Archives for January 2025

While the Los Angeles wildfires are anticipated to be a major catastrophe event for the insurance industry, a new report from KBRA has highlighted that the sector is generally well capitalized to absorb the losses, although some individual carriers may be more heavily impacted than others. With industry losses from the LA wildfires in the […]

The Los Angeles County wildfires are still burning and have now destroyed more than 10,000 structures, according to the Cal Fire authority, with insurance industry loss estimates still ranging from $10 billion to $20 billion, or higher if the fires continue to spread. Five fires continue to burn across LA. The largest remains the Palisades […]

According to Evercore’s reinsurance renewals report, growth in dedicated reinsurance capital is expected to outstrip growth in demand, resulting in pressure being put on property catastrophe pricing that will likely accelerate throughout 2025. The firm noted that capital levels continue to increase and have reached new heights in 2024. Readers may recall that data from […]

Global credit ratings agency AM Best has placed Velocity Specialty Insurance Company’s (VSIC) Financial Strength Rating of A- and Long-Term Issuer Credit Rating of “a-” under review with positive implications. This is following the recent announcement that FM, a commercial property insurer, will acquire VSIC. The deal is expected to close in the first half […]

Ares Management Corporation, the global alternative investment manager, has secured over $2.3 billion in equity commitments to support the long-term growth of life insurance and annuity company, Aspida Holdings Ltd. Combined with a recent $700 million credit facilities offering, that Aspida recently closed, total capital raised has now exceeded $3 billion. Aspida, which officially launched […]

The devastating wildfire raging in the Pacific Palisades neighbourhood of Los Angeles has now destroyed more than 1,000 structures and is growing, while the Eaton Fire, burning in the Angeles National Forest, the Altadena area of Los Angeles County and Pasadena, has now destroyed more than 100 structures, according to LA County Fire Chief, Anthony […]

Insurer Core Specialty and its subsidiaries have entered into a series of transactions with certain subsidiaries of Argo Group International Holdings to acquire the renewal rights and related unearned premium reserves for a significant portion of Argo’s professional lines business, Argo Pro. The Argo Pro business provides professional lines insurance products with primary and excess […]

Analysts at Peel Hunt estimate that loss-free risk-adjusted rates across a diversified reinsurance portfolio fell by around 6% at the January 1st, 2025, renewals, but stress that rate adequacy remains “very attractive” in property classes, with exposure growth and lower hedging costs expected to partially offset rate decreases. Following the release of broker reports, Peel […]

The Excess and Surplus (E&S) insurance market has experienced significant growth, achieving a 21% compound annual growth rate over the past five years, surpassing $104 billion in premiums in 2023, and is expected to continue its upward trajectory, according to a report by Conning. Lauryn Kothavale, Vice President of Insurance Research at Conning, stated, “The […]

Law firms Troutman Pepper and Locke Lord have announced their merger to form Troutman Pepper Locke LLP, a firm with over 1,600 attorneys and 33 offices across the US and Europe. Tom Cole, Chair of Troutman Pepper Locke, said, “This merger is a strategic leap forward, allowing us to offer an even broader and deeper […]