Articles by Susanne Sclafane

AIG Reports Q3 Loss on Commercial Lines Reserve Boost, Catastrophe Losses

Highlighting the development as a “noteworthy item” in an earnings announcement Thursday night, American International Group reported prior-year loss reserve strengthening of $836 million before taxes, which contributed to a $1.7 billion bottom-line net loss (after taxes) for the third …

Carriers, Reinsurers Under Review as A.M. Best Changes Credit Rating Methodology

Insurance rating agency A.M. Best announced the publication of the updated Best’s Credit Rating Methodology (BCRM) on Friday, and also announced the names of several insurance and reinsurance groups that the rating agency has put under review. Allstate and American …

Insurtech Lemonade Opens Its Sales Platform for All to Use

Lemonade announced Tuesday that it launched a public API (application programming interface), allowing anyone to seamlessly offer Lemonade policies through their apps or websites. The insurtech home insurer announced: “Today, we’re thrilled to announce that we’re opening up the Lemonade …

Hanover Insurance Taps Roche for CEO as Zubretsky Departs for Molina

The Hanover Insurance Group announced Tuesday that John C. Roche has been appointed president and chief executive officer, effective Nov. 4, succeeding Joseph M. Zubretsky. The news came about a half hour before Molina Healthcare announced that Zubretsky was stepping …

Ironshore’s New Iron-Excess MGA Is Based on Iron-Starr Excess Agency Model

Using a Bermuda joint venture between Ironshore and C.V. Starr & Co. as a model, Ironshore announced the launch of Iron-Excess on Monday. Ironshore, a Liberty Mutual company, describes Iron-Excess as an expansion of the Iron-Starr Excess underwriting agency business …

Specialty MGAs Continue to be Popular Acquisition Targets

With growth prospects becoming rarer in the continuing competitive insurance market, carriers are among three sets of buyers fueling a hot M&A environment for specialized managing general agencies, representatives of GC Securities said Sunday. In a blog item on Guy …

Irma Analysis: Insurer Financial Stress Unlikely If Early Loss Estimates Hold

Before Hurricane Irma made landfall in south Florida on Sunday morning, analysts were assessing the potential damage to property/casualty insurer and reinsurance balance sheets and earnings. On Friday, Fitch Ratings noted that if Irma were to produce insured losses greater …

Breaking the Silence: Cyber Physical Cat Models Emerging

A frightened truck driver dodging a barrage of bullets fired from the assault rifles of a drug-smuggling criminal gang doesn’t seem like the obvious description of the final stages of a cyber attack. But the real-life scenario that played out …

Sign of the Times – Brokers vs. Carriers on a Classic Soft Market

Brokers vs. Carriers on a Classic Soft Market Chief executive officers of property/casualty insurance brokers and P/C insurance carriers called each other out in June for engaging in activities they said were “classic signs of a soft market.” During a …

Fearless Brokers on Disruption by Insurtech: ‘Bring It On’

Executives of retail and wholesale property/casualty brokers, who have heard predictions about disintermediation for years, are not worried about the latest wrinkle in the stories of their demise—the rise of insurtech disrupters with digital platforms. Steven DeCarlo, chief executive officer …