Hamilton hires head of excess casualty for Lloyd’s businessHamilton’s Syndicate 4000 has brought in Fergus Fergusson as divisional head of its excess casualty offering, with the new arrival joining the business after nine years with Aspen.
Modellers working hard to improve wildfire capabilitiesThere remains a considerable degree of uncertainty about some of the aspects of wildfire models but that does not mean the industry should give up on trying to get a better understanding of the peril, according to CoreLogic’s David Smith.
E&S casualty hardening could ease later this year: AmWINSThe hardening of the casualty excess and surplus lines (E&S) market has continued into this year, but AmWINS reports that some believe the level of rate increases could reduce when the market gets through its first renewal cycle in mid-2020.
Everest adds four underwriters to E&S casualty excess groupEverest Insurance has added four new underwriters within the E&S casualty excess group, with hires from Allianz, Crum & Forster, CoverX Specialty and RT Specialty.
Swiss Re CorSo hires Coppola from AGCS to spearhead US casualty repositioningSwiss Re Corporate Solutions has hired Laura Coppola from rival Allianz Global Corporate & Specialty (AGCS) as it repositions its troublesome US casualty book.
Holes appearing in casualty towers as double-digit hikes forecast into 2020The state of the casualty market continues to be a dominant theme in the US P&C industry, as carriers take drastic action in response to mounting losses.
Travelers Q3 profits miss as tort impact feltAs investors feared, Travelers’ third quarter has been impacted heavily by rising casualty claims as it posted core income of $378mn, down from $687mn in the prior-year period.
Climate of fear could drive casualty hardening into 2021 and beyondBeneath the overall upbeat mood at the CIAB’s Insurance Leadership Forum last week there was a genuine undercurrent of concern in the underwriting community about segments of the US casualty market where they are struggling to get to grips with accelerating loss cost trends.
US habitational casualty rates surge after carrier exitsRates 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.
Everest adds casualty underwriters from Chubb, Crum & ForsterEverest Insurance has announced two new members to its excess casualty team in New York.
AWAC Bermuda excess liability team set to join AscotA Bermuda-based team of Allied World excess liability underwriters led by Patrick Kenahan that recently left the carrier is set to join Ascot on the island, The Insurer can reveal.
California’s new wildfire fund positive for P&C insurersRatings agency Moody’s has warned that subrogation recoveries from California wildfires are uncertain given PG&E’s bankruptcy but the ratings agency believes new legislation establishing a new $21bn wildfire fund will benefit insurers.
Rockefeller University sues insurers over sexual abuse claimsInsurers 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: AmWINSThe 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.
MGM sues Zurich for breach of contract over Las Vegas shootingMGM Resorts has sued Zurich American Insurance, claiming the insurer has not paid reasonable defence costs “in the many millions of dollars” related to the 2017 Las Vegas shooting.
Umbrella and excess casualty gets hard as insurers retrenchBrokers 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.
Chubb has biggest share of $800mn NiSource coverChubb wrote the biggest single line on the core $800mn NiSource excess casualty tower that is facing the prospect of a full limits loss as a result of last September’s gas pipeline explosions and fires in Massachusetts, The Insurer can reveal.
Casualty insurers face full limits loss on $800mn NiSource towerCasualty insurers are now facing the prospect of a full limits loss on the $800mn coverage bought by utility company NiSource from last September’s Greater Lawrence gas pipeline explosion, The Insurer can reveal.