Industry News
U.S. Surplus Lines Direct Premiums Written Reached Record High in 2021
Total U.S. surplus lines direct premiums written (DPW) reached a record $82.6 billion in 2021, with momentum continuing through mid-year 2022, according to a new AM Best report. In the first six ...
Liberty Mutual: Ironshore to Become Wholesale-Exclusive Brand
Liberty Mutual said it has repositioned its distribution strategy for specialty and excess & surplus products, making Ironshore a wholesale-exclusive brand. Going forward, all U.S. commercial, ...
Juul Reaches $439 Million Settlement Over Marketing to Children
Juul Labs Inc. reached an agreement in principle to pay $438.5 million to 33 states to resolve a two-year bipartisan probe into the e-cigarette manufacturer's marketing and sales practices, ...
Executive Moves: SiriusPoint Names Former RSA Executive Egan as CEO; AXIS Appoints Group CUO
SiriusPoint Ltd., the Bermuda-based specialty re/insurer, announced that Scott Egan has been appointed as the company's chief executive officer, effective Sept. 21, 2022. Egan brings over 25 years of ...
The Hartford President Elliot to Retire
The Hartford announced that Doug Elliot will retire as the company's president effective Dec. 31, following more than 11 years with the company. Elliot joined The Hartford in 2011 as president of ...
U.S. P/C Records $6.3B First-Half Underwriting Loss: AM Best
Growth in net premiums and a decline in policyholder dividends were eclipsed by losses and expenses to result in a $6.3 billion net underwriting loss for the U.S. property/casualty industry at the ...
Cyber MGA Coalition Launches in UK Insurance Market
Coalition, the San Francisco-based cyber managing general agent, began trading in the UK, effective Sept. 1, and has opened a London office. Backed by a multi-year capacity agreement with Allianz ...
Bigger Than a Hippo: State Farm Invests $1.2B in ADT; Hippo Reacts
State Farm and ADT, a smart home technology provider, announced yesterday that State Farm will make a $1.2 billion equity investment in ADT, a move that will give the nation's largest insurer a 15 ...