Markel Group has entered into a reinsurance runoff agreement with Enstar Group, the legacy acquisition specialist that is providing $1.2 billion of adverse development cover for underwriting years 2025 and prior. “[W]e are taking decisive action on legacy exposures,” said Simon Wilson, chief executive officer of Markel Insurance, during an analysts’ call to discuss the …
The ruling of Lord Leggatt and Burrows comes as a significant win for London P&I, which would otherwise have been… Source link
A $2.2 billion underwriting loss in 2025 certainly isn’t anything to celebrate, but when it comes to U.S. commercial auto insurers, there may be a reason to crack a smile. According to a new report from AM Best, the loss was a 55% improvement compared with the prior year. Any improvement is welcomed for a …
Record capital levels, strong returns and softening property catastrophe pricing was encouraging capital to move into the specialty line, the… Source link
Hackers stole $6.3 billion from Binance in the world’s biggest crypto heist, putting a spotlight on how cryptocurrency exchanges insure their digital assets against theft and cyberattacks. But insurance protection is far from uniform. Coverage depends on how assets are stored, how hackers gain access and the specific terms of the policy. Limited regulation and …
Insurers need to consider not only where the high-value asset is located, but also the regulatory, tax, compliance and geopolitical… Source link
Rainier Partners, a private equity firm investing in lower middle-market services businesses, has acquired Apex Insurance Services, a multi-brand managing general agency (MGA) platform focused on the Texas non-standard auto insurance market. Headquartered in Richardson, Texas, Apex manages five MGAs — Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services …
RenRe’s rally hits a bump in the road, while Arch shares outperform Source link
Barclays Plc is looking to buy default protection on more than $10 billion of debt to finance artificial intelligence infrastructure in a bid to create capacity for more lending as hyperscaler funding needs soar. The London-based lender has been assessing the appetite among insurers in recent weeks to provide credit risk cover for the loans, …
Drone incidents do not necessarily need to involve explosives to cause significant disruption, the broker says Source link
The U.S. Department of Labor has recovered $604,000 in back wages for 829 workers after an investigation found an Indianapolis-area vehicle parts manufacturer failed to properly calculate overtime wages. Investigators with the department’s Wage and Hour Division found that Toa (USA) LLC, a major automotive supplier that serves top-tier automotive companies, did not include a …
Q3 was ‘another strong quarter’, says president and chief executive Kevin O’Donnell Source link