Kinsale Q3 CR ticks up to 75.7% as GWP grows 19% to $449mnE&S specialist Kinsale Capital has reported a comfortable earnings beat for the third quarter, despite its combined ratio increasing 0.9 points due to catastrophe losses, while its gross written premiums grew 18.8 percent to $448.6mn.
The Hartford reports flat P&C Q3 UW gain despite higher cats and GL reserve chargeThe Hartford’s third quarter P&C underwriting gain was essentially flat at $228mn (Q3 2023: $223mn) as 80 basis points in core loss ratio improvement was offset by a 34 percent jump in cat losses to $247mn.
Universal Q3 CR up 6.2 points YoY to 116.9% driven by Helene impactUniversal’s Q3 2024 combined ratio deteriorated by 6.2 points to 116.9 percent on the back of a 4.7 point increase in its net loss ratio to 91.7 percent, with the rise primarily driven by the impact of Hurricane Helene on its book.
Marsh: US property rates drop 1% in Q3 as casualty rates jump 10%Marsh’s insurance market index has shown that property insurance rates declined in the third quarter following 27 quarters of increases, while casualty rate increases accelerated sharply to 10 percent.
AM Best revises AmFam outlook to stable on improved resultsAM Best has revised its outlook for American Family Mutual Insurance Company and its core affiliates from negative to stable, while affirming its financial Strength Rating (FSR) of A (Excellent) and long-term issuer credit rating (ICR) of “a+” (Excellent).
Fortegra adds Bridgehaven’s Mangion as CFO for UK and Euro operationThe Fortegra Group has bolstered its expansive international operations with the hire of Richard Mangion from Bridgehaven Insurance for the newly created role of CFO for its UK and European business.
Brownyard gets Hudson capacity for Foundation product recall endorsementBrownyard Group has secured capacity support from Hudson Insurance Group for a new optional coverage endorsement to its general liability policy for its cosmetics industry-focused program Foundation.
Volante in 2025 reinsurance push with Westfield hires while OTPP retrenchment continuesLloyd’s syndicate Volante 1699 is set to expand into casualty and marine treaty reinsurance classes in 2025 despite the retrenchment of capital backer Ontario Teachers’ Pension Plan (OTPP), The Insurer can reveal.
Markel adds MarketScout’s Furmanek as fine art senior underwriterMarkel has appointed former MarketScout vice president Dena Furmanek as senior underwriter for fine art in North America, effective immediately.
American Family discontinues large habitational coverageUS insurer American Family Insurance has announced it will discontinue large habitational programs within its commercial product line, a decision the company says is aimed at enhancing the long-term viability of its commercial offerings and better positioning it for growth.
Gallagher Re: Broadening cybersecurity data use could reduce loss ratios up to 16.4%Expanding the use of cybersecurity data can help insurers materially reduce loss ratios, according to a new study by Gallagher Re.
CRC hires trio from JM Wilson, B&W and HinterlandWholesaler CRC Group has added Cory Gibson, Clark Miller, and Andrew Perez to its offices in Tampa, Dallas, and Denver, respectively.
Hub adds NFP’s DeSett as NA commercial lines presidentHub International Limited has added former NFP executive Tim DeSett as North American commercial lines president.
Old Republic’s Q3 CR worsens 3.1 pts to 95% on lower reserve releasesUS insurer Old Republic has reported a Q3 earnings miss as its combined ratio deteriorated 3.1 points to 95 percent because of lower favourable reserve development, following historically high workers' compensation and commercial auto reserve releases in 2023.
AmCoastal estimates gross loss of $150mn-$200mn from Hurricane MiltonAmerican Coastal Insurance Corporation has put out an estimate for its gross loss from Hurricane Milton of $150mn to $200mn, with a net loss from the storm of around $16.2mn, but said that third quarter Debby and Helene losses are not expected to attach its cat program.
Global commercial insurance rates record first quarterly decline in seven years: MarshGlobal commercial insurance rates fell by 1 percent in the third quarter of 2024, marking the first quarterly decline in seven years, according to the latest Marsh global insurance market index.
Allianz ranked as most valuable insurance brand in latest Interbrand rankingGerman insurer Allianz has broken into the top 30 most valuable brands in the world for the first time, according to Interbrand’s rankings list for 2024.
Lloyd's pilots disaster risk financing vehicle in Pacific with UN agency and AonLloyd’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’s Davenport: Upskilling needed to be able to underwrite transition pathwaysThe 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.
Oliver Wyman names WTW’s Facey to lead London actuarial practiceOliver Wyman, the management consulting arm of Marsh McLennan, has established a London-based presence for its actuarial practice, led by new hire Matthew Facey.