Industry News
Ex-AIG Chief Duperreault Secures $700M for Mereo Reinsurance Startup
Mereo Advisors, a Bermuda-based firm chaired by former American International Group Inc. Chief Executive Officer Brian Duperreault, has secured more than $700 million to fund its new reinsurance ...
AIG Q4 General Insurance Underwriting Income Down 29% on Catastrophes
American International Group reported fourth-quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29 percent on high catastrophe ...
LA Fires: Calif. Insurance Commissioner OKs FAIR Plan Request for $1B Assessment
California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR ...
Travelers Expecting $1.7B in Catastrophe Losses From LA Wildfires
Another major California insurer is reporting losses in excess of $1 billion from the Los Angeles area wildfires. The Travelers Companies Inc. announced Tuesday it will lose an estimated $1.7 billion ...
AM Best Data Insights: FAIR Plan, E&S Growth Soars in California
A newly published AM Best report reveals the extent to which California homeowners policyholders have turned to the state's insurer of last resort and to the nonadmitted market for insurance in ...
Startup Aims to Be Big ‘Permanent’ Player in Florida Property Market
Stephen Weinstein, a Harvard-trained lawyer, has spent more than two decades with RenaissanceRe as chief legal officer and executive vice president. He is now turning that experience to Mangrove ...
Third-Party Attack Vectors Responsible for 59% of Insurance Breaches
A new report from SecurityScorecard highlights how cybersecurity gaps threaten critical services and policyholder trust. Among the top 150 insurance companies involved third-party attack vectors, 59 ...
Surplus Lines Premium Growth Slowed to 12% in 2024
The excess and surplus lines market continued to grow in 2024, with premium reaching more than $81 billion, according to annual reports from 15 state stamping offices released by the Wholesale & ...