P&I

AXA XL promotes Michael Perrotti to Chief Underwriting Officer for Marine in the Americas

Retrieved on: 
Tuesday, August 16, 2022
Multimedia, CPCU, Inland marine insurance, Rail transport by country, Growth, CUO, Director, Board, AXA, University School, Risk management, Chartered Property Casualty Underwriter, P&I, Excess, Atlantic Mutual Insurance Company, Bermuda, Zurich Insurance Group, Traveler, Reinsurance, Insurance, Insurance

NEW YORK, Aug. 16, 2022 /PRNewswire/ -- AXA XL Insurance has promoted Michael Perrotti to the role of Chief Underwriting Officer (CUO) for its Marine insurance business in the Americas.

Key Points: 
  • NEW YORK, Aug. 16, 2022 /PRNewswire/ -- AXA XL Insurance has promoted Michael Perrotti to the role of Chief Underwriting Officer (CUO) for its Marine insurance business in the Americas.
  • Previously Inland Marine Practice Leader for Marine in North America, Mr. Perrotti assumes the CUO role from Anne Marie Elder who will now focus on her role as Global Chief Underwriting Officer for AXA XL's marine business worldwide.
  • Reporting to Donna Nadeau, AXA XL's Chief Underwriting Officer for the Americas, in his new role, Mr. Perrotti oversees all underwriting activities and portfolio management throughout the U.S., Canada and Bermuda for AXA XL's marine insurance products including Inland Marine, Ocean Cargo, Blue and Brown Water Hull, P&I, as well as Excess and Primary Marine Liabilities.
  • Since joining AXA XL in 2011, Mr. Perrotti has managed the profitable growth and expansion of the company's Inland Marine business.

Jake Hesson Named Underwriting Manager, Marine, as Berkshire Hathaway Specialty Insurance Enters Commercial Hull Market in Australasia

Retrieved on: 
Monday, August 8, 2022
Insurance, Professional Services, Travel, Industry, Standard, AFS, P&I, ABN, QBE, AM Best, Insurance, Berkshire Hathaway, Health

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is expanding into the Commercial Hull segment in Australasia and has named Jake Hesson, Underwriting Manager, Marine.

Key Points: 
  • Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is expanding into the Commercial Hull segment in Australasia and has named Jake Hesson, Underwriting Manager, Marine.
  • Jake comes to BHSI with exceptional marine expertise and local market knowledge experience, said Dimitry Zilberud, Head of Marine, BHSI in Australasia.
  • With Jake at the helm, we look forward to expanding our marine product portfolio and building new commercial hull relationships throughout Australasia.
  • Berkshire Hathaway Specialty Insurance Company holds financial strength ratings of A++ from AM Best and AA+ from Standard & Poors.

Black Knight: May Sees Least Affordable Housing Market in 16 Years While Existing Mortgage Holders Gain Record $1.2 Trillion in Tappable Equity in Q1 2022

Retrieved on: 
Monday, June 6, 2022
Data, P&I, Black Knight (company), Acceleration, Data Analytics Acceleration Library, Season, Income, Environment, Black knight, Sale, Growth, NYSE, Population, BKI, Housing, Real estate, Financial services

According to Black Knight Data & Analytics President Ben Graboske, tappable equity the amount available for mortgage holders to borrow against while retaining a 20% equity stake in their homes has reached yet another all-time high.

Key Points: 
  • According to Black Knight Data & Analytics President Ben Graboske, tappable equity the amount available for mortgage holders to borrow against while retaining a 20% equity stake in their homes has reached yet another all-time high.
  • The March and April 2022 rate spikes will take time to show up in repeat sales indexes.
  • That's a result of an astonishing $1.2 trillion gain in tappable equity in the first quarter of 2022 alone the largest such quarterly growth ever recorded.
  • In total, American mortgage holders have more than $11 trillion in tappable equity, also a history-making total.

Best's Review Focuses on Regulatory, Social and Investment Concerns of ESG

Retrieved on: 
Monday, May 2, 2022
Insurance, Professional Services, Insurance, ALL, Standard Club, Review, Foresters Financial, Industry, AM, Health, P&I, News, ESG, Lithium

Focus on ESG Expands Beyond Environmental, Energy looks at sustainable investing and the importance of diversity, equity and inclusion among insurers ESG concerns.

Key Points: 
  • Focus on ESG Expands Beyond Environmental, Energy looks at sustainable investing and the importance of diversity, equity and inclusion among insurers ESG concerns.
  • For ESG Investors, It's Getting Easier to Be Green explains the challenges of implementing an ESG-conscious investing strategy and the uncertainties that lie ahead in terms of returns.
  • Bests Review is AM Bests monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Black Knight: As Home Affordability Nears All-Time Low Amid Spiking Interest Rates and Still-Rising Prices, Borrower Behavior and Preferred Products Changing

Retrieved on: 
Monday, May 2, 2022
Data, Data Analytics Acceleration Library, Population, Black knight, Appetite, NYSE, Eye, Wild Arms, 757, ARM, Black Knight (company), Income, Housing, P&I, BKI, Pharmaceutical industry, Real estate

-          Annual home price gains slowed very slightly in March, seeing 19.9% annual appreciation, down from an upwardly revised 20.1% in February -- the first-ever month to see greater than 20% price growth

Key Points: 
  • As home prices and interest rates continue their sharp upward climb, this month's report revisits the mounting affordability pressures resulting from these competing dynamics.
  • "Still, at 19.9% -- down from an upwardly revised 20.1% in February -- March would have otherwise set yet another record for appreciation.
  • With 30-year interest rates hitting 5.11% as of April 21, the impact these price gains have had on home affordability is significant.
  • At the end of February 2022, we were already at 29.1% -- and both rates and prices have continued to climb since then.

DNP to Participate in Allegis Capital Funds Established by Allegis Capital

Retrieved on: 
Thursday, April 7, 2022
Environment, Technology, Finance, Venture Capital, Security, Professional Services, Small Business, Software, Data Management, Dai, Multimedia, P&I, ICT, Top, Financial technology, VC, Printing, DNP, Environment, Data science, Bank, Cryptocurrency

Dai Nippon Printing Co., Ltd. ( DNP )(TOKYO:7912) will partner with Allegis Capital (Allegis) of Palo Alto, CA., USA to promote value creation through innovative startups and provide capital through an investment fund.

Key Points: 
  • Dai Nippon Printing Co., Ltd. ( DNP )(TOKYO:7912) will partner with Allegis Capital (Allegis) of Palo Alto, CA., USA to promote value creation through innovative startups and provide capital through an investment fund.
  • Allegis has a track record in establishing more than 10 funds, mainly in the fields of general technology, cyber security and data science.
  • DNP will participate in future funds targeting startup companies.
  • Main investment areas: US companies in the following businesses, FinTech, information security, Enterprise, the environment and materials.

Black Knight: Despite Rising Interest Rates, Annual Home Price Growth Hits All-Time High of 19.6% in February, Driving Affordability to Lowest Level in 15 Years

Retrieved on: 
Monday, April 4, 2022
P&I, Housing, Face, Population, Sale, Black knight, BKI, Data Analytics Acceleration Library, Growth, NYSE, Freddie Mac, Time, Tax, Acceleration, Black Knight (company), Income, Insurance, Data, Video game, Health insurance

This month's report examines the continuation of record-breaking home price growth even with interest rates rising sharply and the mounting affordability pressures resulting from these competing dynamics.

Key Points: 
  • This month's report examines the continuation of record-breaking home price growth even with interest rates rising sharply and the mounting affordability pressures resulting from these competing dynamics.
  • After a brief cooling last fall, appreciation has been reaccelerating for the last four months.
  • Indeed, a full three-quarters of the 100 largest U.S. markets all 100 of which registered double-digit annual appreciation in February, it should be noted are seeing reacceleration of home price growth.
  • "This combination of accelerating growth and sharply rising interest rates has resulted in the tightest affordability in 15 years.

DNP, Uniadex and GMS Establish Philippine-based Logistics and Delivery Matching Service Joint Venture

Retrieved on: 
Monday, March 14, 2022
Other Transport, Technology, Finance, Transport, Professional Services, Software, Small Business, Internet, Data Management, Logistics, Supply Chain Management, DNP, P&I, Workload, Poverty, Printing, JV, Financial technology, Organization, PHP, GMS, Cargo, Ridesharing company

Internet-driven matching service between shipper and delivery drivers in the logistics and delivery area, along with other related services

Key Points: 
  • Internet-driven matching service between shipper and delivery drivers in the logistics and delivery area, along with other related services
    PHP 11 million (approx.
  • Uniadex Philippines-based subsidiary will take the logistics delivery matching system developed by DNP, and integrate it into a cloud environment, which the new JV will provide to shippers and delivery drivers, as a delivery matching platform.
  • GMS provides employment opportunities and support for improved living conditions for drivers of three-wheeled motorcycle taxis through FinTech services.
  • By providing this service, the new JV will provide shippers with merits, such as reducing the workload associated with delivery arrangements, securing delivery drivers, shortening delivery time and the realization of appropriate delivery charges.

Best's Market Segment Report: P&I Clubs in 2022 Face an Even More Challenging Year

Retrieved on: 
Tuesday, February 15, 2022
Finance, Consulting, Banking, Professional Services, Insurance, AM Best, P&I, Insurance, News, ALL, Industry

A new Best's Market Segment Report, P&I Clubs in 2022 An Even More Challenging Year, notes that the majority of P&I clubs have announced general increases ranging between 5% and 15% ahead of the renewal date for ship-owners.

Key Points: 
  • A new Best's Market Segment Report, P&I Clubs in 2022 An Even More Challenging Year, notes that the majority of P&I clubs have announced general increases ranging between 5% and 15% ahead of the renewal date for ship-owners.
  • However, AM Best expects that further rate adjustments will be needed to reach price adequacy, given the underwriting loss expected for 2021/22.
  • In general, regulatory solvency ratios were strong and the majority of clubs had prudent, albeit reduced, capital buffers.
  • To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=317498 .

AM Best Revises Outlooks to Negative for Sveriges Ångfartygs Assurans Förening (The Swedish Club)

Retrieved on: 
Thursday, February 3, 2022
Banking, Professional Services, Insurance, Finance, USD, Insurance, Policy, Credit, International Group, Risk management, TSC, Pressure, P&I, News, Industry, AM Best, ALL, Data, AM, Club

The revision of the outlooks to negative reflects ongoing pressure on operating performance, as challenging market conditions continue to impact the Clubs underwriting results.

Key Points: 
  • The revision of the outlooks to negative reflects ongoing pressure on operating performance, as challenging market conditions continue to impact the Clubs underwriting results.
  • However, a negative rating action could occur should these measures prove insufficient to restore underwriting performance in the short-to-medium term.
  • Free reserves remained stable during 2020 but are expected to have decreased for 2021 (year-end 2021 official figures not yet available).
  • As a result, AM Best expects TSCs BCAR for 2021 to diminish, yet remain supportive of the strongest level assessment.