Johnson also provided an in-depth look at the growth of the E&S market, with premiums reaching an impressive $39.5 billion in mid-2024. He pointed out the key drivers behind this growth, such as the increasing frequency of natural catastrophes. “Excess and surplus lines can be nimble and move fast,” he explained. “That allows us to create product when possibly no product is there, when capacity is short.”
The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting rates. However, these regulations have yet to take full effect, leaving insurers frustrated with a system that, they argue, does not allow them to charge premiums that reflect actual risk….
The prospective capital injection would be structured as preferred equity, sources said, with final terms yet to be agreed. The deal, if concluded, would allow BDT & MSD Partners— which previously led a $3 billion senior preferred stock investment in Acrisure in 2021— to partially redeem its existing position in the company. Source link
Senate Bill 2339 would prohibit courts from holding utilities strictly liable for damages caused by wildfires. Instead, utilities could use voluntarily created wildfire mitigation plans as proof that they took reasonable steps to prevent fires. These plans would need to outline high-risk service areas, vegetation management strategies, and wildfire response procedures. Source link
Trade policy and economic uncertainty Since returning to office in January, President Donald Trump has introduced and modified tariffs on major trade partners, including China, Canada, and Mexico. A Wall Street Journal report on March 23 suggested the administration planned to narrow the scope of new tariffs set to take effect in April, opting for…
Insurance broking unit Marsh posted standout results with revenue of $3.5 billion, up 15% overall and 5% on an underlying basis. Regional growth was led by Latin America (+8% underlying), followed by EMEA (+6%), Asia Pacific (+4%), and the US/Canada (+4%). Source link
In American National Lloyds Ins. Co. v. Alexis, Civil Action No. 23-130, the insurer sought a declaratory judgment that it had no obligation to defend or indemnify Michelange Alexis and Real Estate Brothers, L.L.C., in a lawsuit filed in Berks County Court by Ernesto and Ana Rosa. The plaintiffs allege that Mr. Rosa suffered serious injuries…
