Interview

AFG’s Q3 earnings miss as $90mn of cat losses drive CR up to 94.3%

American Financial Group has reported a fall in operating income for the third quarter, with results that included a 2.1 point deterioration in the combined ratio to 94.3 percent on higher catastrophe losses of $90mn and lower reserve releases.

Zywave’s Cohen: Better broker education will drive cyber premium growth

Zywave senior vice president Jeff Cohen has commented that the insurance software provider’s Cyber Quoting platform aims to address a significant gap in the industry: the need for better broker education to drive premium growth.

Radke: Accelerant closing in on $2.5bn in premium in ’24 as pace of program launches quickens

Accelerant CEO Jeff Radke said his firm launched 38 new programs on its platform in the second quarter and that its pace of new program launches is accelerating, as it closes in on $2.5bn in premium for 2024 and weighs a potential IPO.

BP Marsh doubles down on MGA opportunity despite rate moderation

Specialist UK insurance investor BP Marsh remains bullish on the opportunity afforded by start-up underwriting agencies with the London-listed firm dismissing concerns over the impact of moderating rates on its portfolio.

Smiddy: Old Republic E&S to grow “at a pretty good clip” in next couple of years

Craig Smiddy has highlighted Old Republic’s 21 percent E&S premium growth in Q3, with the carrier also on track for its tenth consecutive year of favourable loss reserve development despite the quarter’s lower commercial auto and workers’ comp releases and a $25mn financial indemnity charge.

Gallagher Re’s Spenner: Cedants seeking balanced approach to risk sharing at 1.1

Recent Atlantic hurricane activity and elevated European floods do not represent “shock losses” for the industry despite their devastating impact, according to Gallagher Re’s Dirk Spenner, who highlighted a demand from cedants for a more balanced approach to risk sharing at upcoming renewals.

Axa XL Re sets sights on growth in North America

Axa XL Reinsurance is looking to increase the amount of North American business it writes both through growing its existing book as well as adding new lines of business, with CEO Renaud Guidée having recently moved to New York to spearhead the expansion.

Ningen: Tech, underlying performance and risk sharing key issues for regionals/mutuals

US mutual and regional insurers continue to navigate a host of challenges including the need to modernize their operations with costly data and technology, while many are also attempting to manage mounting natural catastrophe losses that have eaten into their surpluses.

Hannover Re’s Freiboth: Property valuations and casualty loss trends in focus for renewals

Hannover Re’s managing director for North America Axel Freiboth has said there must still be a focus on scrutinizing property valuations in underlying portfolios as well as casualty loss trends as he touched on expectations for the upcoming 1 January renewal.

Scor’s Conoscente: Insurance industry must address under-pricing in property and casualty

Amid calls from brokers for reinsurers to provide lower-attaching property cat coverage and resistance to attempts to further cut ceding commissions on US casualty quota shares, Scor’s Jean-Paul Conoscente has said the industry must first address under-pricing at the primary level.

Munich Re’s Winter: Property reinsurance in the balance…

Marcus Winter, president and CEO of Munich Re US, on a property reinsurance market that looks to have found an equilibrium, while rate and reserving adequacy for the most recent US casualty treaty underwriting years is open to question…

WTW’s Carter: Don’t bury your head in the sand on a transition plan

WTW’s Peter Carter has called on firms not to “stick their head in the sand” or underestimate the full financial impact of the transition across customers and the supply chain.

Reinsurers must remove escalation clauses for certainty of cover: Howden’s Warne

Reinsurers must remove all forms of Middle East escalation clauses to provide certainty of cover and allow the primary market to confidently write business, according to Howden Re’s global head of terrorism and political violence, Sandy Warne.

B&W’s Danny Kaufman: Wholesaler has been growing 20% every month in 2024

Burns & Wilcox president Danny Kaufman said that the wholesaler has posted over 20 percent growth every month this year through August, with policy count rather than rate a major driver of the increase, as he also highlighted international expansion as a priority.

Lomas hails market progress on bettering culture as Dive In marks 10th year

Dive In Festival will celebrate its 10th anniversary this year with a focus on the sustainability of inclusive talent pools, Lloyd’s head of culture Mark Lomas told The Insurer.

Brindle warns on Lloyd’s follow market: &quote;Underwriting judgement must prevail over blind follow capacity&quote;

Brindle warns on Lloyd’s follow market: "Underwriting judgement must prevail over blind follow capacity"

Richard Brindle, CEO of the Fidelis Partnership, has voiced sharp criticism of the Lloyd’s follow market model, expressing concern over the reliance on capacity without the benefit of proper underwriting judgement.

Pine Walk targets $1bn+ for 2025 as CEO Patel affirms pipeline for growth

MGA platform Pine Walk is expecting to surpass $1bn in GWP by next year, with CEO Rinku Patel telling this publication that the incubator intends to capitalise on the momentum seen this year after the bifurcation of Fidelis’ balance sheet and underwriting capabilities.

Gallagher Re’s Vickers: Reinsurers to face excess capital conundrum if growth objectives can’t be met

The Insurer spoke with Gallagher Re’s James Vickers to reflect on where renewal discussions sit at the end of Monte Carlo, and the likely implications for the reinsurance sector at 1.1 and beyond.

Greater cedant differentiation expected at 1.1 but disruptive new capital unlikely: Miller

Miller’s global head of fac Pierre Guntzberger has warned against jumping to any “quick conclusions” ahead of 1.1, outlining expectations for a nuanced renewal with different outcomes across territories and product lines.

Munich Re’s Schwimmer: Cedants set to buy increased property cat limit at 1.1

Some clients are already signalling they will be seeking more capacity at 1.1 amid expectations that demand will increase this year, according to Munich Re’s Christa Schwimmer.

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