Carrier

The UK insurance sector is predicted to experience steady but slowing growth in premium income over the next three years as economic conditions stabilise and premium rises ease, according to the latest EY ITEM Club Outlook for Financial Services. The forecast anticipates a return to more normal premium increase levels, averaging around 3.4%, similar to […]

Credit rating agency AM Best has revised the outlooks to negative from stable for Mercury General Corporation and its subsidiaries following significant losses from the recent California wildfires. The fires, which began on January 7, 2025, are estimated to cost Mercury General between $1.6 billion and $2 billion in gross losses. The agency has also […]

Executives from Bermuda-based Conduit Re have emphasised the significant impact of the California wildfires on the re/insurance market, highlighting the potential for the event to halt rate declines ahead of crucial upcoming renewals. Speaking at a briefing following the release of the firm’s 2024 results, Neil Eckhart, Executive Chairman, described the California wildfire event as […]

Applied Systems has released the fourth quarter of 2024 and year-end results of the Applied Rating Index, showing year-over-year and quarter-over-quarter increases in average premium rate changes for both Personal Auto and Personal Property lines. In Q4’24, the average premium rate for Personal Auto rose 11.3% from Q4’23 and 3.9% from Q3’24. Personal Property premiums […]

AM Best has assigned Soteria Reinsurance Ltd. a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), with a stable outlook. Soteria Re, launched in 2023, is an incorporated Class C insurer registered in Bermuda with focus on the US retail fixed annuities and pension risk transfer space. The […]

Jason Richards, CEO of P&C Reinsurance for the UK & Ireland at Swiss Re, is calling for a coordinated effort by the government, re/insurers, and the broader business community to build more resilient infrastructure to mitigate the growing risks of floods and winter storms, especially where development in flood-prone areas is unavoidable. Data from the […]

DUAL North America, a provider of specialised insurance solutions, has secured $100 million in per-risk capacity for fine art, jewellery, couture, wine, spirits, and other high-value assets. This significant boost to DUAL’s offerings provides higher coverage limits and enhanced protection for clients in these sectors. Designed to meet the changing demands of the fine art […]

Global insurer Chubb has announced the appointment of Sam Codispoti as Executive Vice President of Major Accounts Excess Casualty, effective immediately. In his new role, Codispoti will lead Chubb’s Excess Casualty division, setting its strategic direction and overseeing operations.  he will be responsible for developing and implementing customised solutions to meet clients’ evolving risk and […]

Global insurer and reinsurer Arch Capital is looking to write more property reinsurance business as returns seem attractive, CEO Nicolas Papadopoulo commented following the release of the company’s financial results for the fourth quarter and full year 2024. “We like the business (reinsurance). Absent the competitive nature and other people liking the business, too, we’re […]

During global insurer AIG’s full-year 2024 earnings call, CEO Peter Zaffino provided a sobering outlook for the insurance and reinsurance industry, forecasting that after the extremely costly Los Angeles wildfires, 2025 could see insured catastrophe losses surpass $200 billion. This outlook follows the release of the company’s strong results and Zaffino highlighted the impact of […]