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The reinsurance broker will be known as Marsh Re starting in 2027 as part of a broader company shift. -
Increased vegetation could spell trouble in the future.
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Southern is said to have diverted 36 clients with $4mn in annual revenues from Marsh.
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Philipp Rüede succeeds François de Varenne, who will become senior advisor to the CEO.
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November hailstorms and current storms and bushfires racked up claims.
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The event is the second billion-dollar SCS event to hit the country within a month.
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Defendants can service clients who signed BOR letters as of December 29.
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Jim Hays outlined $90mn in stock losses as Howden called Brown & Brown’s narrative “false and inflammatory”.
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Former Aon employees are barred from using Aon’s confidential information.
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The broker is seeking an injunction, arguing it lost customers to Howden over the weekend.
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The storm outbreak follows similar events in the area in 2020 and 2023.
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The packages contained client lists and records saved as “TOP SECRET” on a former employee’s computer.
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BNP Paribas will take a EUR1.11bn stake in Ageas.
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Marsh has accused its former execs of flouting a preliminary injunction.
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The broker said the A$45-per-share price discussed valued the firm appropriately.
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The peril has been historically difficult to model compared to others.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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Both the primary and reinsurance segments benefitted from a light cat year.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The governor has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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IAG completed its takeover of RACQ last month.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The assistant treasurer is also due to review the Australian cyclone pool.
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Models anticipate a busier second half, particularly in the next few weeks.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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This is the first rate filing to use the recently approved Verisk model.
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The carrier also reported a slightly improved combined ratio of 94.6%.
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The company also purchased $15mn of SCS parametric coverage.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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This brings the carrier’s total limit on the program to $1.8bn.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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State legislation has led to major strides in rate adequacy.
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Category 4 and 5 storms could become more common and hit further north.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The company said the reduction was due to years of steady improvements.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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There are now 14 new companies writing homeowners’ policies in the state.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The carrier said the cuts will help it to become a “simpler, digital-led business”.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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The £3.7bn deal was announced in December.
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This is up from last year’s $1bn protection for its Florida treaty.
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HCI secured three towers with $3.5bn in XoL coverage.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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It previously predicted activity slightly below the 1995-2024 average.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Tornadoes have killed at least 32 people in three states.
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Aviva and Direct Line struck the landmark deal in December.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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Insolvencies caused by the tariffs could also cause increased losses
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The sale price represents Elephant’s approximate net asset value.
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The executive will define strategic priorities and guide global growth.
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The business will divide into US wholesale and specialty, and programmes and solutions.
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From where to prioritise investing to managing slower growth, there are tough balancing acts ahead.
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The acquisition will position Ageas as one of the top three UK personal lines insurers.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
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The book of business comprises both personal and commercial lines.
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The announcement spurred a quick spike in stock market valuations.
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Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
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Swiss Re and Talanx led the gains among listed European carriers.
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The carrier has received 12,300 claims as of 28 March.
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RBC reports can help regulators identify weakly capitalized companies.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The MGA will have a broad casualty-focused appetite with Lloyd’s capacity backing.
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The carrier said 72% of those losses occurred in personal property.
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A higher loss quantum will put a greater burden on retro programmes.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The carrier has been reducing its presence in the state since 2007.
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The council has begun gathering data to assess the insurance impact.
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The company’s reinsurance business also has some exposure, the executive said.
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Keese is also investing in the company alongside its existing partners.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The carrier is restructuring the business into three segments.
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The company received over 10,100 home and auto claims as of January 27.
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Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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The move comes ahead of a planned sale of Wefox’s insurance business.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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Investigators are homing in on the likely causes of the incidents.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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The fast-moving blazes have prompted evacuations across the city.
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Aviva is targeting £125mn of annual savings within three years of the deal.
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This follows a preliminary agreement reached earlier this month.
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High deductibles, tighter underwriting and lack of flood cover meant lower claims figures.
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The index is a three-year strategic project to track social inflation by analysing personal injury awards.
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Aviva increases its offer to 275p per Direct Line share.
