CoreLogic estimates $17bn-$28bn Milton insured wind and flood losses

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Axa XL Re recruits Swiss Re’s Schiffer as CEO of North America, Reinsurance

Travelers expects $75mn-$175mn net Milton loss, takes $242mn Q3 asbestos charge

Doyle: McGriff acquisition expected to be “modestly accretive” in first year

Moody’s RMS issues “best estimate” of $26bn insured losses from Milton

Private market insured losses from Hurricane Milton are expected to be between $22bn and $36bn, Moody’s RMS Event Response has said, with a “best estimate” of $26bn.

GC says Milton to flatten 1.1 cat treaty pricing as Marsh insurance index drops 1%

Guy Carpenter CEO Dean Klisura said Hurricane Milton is expected to lead a flattening of pricing for property cat reinsurance at 1 January, while sister company Marsh said its Global Insurance Market Index entered negative territory in the third quarter with a 1 percent reduction.

Latest Articles

CoreLogic estimates $17bn-$28bn Milton insured wind and flood losses

Moody’s RMS issues “best estimate” of $26bn insured losses from Milton

Howden urges insurers to drive “step change” in nature and biodiversity protection

Beat launches Dupre-led Fallow Grove for US E&S market

Assurant estimates $138mn Q3 cat losses

California city Isleton to receive $200,000 grant for community-based flood insurance

Lilypad closes acquisition of Florida carrier Centauri from Applied UW

For us, when you start to have numbers that approach these levels as an industry, you start to ask a couple of critical questions. Is the industry properly risk modelling and therefore charging clients, so that this coverage remains sustainable?

Nikhil da Victoria Lobo, head of P&C reinsurance for EMEA at Swiss Re, reflects on New Caledonia riot losses

Analysis

Coastal insurers and reinsurers kept US insurance composite flat last week as S&P 500 reached new record

Wide range on Milton insured loss muddies 1.1 US cat outlook

Hurricane Milton leaves complex loss picture for industry to unravel

Risk modellers agree Helene at least a $6bn privately insured loss

US insurance stocks outperform as robust jobs report pushes Wall Street into the black

Personal lines drive strong H1 for US P&C industry

More News

Ambac shareholders approve legacy unit sale to Oaktree

US insurtech Herald closes $12mn Series A funding round

Inszone acquires California agencies Albert C Simonds and MG Insurance

Sands Point Risk adds Ambac’s DeMuth as M&A SVP

Travelers expects $75mn-$175mn net Milton loss, takes $242mn Q3 asbestos charge

Doyle reiterates Marsh McLennan organic growth and margin expansion outlook after Q3 beat

LM Re adds Vantage’s Sweeney as specialty casualty underwriting manager

B&W promotes Carvalho to lead San Francisco, Seattle and Portland offices

Layr names Floodflash’s Hara as CEO

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

Baked in: how a computer scientist anticipated the MGA boom

APCIA 2024

Milton could bring back the fear…

Reinsurers seeing the value of higher attachment points

Axa XL Re sets sights on growth in North America

Concert’s new sidecar Harmony Re being positioned to take on third-party funds

Marine market converges on $1.5bn-$2bn Baltimore bridge loss estimate

US casualty concerns extending into international market

Cyber Risk Insurer

Extreme malware attack would not exhaust deployed limit in cyber market: study

The cyber insurance market could withstand a “plausible yet remote” malware event, according to the calculations of three cyber realistic disaster scenario models by Beazley, Munich Re and Gallagher Re.

Coalition: Ransomware and aggregation risk dominate H1 cyber insurance claims

Increased ransomware activity in the first half of 2024 drove a rebound in related claims severity, with aggregation issues remaining front of mind for cyber insurance providers, according to new research by Coalition.

DeNexus closes $17.5mn Series A funding round, adds Axa XL CUO as board observer

Cyber risk quantification and modelling firm DeNexus has secured $17.5mn in a Series A funding round that included participation from Axa XL.

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Kroll has appointed former Marsh executive Katherine Keefe as managing director and global cyber insurance industry lead for Kroll’s cyber insurance capabilities worldwide, Cyber Risk Insurer can reveal.

Pierson Ferdinand adds Rivers as partner in cyber risk, privacy, data security practice

New York-based startup law firm Pierson Ferdinand LLP has appointed Rachel Rivers as a partner in its cyber-risk, privacy, and data security practice.

NetDiligence panel: “Better framework” needed for adjusting cyber BI losses

A better approach is needed for adjusting large cyber business interruption losses with clients frustrated by continuous questions from excess carriers amid a lack of clarity around forensics reports, according to Westfield Specialty’s Jeff Kulikowski and Aon’s Matt Chmel.

Cybersecurity firm Stellar Cyber and Converge partner on insurance program

Stellar Cyber, a provider of Open XDR security solutions, has partnered with Converge Insurance to launch the RiskShield Cyber Insurance Program for managed security service providers and their customers.

Parametric news

Axa Climate renews parametric marine restoration policies in Mexico and the Philippines

Land Bank Insurance and CelsiusPro to pilot parametric drought cover in South Africa

Swiss Re CorSo parametric claims expected from Milton after recent payouts

Kansas festival Buskerfest purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Munich Re and ARC back new shock-resilient loans for West African countries

Parametric insurer Paratus covers jet fuel price risk for Southeast Asian airline

The Insurer TV

Comment

CIAB ILF 2024: The calm and then the storm

Milton could bring back the fear…

Disabling the enablers…

Bridging the gap…

African Risk Capacity’s Diong to lead loss and damage fund

Comment: WTW provides another data point showing US rate increase deceleration

Program Manager

Trucking insurtech Nirvana boosts capacity with MS Transverse partnership

San Francisco-based Nirvana Insurance has agreed a partnership with hybrid fronting carrier MS Transverse Insurance Company that the commercial trucking insurtech said provides a “boost in capacity”.

AM Specialty secures strategic capital partnership with Veritex Bank

Dallas-based E&S provider AM Specialty Insurance Company has agreed a strategic capital partnership with Veritex Bank facilitated by Stonybrook Capital.

Starwind adds Optio’s Kirby to lead new political violence and terror program

Starwind Specialty Insurance Services has brought in political risk market veteran Chris Kirby to lead the launch of a new platform called Starwind PVT, aiming to enhance its ability to assist retail agency clients across the US.

BP Marsh confirms launch of London energy MGA Volt

Insurance-focused venture capitalist BP Marsh has confirmed its investment in Volt Underwriting, a new London-based energy-focused MGA launched by former Travelers senior executives Chris Allison and Andrew Tokley.

Doxa extends sports and entertainment reach with MSG acquisition

Doxa Insurance has extended its reach in the sports and entertainment markets with the acquisition of independent insurance agency and program administrator Monument Sports Group.

Starwind confirms Padula’s arrival to lead environmental

Starwind Specialty Insurance Services has confirmed the arrival of Mike Padula from Aspen to lead its new environmental unit, the latest senior figure to join the TIH subsidiary.

Distinguished expands Berkley community associations partnership to crime/D&O coverage

Distinguished Programs has expanded its partnership with Berkley Program Specialists to underwrite its community associations crime and D&O products.

Program Plus and IRM switch preferred hab program capacity provider to Ascot

One80 Intermediaries’ Programs Plus and Innovative Risk Management have switched the capacity provider supporting their preferred habitational program from Argo’s Colony Insurance Company to Ascot Specialty Insurance Company.

Amwins and Floodbase launch parametric flood insurance program for California municipalities

Broker Amwins and parametric flood data company Floodbase have announced a flood insurance program for California’s public sector, with some policies already bound.

Ambac confirms backing of Miller-led MGA Pivix

Ambac Financial Group has confirmed that it has partnered with surplus lines veteran Mike Miller and his team on the launch of excess and surplus lines MGA Pivix Specialty Insurance Services.

Beazley launches $100mn cyber consortium

Beazley has launched a $100mn cyber consortium named “Beazley Quantum” for large corporates with turnover in excess of $1bn.

AM Specialty and Swain & Baldwin launch pet insurance program

AM Specialty Insurance Company and Swain & Baldwin Insurance & Risk Management have launched PawPro Pet Insurance Program for renters with pets.

E&S Insurer

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.

B&W’s Danny Kaufman: Wholesaler has been growing 20% every month in 2024

Burns & Wilcox president Danny Kaufman said that the wholesaler has posted over 20 percent growth every month this year through August, with policy count rather than rate a major driver of the increase, as he also highlighted international expansion as a priority.

Ironshore’s Dolan: Market dislocation continues to provide opportunity for E&S underwriters

Matt Dolan, president of North America specialty and Ironshore at Liberty Mutual Insurance, has said there continue to be plentiful opportunities for “thoughtful underwriters” to navigate and find the “right risk-reward balance” in an E&S market where there is still a lot of dislocation.

Tech-enabled wholesaler Arqu raises $10mn in Series A with Intact, Lightspeed backing

Tech-enabled wholesaler Arqu has raised $10mn in a Series A funding round led by Crosslink Capital and backing from Intact Ventures along with existing investors Lightspeed Venture Partners, and Nationwide Ventures, The Insurer can reveal.

SURE and SageSure launch non-admitted BOP in California

SureChoice Underwriters Reciprocal Exchange, in partnership with SageSure, has launched its first non-admitted business owner’s policy in California.

RT Specialty promotes six as leadership transition continues

Wholesale giant RT Specialty has made a raft of promotions to time with the transition of its executive leadership team at the start of October, with Seth Johnson, Jonathan Reiner, Hugh Mooney, Ryan Grimes, Leah Ohodnicki and Tim Lomas all handed more senior positions.

XS Global makes E&S property play backed by A rated capacity

XS Global has extended its reach in the US after the Miami-based MGA secured capacity support to begin writing a book of E&S property business in every state.

Honeycomb launches E&S hab program with Builders and Hannover Re-led panel

Honeycomb Programs has partnered with Builders to secure up to $24mn of E&S premium capacity, offering $10mn of property limit and $1mn/$2mn general liability limit, with the Atlanta-based insurer retaining around 20 percent of the risk supported by a reinsurance panel led by Hannover Re, Program Manager can reveal.

Interview

Axa XL Re sets sights on growth in North America

Ningen: Tech, underlying performance and risk sharing key issues for regionals/mutuals

Hannover Re’s Freiboth: Property valuations and casualty loss trends in focus for renewals

Scor’s Conoscente: Insurance industry must address under-pricing in property and casualty

Munich Re’s Winter: Property reinsurance in the balance…

WTW’s Carter: Don’t bury your head in the sand on a transition plan

Sustainable Insurer

De-risking the transition: the need for clarity in risk appetite

The number of renewables-focused MGAs has increased owing to their ability to underwrite the sector in a more nimble manner, according to Novagen’s Valeria Del Villano.

Neal: No plans for more restrictive fossil fuel underwriting policies

Lloyd’s is not considering tougher underwriting policies around oil and gas infrastructure, CEO John Neal has confirmed, with the executive underlining the need to consider the energy transition as a gradual transformation rather than a dramatic cutover.

National Union of Students UK backs new Insure Tomorrow campaign

The UK’s National Union of Students has formally endorsed the launch of the student-led Insure Tomorrow campaign, which calls for a shift in the London market’s involvement with fossil fuel infrastructure.

Paratus’ Majed: Scaling up renewables by covering energy price risk

The role of the insurance sector in expediting the growth of installed renewable energy capacity extends beyond standard construction and maintenance policies, with Paratus’ new solution designed to protect producers and consumers from energy price risks.

Wind turbines: life extension for obsolete technology

Nick Evans, Aviva’s deputy head of renewable energy, outlines the issues in obsolete technology in the wind sector, and how insurers can look to underwrite complex life extensions.

Majority of Lloyd’s market yet to refuse new coal projects as activists set 1.1 deadline

More than half of the Lloyd’s market by premium share (51.2 percent) is yet to publicly adopt underwriting restrictions for new coal projects, with activist group Reclaim Finance calling on all managing agents to adopt guidelines on new fossil fuel infrastructure by 1 January 2025.

AIG victorious in Hawaii climate litigation costs case

Two AIG subsidiaries are not obligated to cover the legal defence costs of a petrol manufacturer involved in a damages suit because greenhouse gas emissions fall under the policies’ pollution exclusions, according to a Hawaii Supreme Court ruling.

ESG data unlikely to impact pricing but will inform more bespoke risk profile: panel

The politicisation of ESG-related data means that it is unlikely to inform pricing of risk, but underwriters and brokers are likely to request more specific data points during underwriting assessments in order to build a more bespoke risk profile, according to Axa XL’s Sam Day.

Greenpeace calls for oil majors to cover French cat claims ahead of 2025 finance bill

Environmental campaign group Greenpeace has called for oil and gas majors to be obligated to partially cover the cost of extreme weather events in France, ahead of the planned increase to contributions under the state reinsurance scheme to 20 percent on 1 January 2025.

Nardac: Offshore renewables to remain buyers’ market unless claim burden intensifies

London underwriting capacity for offshore renewable energy and infrastructure projects has been forced into competing on price, with premiums expected to remain low over the next 2 to 3 years, according to Nardac Insurance Services.

Region

Topics

Events & Conferences

Content Types

CoreLogic estimates $17bn-$28bn Milton insured wind and flood losses

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Axa XL Re recruits Swiss Re’s Schiffer as CEO of North America, Reinsurance

Travelers expects $75mn-$175mn net Milton loss, takes $242mn Q3 asbestos charge

Doyle: McGriff acquisition expected to be “modestly accretive” in first year

Moody’s RMS issues “best estimate” of $26bn insured losses from Milton

GC says Milton to flatten 1.1 cat treaty pricing as Marsh insurance index drops 1%

Latest Articles

CoreLogic estimates $17bn-$28bn Milton insured wind and flood losses

Moody’s RMS issues “best estimate” of $26bn insured losses from Milton

Howden urges insurers to drive “step change” in nature and biodiversity protection

Beat launches Dupre-led Fallow Grove for US E&S market

Assurant estimates $138mn Q3 cat losses

California city Isleton to receive $200,000 grant for community-based flood insurance

Lilypad closes acquisition of Florida carrier Centauri from Applied UW

Analysis

Coastal insurers and reinsurers kept US insurance composite flat last week as S&P 500 reached new record

Wide range on Milton insured loss muddies 1.1 US cat outlook

Hurricane Milton leaves complex loss picture for industry to unravel

Risk modellers agree Helene at least a $6bn privately insured loss

US insurance stocks outperform as robust jobs report pushes Wall Street into the black

Personal lines drive strong H1 for US P&C industry

More News

Ambac shareholders approve legacy unit sale to Oaktree

US insurtech Herald closes $12mn Series A funding round

Inszone acquires California agencies Albert C Simonds and MG Insurance

Sands Point Risk adds Ambac’s DeMuth as M&A SVP

Travelers expects $75mn-$175mn net Milton loss, takes $242mn Q3 asbestos charge

Doyle reiterates Marsh McLennan organic growth and margin expansion outlook after Q3 beat

LM Re adds Vantage’s Sweeney as specialty casualty underwriting manager

B&W promotes Carvalho to lead San Francisco, Seattle and Portland offices

Layr names Floodflash’s Hara as CEO

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

Baked in: how a computer scientist anticipated the MGA boom

APCIA 2024

Milton could bring back the fear…

Reinsurers seeing the value of higher attachment points

Axa XL Re sets sights on growth in North America

Concert’s new sidecar Harmony Re being positioned to take on third-party funds

Marine market converges on $1.5bn-$2bn Baltimore bridge loss estimate

US casualty concerns extending into international market

Cyber Risk Insurer

Extreme malware attack would not exhaust deployed limit in cyber market: study

Coalition: Ransomware and aggregation risk dominate H1 cyber insurance claims

DeNexus closes $17.5mn Series A funding round, adds Axa XL CUO as board observer

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Pierson Ferdinand adds Rivers as partner in cyber risk, privacy, data security practice

NetDiligence panel: “Better framework” needed for adjusting cyber BI losses

Cybersecurity firm Stellar Cyber and Converge partner on insurance program

Parametric news

Axa Climate renews parametric marine restoration policies in Mexico and the Philippines

Land Bank Insurance and CelsiusPro to pilot parametric drought cover in South Africa

Swiss Re CorSo parametric claims expected from Milton after recent payouts

Kansas festival Buskerfest purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Munich Re and ARC back new shock-resilient loans for West African countries

Parametric insurer Paratus covers jet fuel price risk for Southeast Asian airline

The Insurer TV

Sompo’s Gundersen: PFAS forcing middle market into E&S channel

Ryan Specialty’s Wuller: Delegated authority services ~40% of E&S market

Nationwide’s Nelson: Robust E&S market set to benefit amid migration to coastal cities

Bassiouni: Underwriters shortening coverage periods to 3-6 months amid Middle East escalation fears

Satellite imagery shows Milton flood losses similar to Helene but wind losses likely larger

Axis’s McKenna: Hardening casualty market “necessary” for industry

Liberty Mutual’s Moore: Reinsurers must focus on more than rate cycles

RPS’s Stein: E&S space has been “predictably unpredictable” in 2024

Markel: E&S market provides opportunity to address global challenges

PPL’s Mason: Focusing on obligation to market key to platform regaining trust

Deloitte’s Johal on growth, M&A, and talent: “Specialty lines and technology are driving the future”

Institutional investors remain cautious on cyber cat bonds

Allied World Bermuda’s Perspective on Emerging Cyber Risks & Buying Strategies

CRC’s Kessler says first LOI is signed amid planned expansion as standalone company

Axa XL's Pilko: Emerging risks will continue to drive E&S growth

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