The structure gives AIG access to diversified specialty risk and fee income while deploying capital through both equity and reinsurance, and provides Convex and its new majority owner, Onex, with an anchor reinsurance partner. It also further aligns AIG with Onex’s asset management platform via the 9.9% stake in the Canadian-listed manager.
Author: Awais
A fire tore through a northeastern Pennsylvania hospital, sending smoke billowing into the air as dozens of patients were evacuated and emergency medical crews were rushed in from across the region, authorities said. No one was reported injured by the Wednesday night blaze at the Lehigh Valley Hospital campus in Dickson City, which drew all available emergency medical services within a 50-mile (80-kilometer) radius, fire officials said. The facility remained closed Thursday while the damage was assessed, hospital spokesperson Shellie Wass said. Bystander video showed smoke rising over the hospital’s entrance as firefighters on ladders worked to contain the blaze.…
A freight train derailed Thursday in Connecticut, sending cars carrying flammable liquid propane into the water, though officials say they don’t appear to be leaking. Local and state officials said the derailment happened around 9 a.m. in Mansfield, near where Eagleville Lake meets the Willimantic River. The rural town in the eastern part of the state is home to the University of Connecticut. Mansfield Fire Chief John Roache said in an afternoon briefing that a number of the train’s 41 cars detached and derailed. Four carrying liquid propane ended up in the water, while two others carrying food grade grease…
Many are still waiting on their ROIs
Affordability push The company implemented rate decreases averaging 9% across 32 states for its Affordable, Simple, Connected auto product. Allstate’s SAVE program reduced premiums by 17% for 7.8 million customers through coverage adjustments, with the cumulative earned premium impact from these actions totaling $810 million by year-end.
Incident underscores the exposure of major events to state-linked hacking
The latest Ivans Index, the company’s monthly premium renewal rate index, indicated that year-over-year, commercial auto, business owner’s policy (BOP), general liability, commercial property and umbrella all posted higher average renewal rate changes, while Workers’ Compensation stayed in negative territory. On a month-over-month basis, however, renewal rate changes eased in every line, except umbrella.
For credit investors, the combination of stable ratings and later-dated maturities provides clearer visibility on Howden’s leverage and refinancing timetable. For the broker, the current structure allows management to focus on integrating past acquisitions and executing growth plans while continuing to invest in data and analytics, product development and digital platforms, alongside further M&A.
SageSure, the fast-growing catastrophe-exposed property specialist MGU, is back with another catastrophe bond that targets multi-peril reinsurance protection for the Auros Reciprocal Insurance Exchange and Interboro Insurance Company, with the Gateway Re Ltd. (Series 2026-2) issuance targeting $175 million of coverage, Artemis understands.This new deal comes on the heels of SageSure securing the largest cat bond in the Gateway Re series of deals, the $670 million Gateway Re Ltd. (Series 2026-1) that only priced earlier this week. The latest Gateway Re Ltd. Series 2026-2 catastrophe bond transaction is set to be the thirteenth in the Gateway Re cat bond series,…
The case stems from Hurricane Ian damage to a Miami home owned by Paula Villa and Maykel Garcia in 2022. The couple signed an assignment of benefits agreement with Spartan Services on December 14, 2022, for water mitigation work. The agreement included language stating that clients must pay for any portion of work, deductibles, betterment, depreciation or additional work not relating to the subject claim on or before completion.
Global reinsurer Hannover Re’s Bermuda-based insurance-linked securities (ILS) platform, Hannover Re Capital Partners, started writing business at the January 1st, 2026, reinsurance renewals, and Sven Althoff, Member of the Executive Board for Property & Casualty, has described the venture’s start as “truly diversified”.Ahead of the 2025 meeting of the reinsurance industry in Monte Carlo, Hannover Re announced plans to launch its new Capital Partners platform, with Silke Sehm, Executive Board Member, revealing at RVS that investor conversations were very positive for this “missing piece” of the firm’s ILS business. Earlier this morning, Hannover Re held a call with the media…
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The insurer pointed to language in the policy that bars coverage for constant or repeated water seepage occurring over time, even when combined with a covered event. That provision, known as an anti-concurrent cause clause, stated the policy would not cover loss caused directly or indirectly by constant or repeated seepage or leakage of water which occurs over a period of time, regardless of any other cause or event contributing concurrently or in any sequence to the loss.
Then came the mitigation bills. Restoration 1, a contractor Smith hired with State Farm’s blessing, submitted invoices totaling nearly $120,000 for water mitigation and asbestos abatement work. State Farm’s response, according to the lawsuit, was to conduct its own assessment and offer just over $22,000 for the mitigation portion.