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* The Insurer * The Insurer TV * Cyber Risk * Sustainable * Program Manager * E&S * Parametric Sign inSubscribe * Articles REGION * London Market * Europe * US / Americas * Bermuda * Asia Pacific TOPICS * Broking * Casualty * Cyber * ILS * InsurTech and innovation * Legacy * Legal/ Regulatory * Lloyd’s * Losses * M&A * Parametric * People Moves * Property catastrophe * Results * Specialty EVENTS & CONFERENCES * 2024 Conference Coverage CONTENT TYPES * News * Analysis * Viewpoint * Comment * Interview * News * Analysis * Comment * Viewpoint * Interview * 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 * The Insurer * The Insurer TV * Cyber Risk * Sustainable * Program Manager * E&S * Parametric * * REUTERS PRODUCTS * REUTERS EVENTS Reuters Events exists to deliver the intelligence and foster the relationships that shape strategy and secure the future for leading companies worldwide. * REUTERS.COM Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting. * REUTERS NEWS AGENCY Reuters is the world’s largest multimedia news agency. We tell all sides, but take none. We go back to the start, where there’s no bias and no agenda to tell the real story. 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