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Florida-based reciprocal exchange home insurance company Praxis Reciprocal Exchange announced the appointment of Ross Bowie as chief executive officer (CEO). Bowie will also serve as CEO of PRE Risk Management, the de facto attorney for Praxis Reciprocal Exchange. Praxis was launched in 2025 and has since successfully completed multiple acquisitions and established a disciplined underwriting…
Australian insurance company IAG has partnered with OpenAI to explore agent-based voice solutions to help its Australian employees provide better service and support to customers. Powered by its newly launched agent system OpenAI Presence, IAG will first explore opportunities to enhance claims delivery, with a focus on supporting customer response and expansion capabilities during natural…
Conning, an investment management firm specializing in insurance and institutional investors, expects the U.S. managing general agent (MGA) market to total approximately $128 billion in premiums written by 2025. Conning’s latest research shows that the U.S. MGA market will continue to expand strongly into 2025, reflecting more than just favorable market conditions. The findings highlight…
MNK International, an independent Lloyd’s broker providing specialist insurance and risk solutions to international clients, has appointed William Wakeham as managing director of international energy and established a dedicated energy division. The brokerage said the move is part of its plan to expand its energy brokerage capabilities in emerging and specialty markets. Wakeham joins the…
Cincinnati Financial Corporation, a major U.S. insurance company, reported a net profit of US$1.255 billion in the second quarter of 2026, an increase of 83% from US$685 million in the same period last year. Cincinnati said the results follow the recognition of an $882 million increase in the fair value of equity securities still held…
UK-based MGA brands Integra Insurance Solutions and Congregational Insurance Solutions have partnered with Hadron, a multinational specialty insurer dedicated to modernizing the licensing market, to provide underwriting capabilities for their respective home and church insurance plans. Both companies are part of the Integra Group, one of the world’s leading reinsurance groups. Integra Insurance Solutions provides…
Oman Re, the sole reinsurer in the Sultanate of Oman, reported an increase in reinsurance revenue to Omani riyals ($71.4 million) in the first half of 2026, up from Omani riyals 26.4 million ($68.8 million) in the previous year, while disciplined underwriting led to a year-on-year improvement in the combined ratio. During a solid period…
Credit ratings agency AM Best said Spain-based multinational insurance group MAPFRE SA’s plan to acquire Safety Insurance Group, Inc. is strategically attractive, saying the deal would bring together two insurance companies with similar regional operations and product offerings while strengthening MAPFRE’s position in Massachusetts and supporting its expansion in New England. The group’s US subsidiary…
Ryan Specialty Underwriting Managers (RSUM), the underwriting management arm of Ryan Specialty, has named Kristin Daur president, head of North America, Ryan Specialty Renewable Energy, effective immediately. Ryan Specialty Renewables is the managing general underwriter of RSUM and is focused on delivering renewable energy and energy transition solutions globally. The division was recently unified and…
In a recent analysis, management consulting firm McKinsey & Company examined how artificial intelligence (AI) will affect the future direction of the global insurance industry, arguing that as the industry structure evolves, insurers, distributors and technology providers that prepare early may be better positioned. McKinsey & Company says the global insurance industry has experienced steady…