The Australian Reinsurance Pool Corporation (ARPC), for example, was formed in the aftermath of 9/11, when commercial terrorism coverage became scarce. It offers reinsurance for losses related to declared terrorist incidents affecting commercial property, business interruption, and liability.
The downstream energy sector saw limited major losses in 2024, encouraging insurers to reduce rates. However, potential losses in the first quarter of 2025 have already reached $1.5 billion, exceeding the prior year’s total, introducing potential volatility. Source link
WM Outrigger Re, another key insurance operation, reported a sharp increase in premiums, with gross written premiums rising to $38 million in the first quarter, up from $34 million in Q1 2024. However, its combined ratio was significantly higher at 166%, primarily due to losses related to the California wildfires. Source link
The case, pending in the Southern District of New York, pits Newmont Corporation and its subsidiary, Newmont Ghana Gold Limited, against several major insurance carriers, including American International Group UK Limited (AIG UK), Munich Re, Swiss Re, Zurich American, Starr International, and several Lloyd’s underwriters. Newmont is seeking coverage under a suite of insurance policies…
The state’s unique bifurcated regulatory structure involves two primary entities: the DFS, traditionally led by the chief financial officer and responsible for managing consumer services, including the intake and initial processing of insurance complaints; and the OIR, headed by the insurance commissioner, overseeing insurer licensing, rate approvals, and market conduct examinations. Source link
According to the complaint, Marsh alleges that Hanrahan conspired with John Rooley, CEO of WTW’s global aviation and space unit, to target and recruit the core members of Marsh’s aviation and space teams in the United States, Canada, and the United Kingdom. Source link
In the latest edition of Insurance Business TV, Danny Kaufman, president of Burns & Wilcox, reflects on the firm being named among this year’s five-star wholesale brokers and MGAs. He discusses the lines that have seen particular growth, the innovations the company is making and the role that AI will play in the future. Â …
