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Digital broker insurtech Gabi raises $27mn in series B round

News

Private Equity

Digital broker insurtech Gabi raises $27mn in series B round

US home and auto insurance broking platform Gabi has closed a $27mn series B funding round, pushing its total funding beyond $39mn.

Wed 29 Jan 2020

Everest to offer workers’ comp via Dovetail

News

Workers' compensation

Everest to offer workers’ comp via Dovetail

Everest Insurance has expanded its capabilities to sell workers’ compensation coverage after teaming up with Victor’s digital managing general agent platform Dovetail.

Wed 29 Jan 2020

News

Casualty

Fortegra looks to build $200mn casualty program book

US specialty insurer Fortegra Financial Corporation is targeting growth in the casualty program segment as it looks to grow its overall top line to $2bn over the next five years, The Insurer can reveal.

Wed 29 Jan 2020

News

Lloyd’s raises electronic placement target to 80%

Lloyd’s of London has mandated that 80 percent of bound risks must be placed electronically, up from the 70 percent target it set for the fourth quarter of last year.

Wed 29 Jan 2020

Rate increases ‘comfortably outpacing loss cost trend’: Berkley

News

Rates

Rate increases ‘comfortably outpacing loss cost trend’: Berkley

Rob Berkley has again stressed WR Berkley was ahead of the curve in addressing social inflation in pricing, while declaring that in areas of opportunity the US insurer would “rip the spigot out of the wall” and let business pour in.

Wed 29 Jan 2020

Pandemic bond under scrutiny following coronavirus outbreak

News

COVID-19

Pandemic bond under scrutiny following coronavirus outbreak

The outbreak of coronavirus and its spread across China could trigger the World Bank’s $320mn pandemic catastrophe bond, which is designed to trigger if deaths from a covered virus impact multiple nations.

Wed 29 Jan 2020

Flight to quality demonstrated by US P&C trading multiples

Analysis

Results

Flight to quality demonstrated by US P&C trading multiples

Although investors monitoring the start of the US reporting season in earnest continue to broadly favour specialty and standard carriers over those with meaningful reinsurance businesses, analysis of price to book value (P/BV) multiples reveals a more nuanced picture, analysis by The Insurer shows.

Wed 29 Jan 2020

News

Cyber

Brit leads £20mn Travelex cyber programme

Blue-chip insurer Brit, one of the largest cyber writers in the Lloyd’s market, is the lead carrier on a £20mn slip for foreign exchange specialist Travelex, which has suffered nearly a month of business interruption following ransomware attacks, The Insurer can reveal.

Wed 29 Jan 2020

News

Rates

WR Berkley’s shares to rise following upbeat rates commentary

WR Berkley’s shares are poised to rise later today when New York trading begins following the group’s fourth quarter results after-market’s closed yesterday evening.

Wed 29 Jan 2020

News

Results

Saga share price swells 8 percent

UK insurance intermediary Saga saw its share price close 7.62 percent up yesterday, despite disclosing a £4mn ($5.2mn) loss following the collapse of travel firm Thomas Cook in a trading update.

Wed 29 Jan 2020

Program start-up Incline gets AM Best rating for California acquisition

News

Rating actions

Program start-up Incline gets AM Best rating for California acquisition

Program start-up Incline Insurance Group has secured an A- rating for its recently acquired admitted California subsidiary as it continues to build out a platform that is expected to add an E&S capability within the next year.

Wed 29 Jan 2020

Watford predicts Q4 net loss after $28mn reserve boost

News

Casualty

Watford predicts Q4 net loss after $28mn reserve boost

Watford Holdings expects to post a net loss for the fourth quarter of 2019 after taking an estimated $28mn reserve charge for US casualty reinsurance business.

Wed 29 Jan 2020

Analysis

D&O

A deeper dive into D&O

Aon’s latest D&O pricing index reported a headline-grabbing average price increase, but beneath the surface the report’s authors note underlying trends include capacity drying up and excess pricing catching up to the primary layers.

Wed 29 Jan 2020

US presidential election could spur broker/agency M&A

Analysis

M&A

US presidential election could spur broker/agency M&A

A rush of US broker/agency acquisitions could come to the fore ahead of this year’s presidential election while P&C sector consolidation is tipped to modestly rebound in 2020, according to a S&P Global Market Intelligence report.

Wed 29 Jan 2020

Comment

Wholesale

US wholesale: the big just got bigger

Record flow into the E&S market is swelling the books of the wholesale giants…

Wed 29 Jan 2020

News

Rates

WR Berkley reports 9% Q4 rate increases

WR Berkey has reported average rate increases excluding workers compensation of 9 percent for the fourth quarter along with operating profits that were in line with Wall Street forecasts.

Tue 28 Jan 2020