Commercial property

MGA start-up Helix secures QBE capacity for property launch

Bermudian start-up multiline MGA Helix Underwriting Partners is set to begin underwriting after securing QBE capacity to support its debut offering in US property insurance, The Insurer can reveal.

Intact facing C$115mn Q4 cat bill

Canada’s Intact Financial Corporation has warned investors its fourth quarter 2019 results will include a pre-tax catastrophe bill of some C$115mn (US$85.8mn), equal to $0.60 per share.

Seven-year Tria reauthorisation passed by Congress

The US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.

Is Santa Claus coming to Washington?

US insurers will soon find out whether they have been naughty or nice when the US Senate decides if it will deliver a veritable wish list of legislation benefiting insurers, including what would represent a stunningly early renewal of the terrorism insurance backstop.

Insurers commit additional $15mn payment on PES refinery loss

Insurers on PES Holdings’ $1.25bn insurance programme have now committed $65mn of payments from June’s fire and explosion at a crude oil refinery in Philadelphia, according to bankruptcy filings.

Lloyd’s capacity scarce for US property risks: CRC

Wholesale broker CRC has reported that little capacity is left among Lloyd’s syndicates for US property, while domestic markets are being more selective overall with an intensifying focus on valuations.

US commercial pricing momentum to continue through 2020, says AM Best

The bulk of US commercial lines business has maintained its upwards pricing trajectory through 2019 and AM Best believes that trend will continue throughout next year.

Carriers reassess 100% property deals in shift to shared and layered

Increasingly, US commercial property risks that had been written 100 percent by a single carrier are moving to shared and layered placements as underwriters look to better manage volatility.

Insurers address underreported values in hard property market

A concerted effort from underwriters to tackle the issue of underreported values on insurance schedules is adding to pricing pressure in a property market that is now in hard territory.

Retro-driven reinsurance increases will add to US property momentum: AIG

Reinsurers will start passing on higher retro costs to primary carriers, adding momentum to US commercial property insurance pricing that still needs to increase 40 percent to get back to 2009 levels, according to AIG executive Kean Driscoll.

House sends bill including 1-month NFIP extension to Senate

The US House of Representatives has passed a continuing resolution that would fund the government through 20 December, with the stopgap measure now heading to the Senate.

Willis forecasts “more orderly” North America market by mid-2020

North American commercial insurance buyers will face “sizable” price increases in 2020 across most lines but the market will become more orderly by the middle of the year, Willis Towers Watson has forecast in its 2020 Insurance Marketplace Realities report.

Navigators property head Wallace leaves for Munich Re

The Hartford-owned Navigators’ head of E&S property Jim Wallace has resigned from the carrier and is set to join Munich Re’s expansive US specialty insurance platform, The Insurer can reveal.

Lexington submissions soar in Q3, despite slashing limits

AIG General Insurance CEO Peter Zaffino has hailed the strong turnaround at E&S unit Lexington while revealing details of the accelerating price increases the insurance giant is obtaining.

Marsh’s Doyle warns of pricing “domino effect” from Tripra non-renewal

At a US House Financial Services hearing, Marsh president and CEO John Doyle has urged reauthorisation of the federal terrorism risk insurance programme and warned that insurance availability will fall as the deadline looms.

US habitational casualty rates surge after carrier exits

Rates for habitational coverage for insureds with worse-than-average loss records are at least 30 percent to 50 percent higher for general liability and sometimes doubling on excess layers, according to wholesale broker CRC.

WTW promotes Woode to North America property head

Willis Towers Watson has named Nancy Woode as head of property broking in North America, replacing Gary Marchitello who has moved into the position of chairperson for the business.

Palomar shares up 8% after upsized secondary offering

Shares in quake specialist Palomar Holdings traded around a 52 week high today on Nasdaq after the carrier completed an upsized secondary offering that saw investors including Genstar Capital sell more of their holdings.

CRC adds non-cat quota share property capability with Amrisc

Wholesale broker CRC has added to its relationship with sister company Amrisc with the creation of a new non-cat excess quota share property offering under its Insurisk banner, The Insurer can reveal.