Casualty

Putting the brakes on claims inflation

Casualty claims inflation shows no sign of slowing. Liberty Mutual Re’s head of casualty reinsurance, Thomas Greene, asks why and explains what action the market is taking.

Improving casualty reinsurance market shows signs of sustainability

Casualty reinsurers are increasingly optimistic that improving deal dynamics driven by a hardening primary insurance market are sustainable into 2020 and beyond.

Johnson & Johnson ordered to pay $572mn in Oklahoma opioid case

An Oklahoma court has ordered pharmaceutical giant Johnson & Johnson to pay $572mn for its role in contributing to the state’s opioid crisis.

Q2 umbrella hikes catching up to commercial property and auto: CIAB

The rate of average price increases across all lines of business for US commercial insurance accelerated from 3.4 percent in Q1 2019 to 4.6 percent in the second quarter, according to the latest survey from The Council of Insurance Agents & Brokers.

Everest adds casualty underwriters from Chubb, Crum & Forster

Everest Insurance has announced two new members to its excess casualty team in New York.

No end of D&O hikes in sight after high H1 securities fraud filings

New data reveals the rapid pace of securities fraud case filings has continued in the first half, against a backdrop of D&O insurance hardening that is expected to last for at least another 18 months.

Rockefeller University sues insurers over sexual abuse claims

Insurers including Travelers and Chubb have been sued by The Rockefeller University for refusing to provide cover for hundreds of claims of sexual abuse going back decades, in the latest suit related to the New York Child Victims Act (CVA).

No automatic renewals in E&S casualty anymore: AmWINS

The E&S casualty hardening in the second quarter has deepened moving into Q3, with capacity reducing in both primary and excess layers in all areas, according to AmWINS’ state of the market report.

Increased E&S property demand has traction: Arch’s Grandisson

Arch Capital’s CEO compared property casualty market conditions to a holiday with children on the Bermudian (re)insurer’s earnings call.

RLI points to growth opportunities as casualty momentum picks up

US specialty carrier RLI Corp struck a noticeably more optimistic tone than in the recent past as it commented on pricing momentum in its second quarter earnings call this morning.

S&P: insurers face outsize losses from potential casualty catastrophes

Sweeting joins Axis Re to head Lloyd’s casualty

Axis Re has hired Vibe Syndicate’s Joe Sweeting as its head of Lloyd’s casualty reinsurance.

Baugh moves to global CUO role for casualty and financial lines at AIG

Lex Baugh has taken the newly created position of global CUO for casualty and financial lines at AIG General Insurance, The Insurer can reveal.

MGM’s insurers on hook for $751mn of possible Las Vegas shooting settlement

MGM Resorts International has revealed it could settle for up to $800mn with the plaintiffs in multiple lawsuits over the 2017 Las Vegas shooting, with its general liability insurers including AIG and Chubb exposed to $751mn of any settlement.

Swiss Re Corporate Solutions exits E&S general liability

Swiss Re Corporate Solutions has pulled out of E&S primary and excess US general liability business, The Insurer can reveal.

Brokers and UWs at RIMS agree on firming commercial insurance market

The shift in US commercial insurance pricing momentum highlighted in the Q1 earnings season was even more pronounced at RIMS last week as brokers and carriers were unusually aligned in their characterization of a transitioning market.

A psychological shift

As with broad market transitions of the past, there doesn’t appear to be any one catalyst driving what looks to be a long-awaited change in the US commercial insurance market.

Umbrella and excess casualty gets hard as insurers retrench

Brokers in the large commercial casualty market are finding placements increasingly challenging as carriers in lead umbrella and excess layers cut capacity and push for meaningful rate increases, The Insurer can reveal.

Convex Group launches with London and Bermuda regulatory approval

Stephen Catlin has formally unveiled his new international specialty (re)insurer with $1.8bn of initial committed capital, an AM Best A- (excellent) rating and regulated platforms in Bermuda and London approved to begin underwriting from 1 May.

$1.8bn Convex to launch with crucial A- AM Best rating

The underwriting subsidiaries of Stephen Catlin’s start-up (re)insurer Convex Group have been given A- financial strength and a- credit ratings by AM Best.