Lancashire shares jump almost 9% after Q3 trading statement

Beazley maintains ~80% CR guidance as IWP reaches $4.63bn in 9M24

Lancashire 9M GWP up 9% to $1.7bn

Conduit Re pegs Milton loss at $30mn-$50mn as 9M GWP jumps 25%

Miller awaits South Korea licence approval with Malaysia entry planned next

RenRe Q3 UW gain up 2% as $292mn in favourable PPD offsets cats that more than triple

RenaissanceRe grew its Q3 underwriting gain by 2 percent to $394mn, driven by 11 percent growth in its property underwriting profit to $395mn, more than offsetting results in the casualty and specialty segment, which essentially broke even after a $30mn profit a year ago.

Conduit shares down 9% as nat cat losses bite

Shares in Conduit Holdings fell more than 9 percent on Wednesday morning after the reinsurer reported financials for the nine months of 2024 which included elevated catastrophe losses.

Latest Articles

RenRe Q3 UW gain up 2% as $292mn in favourable PPD offsets cats that more than triple

Enstar shareholders approve acquisition by Sixth Street

Capacity providers target India as capital looks for more stable home

Seadrif aims to close public asset insurance gap across Southeast Asia

Lloyd’s Asia turns 25 as $1bn premium milestone draws closer

Expectations converge on broadly flat 1.1 renewals as conference season closes

Beazley expects flat property cat renewals: bullish on E&S opportunity

We are waiting for our licence to come through in South Korea, where we will be focusing on some of the specialty areas we know best. These include marine and energy as well as more specialist lines like credit and political risk and sports and entertainment

Miller’s head of Asia Ron Whyte on growth plans for the region

Analysis

Singaporean grads cite limited development and lack of info as top insurance deterrents

How the US presidential election will impact the insurance industry

Reinsurers and life insurers lead losses as US insurance composite slides 1.2%

Upgrades outweigh downgrades across Asia Pacific in latest AM Best study

DLG and Heritage lead losses among P&C stocks in October as equity markets close on a downbeat note

US insurance composite drops 2.6% despite global brokers and coastal insurers rising

More News

Preliminary insured loss estimate for October Spanish floods at €1.5bn-€2.5bn: Gallagher Re

BHSI names Viele head of claims in Italy; grows PI offering

United Fire share price jumps 26% after strong earnings beat and Iowa rating resolution

CRC Group looks to support continued expansion with quartet of appointments

Intact drops to C$215mn UW loss in Q3 as cat losses double to C$1.2bn

US broker Vantage Insurance Partners names former Hagerty exec Butcher CEO

Competition but no recklessness in London property: Lancashire’s Maloney

Ark generates 79% CR in Q3 despite higher cat losses

Inszone acquires insurance business of NM-based Sandia Area Federal Credit Union

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

SIRC 2024

Addressing analytics in Asia Pacific

Innovation and collaboration key for sustaining Asia’s renewable energy boom

Record SIRC attendance highlights Asia growth opportunity

Singaporean grads cite limited development and lack of info as top insurance deterrents

Capacity providers target India as capital looks for more stable home

Seadrif aims to close public asset insurance gap across Southeast Asia

Cyber Risk Insurer

Zywave’s Cohen: Better broker education will drive cyber premium growth

Zywave senior vice president Jeff Cohen has commented that the insurance software provider’s Cyber Quoting platform aims to address a significant gap in the industry: the need for better broker education to drive premium growth.

Cowbell’s Western sales leader Bibeau among quartet of exits at cyber insurtech

The recent run of departures from cyber insurtech Cowbell has continued, with a quartet of executives resigning in recent weeks, including Western regional VP sales and distribution leader Michael Bibeau, Cyber Risk Insurer can reveal.

Sinclair sues CNA and Starr for refusing to pay out $10mn layers for cyberattack BI losses

Media company Sinclair has sued two of its excess carriers for refusing to pay the $10mn limits that both provided under its $50mn cyber insurance program for business interruption losses stemming from a 2021 ransomware attack.

Insurance Europe issues EU recommendations to strengthen cyber market

Insurance Europe, the European reinsurance federation, has published a number of policy recommendations to the European Union on how it can support the role insurance plays in strengthening cyber resilience.

Axis committed long-term to cyber as it continues to reshape portfolio

Axis remains “a long-term participant” in the cyber insurance market and feels “really good” about its momentum in the segment even though its written premium in the sector may reduce in the short term as it reshapes its portfolio, according to CEO Vince Tizzio.

QBE/Zywave survey: 60% of respondents hit by cyber event but only 36% filed claim

Cyber incidents continue to pose a significant threat, with a report from QBE North America in collaboration with Zywave revealing that over 60 percent of respondents have experienced a cyber event, while more than 80 percent have invested in some form of cyber risk insurance.

Cowbell chief marketing officer Collins latest senior executive to exit insurtech

Cowbell’s chief marketing officer Andrea Collins has resigned from her role after a year and a half with the company to take up another post elsewhere, the latest significant senior departure from the insurtech, Cyber Risk Insurer can reveal.

Parametric news

Vanuatu rejoins PCRIC’s growing risk pool as it updates parametric triggers

Howden’s Douglas: Parametrics “at the heart” of wider climate risk quantification

Skyline Partners adds Murphy as head of parametric structuring

Ferma calls on European Commission to set up consultative body on climate protection gaps

Descartes opens Mexico office with Herrera hire

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

The Insurer TV

Comment

Record SIRC attendance highlights Asia growth opportunity

Parametric solutions on the rise in Asia

Welcome to SIRC 2024

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…

Has reinsurer sentiment shifted ahead of 1.1?

Program Manager

Ryan Specialty completes Innovisk acquisition from Abry and BHMS

Ryan Specialty has completed the acquisition of London-based MGU incubator Innovisk Capital Partners from US private equity firms Abry Partners and BHMS Investments.

Bishop Street completes Ethos Transactional acquisition as rapid build-out continues

Bishop Street Underwriters has completed the acquisition of Navine Aggarwal-led Ethos Transactional from Ascot as the RedBird Capital Partners-backed platform continues to add entrepreneurial talent to build a diverse multi-line portfolio targeting superior underwriting results, Program Manager can reveal.

Procore puts short-lived programs and broking platform into run-off

Procore Technologies has placed its program and retail broking operations into run-off after they failed to reach sufficient scale, although the construction-focused platform remains committed to providing insights and data to the insurance industry, Program Manager can reveal.

Ryan Specialty closes in on acquisition of MGU platform Innovisk Capital Partners

Ryan Specialty is in final discussions to buy London-based MGU incubator platform Innovisk Capital Partners from investors that include funds managed by private equity firms BHMS Investments and Abry Partners in the latest example of strong demand from strategic buyers for assets in the sector.

Platinum lines up property team and further M&A as GWP reaches $350mn

Platinum Specialty Underwriters is in the process of onboarding a property team and is also looking at other new business lines to add programs as well as a pipeline of M&A as it diversifies its portfolio after taking gross written premiums to $350mn, Program Manager can reveal.

TMPAA Summit: Bullish outlook as P&C market conditions, capacity and M&A dominate

Record attendance at the Target Markets Program Administrators Association Annual Summit in Scottsdale, Arizona this month – officially around 1,600, but unofficially far higher – was the latest evidence of strong interest in a sector that continues to demonstrate meaningful growth.

PM roundtable: Enough business to support fronting market without consolidation

The surge in fronting carrier launches in recent years has spurred some industry commentators to suggest the sector is bloated, but the widely expected wave of consolidation has failed to materialize and a panel of sector specialists have instead insisted it is not needed.

Low limit deployment one of few tools carriers have to manage nuclear verdicts

The continued increase in the frequency and severity of losses in the casualty market fuelled by both economic and social inflation shows no sign of slowing, and insurers have few tools to manage the threat beyond the careful and considered deployment of lower limits.

Radke: Accelerant closing in on $2.5bn in premium in ’24 as pace of program launches quickens

Accelerant CEO Jeff Radke said his firm launched 38 new programs on its platform in the second quarter and that its pace of new program launches is accelerating, as it closes in on $2.5bn in premium for 2024 and weighs a potential IPO.

Joyn working on fundraise for Jan reboot after SiriusPoint capacity relationship ends

SME-focused E&S insurtech Joyn is working on securing additional funding for a January re-launch, after pausing writing business following the discontinuation of its capacity relationship with SiriusPoint in September, The Insurer can reveal.

SageSure adds ex-Guy Carpenter CEO Hearn to board

New Jersey-based MGA SageSure has appointed former Guy Carpenter CEO Peter Hearn to its board of managers.

Platinum’s ISC gets Obsidian capacity for new HNOA program

Platinum Specialty Underwriters’ IPC division has inked a capacity partnership with Obsidian to support a new hired and non-owned auto insurance program, which is available in every state, bar Florida, Louisiana and New Jersey.

E&S Insurer

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, E&S Insurer can reveal.

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 CEO Kevin Doyle.

CRC: Excess casualty growth and hardening to continue as recent accident years come into view

While 2024 could be categorised as a buyer’s market for property, casualty largely remained carrier-driven, with many classes experiencing another nine months of year-on-year price firming as underwriters focused on rate adequacy beyond trend in an attempt to counter rising loss costs, according to CRC Group’s Kristyn Smallcombe.

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.

Interview

AFG’s Q3 earnings miss as $90mn of cat losses drive CR up to 94.3%

Zywave’s Cohen: Better broker education will drive cyber premium growth

Radke: Accelerant closing in on $2.5bn in premium in ’24 as pace of program launches quickens

BP Marsh doubles down on MGA opportunity despite rate moderation

Smiddy: Old Republic E&S to grow “at a pretty good clip” in next couple of years

Gallagher Re’s Spenner: Cedants seeking balanced approach to risk sharing at 1.1

Sustainable Insurer

LMA’s Davenport: Upskilling needed to be able to underwrite transition pathways

The underwriting demands of the energy transition will require upskilling among managing agents to be able to identify and understand what a credible transition plan looks like, according to Paul Davenport of the Lloyd’s Market Association.

Swiss Re and Chubb targeted in second day of climate protests

Members of Extinction Rebellion’s Insure Our Survival campaign have blockaded 30 St Mary Axe – also known as the Gherkin – in the second day of targeted action against the UK insurance sector’s alleged involvement in new fossil fuel infrastructure.

Climate activists target reinsurers at Baden-Baden conference

Climate activists have again disrupted the annual reinsurance metering in Baden-Baden, urging the sector to divest from fossil fuels and to cease (re)insuring oil and gas projects such as the East African Crude Oil Pipeline.

Oka adds Apollo and Hiscox to lineslip for compliance carbon market risks

Apollo and Hiscox are among the Lloyd’s carriers providing capacity for a new lineslip offered by carbon credit insurer Oka.

Lloyd's pilots disaster risk financing vehicle in Pacific with UN agency and Aon

Lloyd’s has unveiled a new vehicle in partnership with the UN Capital Development Fund and Aon to deliver disaster risk financing to small island developing states in the Pacific, with plans to expand the parametric programme throughout the region and in the Caribbean.

LMA warns misalignment of products and pricing in “silent transition”

A “silent transition” is under way as firms move towards lower-carbon materials and energy sources, potentially causing misalignment between insurance products and pricing if associated risks are unknown or misunderstood, a new report by the Lloyd’s Market Association has warned.

Generali extends underwriting exclusions to midstream and downstream oil and gas

Generali has updated its fossil fuel underwriting restrictions to exclude midstream and downstream oil and gas companies and infrastructure from securing new insurance cover.

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.

Region

Topics

Events & Conferences

Content Types

Lancashire shares jump almost 9% after Q3 trading statement

Beazley maintains ~80% CR guidance as IWP reaches $4.63bn in 9M24

Lancashire 9M GWP up 9% to $1.7bn

Conduit Re pegs Milton loss at $30mn-$50mn as 9M GWP jumps 25%

Miller awaits South Korea licence approval with Malaysia entry planned next

RenRe Q3 UW gain up 2% as $292mn in favourable PPD offsets cats that more than triple

Conduit shares down 9% as nat cat losses bite

Latest Articles

RenRe Q3 UW gain up 2% as $292mn in favourable PPD offsets cats that more than triple

Enstar shareholders approve acquisition by Sixth Street

Capacity providers target India as capital looks for more stable home

Seadrif aims to close public asset insurance gap across Southeast Asia

Lloyd’s Asia turns 25 as $1bn premium milestone draws closer

Expectations converge on broadly flat 1.1 renewals as conference season closes

Beazley expects flat property cat renewals: bullish on E&S opportunity

Analysis

Singaporean grads cite limited development and lack of info as top insurance deterrents

How the US presidential election will impact the insurance industry

Reinsurers and life insurers lead losses as US insurance composite slides 1.2%

Upgrades outweigh downgrades across Asia Pacific in latest AM Best study

DLG and Heritage lead losses among P&C stocks in October as equity markets close on a downbeat note

US insurance composite drops 2.6% despite global brokers and coastal insurers rising

More News

Preliminary insured loss estimate for October Spanish floods at €1.5bn-€2.5bn: Gallagher Re

BHSI names Viele head of claims in Italy; grows PI offering

United Fire share price jumps 26% after strong earnings beat and Iowa rating resolution

CRC Group looks to support continued expansion with quartet of appointments

Intact drops to C$215mn UW loss in Q3 as cat losses double to C$1.2bn

US broker Vantage Insurance Partners names former Hagerty exec Butcher CEO

Competition but no recklessness in London property: Lancashire’s Maloney

Ark generates 79% CR in Q3 despite higher cat losses

Inszone acquires insurance business of NM-based Sandia Area Federal Credit Union

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

SIRC 2024

Addressing analytics in Asia Pacific

Innovation and collaboration key for sustaining Asia’s renewable energy boom

Record SIRC attendance highlights Asia growth opportunity

Singaporean grads cite limited development and lack of info as top insurance deterrents

Capacity providers target India as capital looks for more stable home

Seadrif aims to close public asset insurance gap across Southeast Asia

Cyber Risk Insurer

Zywave’s Cohen: Better broker education will drive cyber premium growth

Cowbell’s Western sales leader Bibeau among quartet of exits at cyber insurtech

Sinclair sues CNA and Starr for refusing to pay out $10mn layers for cyberattack BI losses

Insurance Europe issues EU recommendations to strengthen cyber market

Axis committed long-term to cyber as it continues to reshape portfolio

QBE/Zywave survey: 60% of respondents hit by cyber event but only 36% filed claim

Cowbell chief marketing officer Collins latest senior executive to exit insurtech

Parametric news

Vanuatu rejoins PCRIC’s growing risk pool as it updates parametric triggers

Howden’s Douglas: Parametrics “at the heart” of wider climate risk quantification

Skyline Partners adds Murphy as head of parametric structuring

Ferma calls on European Commission to set up consultative body on climate protection gaps

Descartes opens Mexico office with Herrera hire

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

The Insurer TV

MS Amlin targeting general liability SME business via delegated authority market

Purviance: Al is helping Amwins access the small business market

GC’s APAC CEO: Retentions and reinsurance pricing key focus among cedants

ABIR’s Huff: Collaboration gives Bermuda the edge in reinsurance

MDU’s Casement pinpoints scale and depth to differentiate MDUConnect

Ferma Insurer TV panel: Experts say European cyber rates will stabilise in 2025

Armilla AI CEO: Most AI coverage not fit for purpose

Vipr’s Paul Templar: MGAs, carriers showing an increased appetite for program revenue

Xceedance’s Ryan Stokes sees more regulation for insurers, MGAs a net positive

Awareness driving increased parametric adoption by corporations: Ferma panel

CatX’s Altier: “Insurance is this quirky, interesting thing that no one really pays attention to”

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

Beazley's Kleiterp: Demand increasing for terrorism insurance in Europe

Parisi: No room for complacency after near misses

Aon Securities’ Pennay: Hurricanes Milton and Helene further validate ILS market

Comment