   
   Axis has brought in Deb Goldberg from Lexington Insurance Company to lead the
   launch of its new E&S allied healthcare offering in North America.


 * AEGIS PROFESSIONAL RISK PARTNERS WITH SENTRY INSURANCE TO LAUNCH NEW E&O
   PROGRAM
   
   Aegis Professional Risk, a division of Aegis General Insurance Agency and K2
   Insurance Services, has partnered with Stevens Point, Wisconsin-based Sentry
   Insurance to launch a new E&O program.


 * NATIONWIDE NAMES HENDERSON HEAD OF CLAIMS, OPERATIONS, AND DATA & ANALYTICS
   
   Nationwide has appointed Clayton Henderson as the leader of claims,
   operations, and data & analytics for its commercial lines, E&S, and specialty
   lines of business.


INTERVIEW


 * SWISS RE’S GONZALEZ: WELL-PERFORMING ACCOUNTS COULD SEE LOW SINGLE-DIGIT RATE
   DECREASES


 * S&P: CYBER AND GEOPOLITICS MAY POSE INVESTMENT RISK DESPITE STRONG CAPITAL
   LEVELS ACROSS EUROPEAN INSURERS


 * MARKEL ASIA PREMIUMS POISED TO TOP $200MN AS REGIONAL GROWTH DRIVE CONTINUES


 * AXA XL’S BARROWCLIFF: HARNESSING CREDIT INSURANCE FOR BIODIVERSITY OUTCOMES


 * HOFFMAN: AON CYBER RISK ANALYZER EXPECTED TO DRIVE PLACEMENT OUTCOMES, CLIENT
   WINS


 * PEAK RE’S CHENG: ASIA AGRICULTURE DEMAND TO KEEP RISING AS EXPOSURE GROWS


SUSTAINABLE INSURER




 * UK INSURERS BEGIN TO EMBRACE BESS RISKS AS “CORE APPETITE”
   
   Carriers are increasingly embracing risks and exposures associated with
   battery energy storage systems (BESS), including the development of a revenue
   protection product, as underwriting loss data for other renewable
   technologies matures.


 * ZURICH’S MARTIN: NOT INSURERS' JOB TO BE THE “CLIMATE CHANGE POLICE”
   
   Zurich’s Alison Martin has called for greater trust from regulators in the
   ability of insurers to understand the risks on their own balance sheets,
   while also warning that greater policy intervention is needed to ensure that
   the industry does not become “the climate change police”.


 * DAVIES EYES SUPPLY CHAIN EMISSIONS AND CULTURE STRATEGY AMONG 2025 PRIORITIES
   
   Davies Group – including its captive management business, MGA/broker
   incubation platform and Lloyd’s third-party managing agent Asta – will be
   focused on rolling out a new culture strategy and beginning to tackle supply
   chain emissions in 2025 under its new office of responsible business.


 * AXA XL PROVIDES $30MN CREDIT INSURANCE COVER TO BAHAMAS SOVEREIGN DEBT SWAP
   
   Axa XL has provided $30mn in credit insurance cover as part of a new
   sovereign debt conversion project in The Bahamas, which is forecast to
   generate $124mn in marine conservation funds over the next 15 years.


 * COP29: INSURANCE IMPLICATIONS FROM THIS YEAR’S CLIMATE TALKS
   
   With COP29 having concluded at the weekend, Sustainable Insurer reflects on
   the discussions that took place over the past two weeks in Baku and the
   burgeoning role of (re)insurance in the global dialogue on climate.


 * SEASCAPE SURVEY ENTERS THIRD YEAR OF QUANTIFYING BLUE CARBON
   
   As the Convex Seascape Survey published its second annual update, head of
   sustainability Rachel Delhaise spoke to Sustainable Insurer to explain how
   greater understanding of the value of blue carbon will enable more capital
   flows.


 * HOWDEN’S FAIRWEATHER: TURNING NATURE IMPACTS INTO TANGIBLE RISKS AND
   EXPOSURES
   
   Sustainable Insurer spoke to Howden’s Daniel Fairweather about the important
   role insurers can play in helping realise the value of nature-based assets.


 * NABESHIMA: TOKIO MARINE FOCUSED ON SUPPORTING TRANSITION AND DISASTER
   RESILIENCE
   
   The role P&C insurance companies play in supporting economic and social
   development can help underpin sustainability strategies, according to Tokio
   Marine’s Mika Nabeshima.


 * GENEVA ASSOCIATION ISSUES CALL TO ADDRESS INSURANCE INCLUSION GAPS
   
   Digital platforms and agency-based distribution models will be key to
   overcoming insurance inclusion gaps, a new concept proposed by the Geneva
   Association referring to socio-economic groups that are excluded from or
   underserved by insurance markets in advanced economies.


 * GENAZZINI: MICROINSURANCE NETWORK EYES GROWTH ACROSS AFRICAN CONTINENT IN
   2025
   
   The Microinsurance Network plans to replicate its regional coordination
   across Latin America in Africa, as the NGO pursues further regionalisation
   under the stewardship of new executive director Matthew Genazzini to boost
   insurance take-up among low-income communities.


 * ENERGY TRANSITION INTRODUCES NEW CHALLENGES FOR EUROPEAN RISK MANAGERS
   
   Organisations working towards net-zero emissions need to manage new physical
   and business risks that are not always easy to anticipate, according to
   discussions at the Ferma Forum in Madrid last month.


 * CFC BULLISH ON LEADING CARBON INSURANCE MARKET GROWTH WITH NEW LENDER COVER
   
   CFC has confirmed the expansion of its carbon insurance suite with the
   introduction of a new carbon lender non-payment insurance cover.


 * EDF’S KOUSKY FORMS INSURANCE FOR GOOD TO COORDINATE ESG CAPACITY
   
   A coalition of members from non-profits, start-ups and research providers
   have launched Insurance for Good, a new US-based non-profit designed to
   coordinate efforts to harness insurance for the common social and
   environmental good.


 * CRAWFORD FORMS GLOBAL RENEWABLE ENERGY PRACTICE WITH EX-RELA QUARTET
   
   Claims management specialist Crawford & Company has launched a renewable
   energy practice led by a team from Renewable Energy Loss Adjusters (RELA),
   including former CEO Alan Tucker.


 * COP29: A ROUND-UP OF THE FIRST WEEK'S DISCUSSIONS
   
   As COP29 prepares for its second week in Baku, Azerbaijan, Sustainable
   Insurer reflects on discussions so far and what more needs to be done to
   elevate the role of (re)insurance in global dialogue.


 * MARSH UNVEILS NEW INSURANCE FACILITY FOR CARBON CREDIT FRAUD BACKED BY
   LLOYD’S TRIO
   
   Marsh has launched a new insurance facility backed by Brit, Talbot and Sompo
   to help businesses in the UK, US and EU to manage the risks associated with
   carbon credit certificate fraud.


 * AVIVA DOUBLES DOWN ON UNDERWRITING RISKS FOR LITHIUM-ION BATTERIES
   
   UK insurer Aviva has issued its latest warning over the risks associated with
   lithium-ion batteries following findings that almost half of firms fail to
   carry out regular inspections or follow charging guidelines.


 * AVIVA UNVEILS CARBON REMOVAL FUND TO SUPPORT SCALING COMMERCIAL NATURE
   INVESTMENTS
   
   The investment arm of UK insurer Aviva has launched a carbon removal fund to
   enable institutional investors – including insurers and pension funds – to
   access carbon removal solutions that deliver investment returns while
   supporting long-term net-zero ambitions.


 * AXA XL LOOKS TO BOLSTER CYBER RISK CONSULTING TEAM FOR ENERGY TRANSITION
   BUSINESS
   
   Axa XL is forming a cyber risk consulting team specifically for companies
   involved in renewable energy infrastructure as the growing ubiquity of clean
   energy assets and lack of cybersecurity controls in supply chains and mergers
   raise concerns over increasing vulnerability.


 * SIX CLIMATE DEMONSTRATORS ARRESTED IN WTW PROTEST
   
   Six members of Extinction Rebellion were arrested in the City of London on
   Tuesday after targeting the offices of WTW.


VIEWPOINT


 * INDUSTRY CHARITABLE GIVING AND VOLUNTEERISM: A CALL TO BOLSTER MOMENTUM


 * WHEN PERFECT IS THE ENEMY OF GOOD


 * ADDRESSING ANALYTICS IN ASIA PACIFIC


 * INNOVATION AND COLLABORATION KEY FOR SUSTAINING ASIA’S RENEWABLE ENERGY BOOM


 * A BRIGHT FUTURE FOR A FLOURISHING APAC


 * TAKING A SOPHISTICATED APPROACH TO CAPITAL OPTIMISATION AND MANAGEMENT

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