Markets
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns.
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. ...
Wildfire Risk Rises as Western States Dry Out Amid Ongoing Heat Wave
Authorities in Western states warned of the rising risk of wildfires as hot conditions and low humidity dry out the landscape amid a protracted heat wave that is expected to bake much of the U.S. ...
Aviva Completes Probitas Acquisition; Re-Enters Lloyd’s
UK insurer Aviva announced it has completed the acquisition of Probitas Holdings (Bermuda) Ltd., which marks the company's return to the Lloyd's market after a hiatus of more than 20 years. The deal ...
Reinsurers’ Appetite Grows During Mid-Year Renewals but Discipline Remains: Brokers
Reinsurance buyers generally saw positive outcomes during the mid-year renewals, finding adequate capacity to meet cedents' increasing demand for protection -- in both property and casualty, ...
Beryl Lands in Texas; Record Storm Spawns ‘Early Warning’ for Insurers
Although Beryl was still a tropical storm on Sunday, late day National Hurricane Center advisories put it on track to make landfall on the middle Texas coast early Monday, possibly regaining strength ...
CEO Viewpoints: On Michigan, California and Litigation ‘Leeches’
"Michigan—not so great." The easy-to-overlook observation about insurance risk, delivered by Elizabeth Heck, chief executive officer of Greater New York Insurance Companies, during a panel ...
Sorry, Wrong ZIP Code: Regulators Move Forward With California Reforms
Why isn't my ZIP code on the map? Questions along those lines emerged at a public hearing hosted by the California Department of Insurance last week when CDI sought comments on proposed regulatory ...
Raise a Glass to Cat Models: More California Hearing Deets
At a recent California Department of Insurance virtual public hearing, stakeholders were invited to weigh in on a regulatory proposal spelling out commitments insurers have to make in exchange for ...