Gallagher sees prices still rising, reports 20% growth
Commercial insurance rate increases continue to outweigh decreases, despite falls in property insurance pricing, Arthur J. Gallagher & Co.’s top executive said Thursday.
Ryan Specialty’s Q3 revenue hike boosted by M&A, organic growth
Ryan Specialty reported $754.6 million in third-quarter revenue, a 24.8% increase over the prior-year period, driven by acquisitions and 15% organic growth, as it ramped up recruitment efforts.
Hawaii appeals court rules for policyholder in COVID cover case
An insurer cannot reject a restaurant’s COVID-19 business interruption claim for lack of physical damage, because the hotel that housed the business boarded up its doors, a Hawaii appeals court ruled Wednesday.
Aspen executive Jonny Atkinson dies
Longtime Aspen Insurance executive Jonny Atkinson died Wednesday at age 57 after a brief illness.
Willis expects continued organic broking growth despite rate headwinds
Willis Towers Watson continues to expect its risk and broking business to deliver mid-to-high single-digit organic growth for 2025, despite headwinds from declining commercial insurance rates, its top executives said Thursday.
Senator wants wedding website investigated
From allegations of failure to provide discounts to failing to advertise local businesses as contracted, an Iowa senator is going bridezilla on wedding website The Knot.
Connecticut comp rates to drop 3.8% in 2026
The Connecticut insurance commissioner approved a 3.8% average workers’ compensation rate reduction for 2026.
Web Connectivity offering treaty digital platform
Web Connectivity, a Zywave company, said Thursday it has launched its enabledPlacing digital platform for treaty risk placement in Bermuda.
Reinsurers face heavy hit from Jamaica’s $5 billion hurricane loss
Insured losses from Hurricane Melissa’s destruction in Jamaica could exceed $5 billion, and a significant share is expected to fall to reinsurers, according to A.M. Best and London-based BMS Group Ltd., Artemis reported. Since insurers in Jamaica rely heavily on reinsurance partnerships, reinsurers will absorb much of the industry loss and the event is […]
RenaissanceRe nearly doubles underwriting income
Bermuda-based RenaissanceRe Holdings Ltd. posted strong third quarter underwriting results, with underwriting income rising 96% to $770 million and its combined ratio improving to 68% from 85% during the same period last year, The Royal Gazette reported. While net income fell to $907 million from $1.2 billion a year earlier, operating income increased to […]
Worker fails to raise triable issue of fact for retaliation claim
A Trader Joe’s employee failed to raise a triable issue of fact about whether she reported a workplace injury or unsafe condition before she was fired, a California appeals court said Wednesday in affirming a lower court decision dismissing a retaliation claim.
Vietnam flooding pushes economic losses past $2 billion
More than 53.8 trillion Vietnamese dong ($2 billion) in storm-related economic damage has been recorded in Vietnam this year, and the latest flooding is expected to push losses higher, The Edge Malaysia reports, citing Bloomberg. Record rainfall of more than five feet within 24 hours in Vietnam’s city of Hue caused severe flooding that […]
Axis third quarter profit up 70%
Bermuda-based Axis Capital Holdings Ltd. posted a third quarter net income of $294 million, a 70% increase from a year earlier, The Royal Gazette reported. Underwriting income rose 39% to $188 million, while operating income grew 11% to $255 million.
Analysts say AUB offer is just the opening bid
Industry analysts say Swedish private equity firm EQT AB’s 5.2 billion Australian dollar ($3.4 billion) offer to acquire Australia-based AUB Group Ltd. may attract rival bidders, calling the bid a “starting point” that undervalues the brokerage, Insurance News reported. EQT offered AUD45 per share under an exclusivity agreement that runs through Nov. 6, after which […]
Starr strikes deal to take over IQUW
U.S.-based Starr International Company Inc. has agreed to acquire IQUW Group, a specialty insurance and reinsurance organization that operates two syndicates at Lloyd’s of London and has a Bermuda-based reinsurance platform, Reinsurance News reported. The deal expands Starr’s underwriting capabilities in London and Bermuda and will make its managing agency the ninth-largest at Lloyd’s […]
Tokyo’s first-ever resilience bond receives overwhelming demand
The Tokyo Metropolitan Government of Japan issued a 53 billion Japanese yen ($347 million) resilience-labelled bond, the first in the world to be certified under the Climate Bonds Resilience criteria, ESG News reported. Proceeds will fund flood defenses, coastal protection and other disaster-risk infrastructure as part of the city’s long-term climate resilience plan.
Marine market faces extended soft cycle
The global marine insurance market is expected to remain soft for the next 18 to 24 months due to excess capacity and increased competition from managing general agents, according to U.K.-based Willis Towers Watson plc, Insurance Asia reported. Clients continue to secure premium reductions across hull, cargo, liability and specie, with London’s cargo market seeing […]
Report shows rising captive demand among insurers
More than half of global insurers plan to expand captive management capabilities in the next 12 months, according to U.S.-based BlackRock Inc.’s latest report, Captive Insurance Times reported. The survey found 53% expect to increase use of captives as part of broader capital management strategies, with 67% planning to use reinsurance sidecars and 54% […]
Howden hires former Aon New York leader
Howden announced Thursday that it has hired Uri Dallal, previously New York market leader for Aon, as executive vice president, financial lines.
AIG part of $7 billion deal to buy Convex
Canadian asset manager Onex said on Thursday it has teamed up with U.S.-based insurer AIG to buy privately held specialty insurer Convex Group in a $7 billion deal.