Acrisure revenues expected to top $2bn this yearFast-growing broker consolidator Acrisure is expected to exceed total revenue of $2bn for full-year 2020, according to S&P Global Ratings.
Travelers getting more aggressive on tort claims: SchnitzerTakeaways from Travelers’ earnings call include the insurer getting more aggressive towards the plaintiffs bar on claims, reviver statutes leading to further reserve increases and the cat aggregate XoL reinsurance treaty retention being surpassed in the fourth quarter.
Medmal to stay hard until at least 2021The profits warning and reserve charge by US medical professional liability ProAssurance highlighted the challenges facing a market where frequency and severity of claims are at record levels…
Topa names COO as management changes continueFollowing the departure of former CEO John Donahue, now president of E&S broker MJ Hall, Topa Insurance has promoted Denise Pavlov to chief operating officer.
Social inflation to prompt “stair stepping” of reserves: DowlingVJ Dowling has predicted that social inflation will be a huge issue in fourth quarter reporting, partly as an excuse for under-reserving in recent years.
Liberty Insurance to exit Irish commercial liability marketLiberty Insurance, the Irish operating unit of Boston-based Liberty Mutual, is to cease writing commercial liability and commercial property business in the Republic of Ireland.
Baugh steps in after AIG international general insurance CEO Townsend departsThe chief executive of AIG’s international general insurance business, Chris Townsend, has left the company with Lex Baugh replacing him on a temporary basis.
Sompo International names Carter CUO for GRS unitSompo International has hired David Carter to serve as chief underwriting officer and executive vice president of its global risk solutions unit.
Texas E&S premium increased 14.4% in 2019The Surplus Lines Stamping Office of Texas (SLTX) has revealed that E&S premium in the state reached a record $6.95bn in 2019, up 14.4 percent over 2018’s $6.08bn of premium.
QBE NA hires former Aon exec Fitzgerald as Grange replacementQBE North America has brought in former Aon executive Tom Fitzgerald as the new president for its specialty and commercial business, replacing Jeff Grange who left the company to join Argo late last year.
Sompo International hires US management liability and FI head from XLSompo International has named Ray Santiago as executive vice president and head of the US commercial management liability (CML) and financial institutions teams (FI).
Allied World veteran D’Orazio leaves after 16 yearsAllied World corporate COO and chief of staff Frank D’Orazio has stepped down from the role at the Fairfax Financial-owned carrier, The Insurer can reveal.
Munich Re Specialty Group IS promotes Yeats to inland marine headMunich Re Specialty Group Insurance Services (MRSGIS) has promoted Michael Yeats to head of inland marine for North America, The Insurer can reveal.
Allianz closes $1.08bn LV= GI acquisitionAllianz has completed its acquisition of the remaining 51 percent stake in the general insurance business of UK insurer LV= for £1.08bn ($1.43bn), almost double the £578mn ($729mn) valuation when the deal was first announced in May 2019.
BRP upsizes credit facility in hunt to be top 10 brokerAcquisitive US broking platform Baldwin Risk Partners has increased its senior revolving credit facility by $100mn to $225mn as it looks to fund a “robust” pipeline of deals that includes multiple signed letters of intent.
FI head Cooper in Sompo International exitSompo International’s head of US financial institutions and commercial management liability Fred Cooper is parting company with the carrier, The Insurer can reveal.
Ascot US adds cyber expert Walter from AxisAscot has rounded out phase one of its US insurance company business line build-out with the addition of Drew Walter and four colleagues from Axis to lead a push into the cyber and errors and omissions (E&O) markets, The Insurer can reveal.
Burns & Wilcox adds Clark as MD for Denver officeWholesale broker Burns & Wilcox has added Michelle Clark to head up its Denver, Colorado operation.
Syndicate 2288 brings long-term capacity to ICAT and Victor InternationalVictor Syndicate 2288 – the newly approved Lloyd’s vehicle for Marsh-owned MGU Victor Insurance Holdings – will provide a long-term capacity source to cat-focused MGA ICAT and support growth of Victor’s international book of business, including in the SME space.
Convex to write over $1bn gross premiums in first two years: S&PS&P has assigned Convex an A- rating while estimating the greenfield insurer’s combined ratio will fall below 100 percent in 2021 and it will write over $1bn in gross premiums in its first two years.