In this week's news will talk about how Everest Insurance unveils new US brand, Progressive restricts Texas homeowners policies amid high storm losses, and much more…
Hannover Re expects stable pricing for 2025 treaty renewals
In recent insights, Hannover Re said that it expects stable prices and conditions for property and casualty reinsurance treaty renewals on Jan. 1, 2025. The reinsurer forecasts a balance between supply and demand across most markets.
In 2024, treaty renewals saw improvements in pricing and conditions in some areas, while others remained stable compared to the previous year. Hannover Re used the favorable market environment to grow its portfolio with existing clients and secure new business.
While some primary insurance markets have seen modest price reductions following significant increases in prior years, Hannover Re noted that it continues to emphasize non-proportional reinsurance covers.
In 2024, treaty renewals saw improvements in pricing and conditions in some areas, while others remained stable compared to the previous year. Hannover Re used the favorable market environment to grow its portfolio with existing clients and secure new business.
While some primary insurance markets have seen modest price reductions following significant increases in prior years, Hannover Re noted that it continues to emphasize non-proportional reinsurance covers.
Inszone Insurance acquires Catalyst Benefits to expand employee benefits market
Inszone Insurance Services, a provider of commercial, personal, and benefits insurance, has announced the acquisition of Catalyst Benefits Group, LLC, an employee benefits brokerage based in Tulsa, Okla.
This acquisition, part of Inszone’s broader expansion strategy, strengthens the company’s capabilities in the employee benefits market and expands its presence in the region.
Founded in 2005, Catalyst Benefits Group has built its business around a culture that emphasizes employee care and accountability. The firm operates under a mission statement that stresses being selfless and accountable in all aspects of its operations, which it says reflects a commitment to its clients and the community.
This acquisition, part of Inszone’s broader expansion strategy, strengthens the company’s capabilities in the employee benefits market and expands its presence in the region.
Founded in 2005, Catalyst Benefits Group has built its business around a culture that emphasizes employee care and accountability. The firm operates under a mission statement that stresses being selfless and accountable in all aspects of its operations, which it says reflects a commitment to its clients and the community.
Specialty insurer announces new global terrorism cover
Mosaic Insurance has introduced a new global terrorism and sabotage coverage tailored for fine art and specie clients, with a maximum capacity of up to $215 million per risk through a syndicated structure.
The product is designed to protect against physical loss or damage caused by acts of terrorism and sabotage, covering high-value items such as artwork in museums, exhibitions, and historic estates.
Adam McGrath, global head of political violence at Mosaic, emphasized that the new offering provides brokers in the fine art and specie markets with a significant level of capacity via a single route.
“By pooling multiple sources of capacity under one roof, we can expedite the placing process, which is vital when brokers need urgent cover for their clients,” McGrath said.
The product is designed to protect against physical loss or damage caused by acts of terrorism and sabotage, covering high-value items such as artwork in museums, exhibitions, and historic estates.
Adam McGrath, global head of political violence at Mosaic, emphasized that the new offering provides brokers in the fine art and specie markets with a significant level of capacity via a single route.
“By pooling multiple sources of capacity under one roof, we can expedite the placing process, which is vital when brokers need urgent cover for their clients,” McGrath said.
Progressive restricts Texas homeowners policies amid high storm losses
Progressive Corp is temporarily restricting new homeowners (HO3) policies for certain agents in Texas, according to a company spokesperson. The company has also implemented similar measures in several other states.
A Progressive spokesperson explained that these actions are aimed at positioning the company for long-term stability and competitiveness in the property market.
According to a report from AM Best, Progressive emphasized that the restrictions do not affect agents’ ability to write personal auto, recreational lines, or commercial offerings, and that property-appointed agents will still be able to sell renters, condo, flood, and umbrella policies.
A Progressive spokesperson explained that these actions are aimed at positioning the company for long-term stability and competitiveness in the property market.
According to a report from AM Best, Progressive emphasized that the restrictions do not affect agents’ ability to write personal auto, recreational lines, or commercial offerings, and that property-appointed agents will still be able to sell renters, condo, flood, and umbrella policies.
Everest Insurance unveils new US brand
Everest Insurance, the insurance division of Everest Group, has launched a new wholesale brand in the US called Everest Evolution.
According to Everest Insurance, the move is in response to growing demand for access to its products in the US excess & surplus lines sector, which makes up roughly 10% of the country’s total direct insurance premium.
Everest Evolution’s launch comes on the heels of Stephen Buonpane and Danielle Stewart’s appointments as president and chief operating officer, respectively, of the brand.
According to Everest Insurance, the move is in response to growing demand for access to its products in the US excess & surplus lines sector, which makes up roughly 10% of the country’s total direct insurance premium.
Everest Evolution’s launch comes on the heels of Stephen Buonpane and Danielle Stewart’s appointments as president and chief operating officer, respectively, of the brand.
