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Key Takeaways: The High-Value Solutions market is stabilizing, with admitted carriers returning to some geographies, increased competition, and expanded Excess and Surplus (E&S) capacity. Underwriting flexibility is improving for catastrophe-exposed risks, including wildfire, wind, and flood. Clients may benefit from having their broker market their insurance program including revisiting higher deductibles, water sublimits, and reduced coverages implemented during the hard market. Product innovation is expanding customization through layered programs,…

The Personal Insurance market is transitioning out of a hard market cycle, though underwriting discipline remains. In this clip from our recent High-Value Solutions webinar, Sarah Chandonnet, Director, Private Client, Burns & Wilcox, Detroit/Farmington Hills, Michigan, discusses where brokers and agents may be finding greater market flexibility for affluent and high-net-worth clients. https://vimeo.com/1194061394/581538c48c?share=copy&fl=sv&fe=ci  

Inside This Article: Many homeowners affected by the Los Angeles wildfires last year have been unable to rebuild after realizing their insurance limits are not sufficient for current rebuilding costs. Rising construction expenses and high demand following disasters are increasing the risk of underinsurance nationwide. Inspections, valuation updates, and reviews of limits, endorsements, and home upgrades can help prevent…

A bottle of the “world’s most valuable” whisky sold for $2.7 million at Sotheby’s on November 18. The Macallan Valerio Adami 1926 is one of just 40 bottles filled in 1986 after the liquor aged for six decades in sherry casks, making it the oldest Macallan vintage ever made, Forbes reported. Another version of the single-malt whisky, which Sotheby\'s classified…

The last few years have been challenging for the Property & Casualty (P&C) industry and the first half of 2023 was no different. After the first three months, the Insurance Information Institute had already predicted that 2023 would be unprofitable for carriers in P&C. Overall performance through the first six months has been as bad as the industry has seen…

During this webinar, our special guest experts explore the current challenges and provide tips for brokers and agents on how to be successful in finding solutions for Private Client insureds. Featuring: • Heather Posner, Associate Vice President, National Product Leader, Private Client, Burns & Wilcox, Cleveland, OH • Sarah Chandonnet, Director, Private Client, Burns & Wilcox, Detroit/Farmington Hills, MI •…

From professional athletes to corporate executives, high-net-worth individuals require a specialized approach to risk management and insurance. To learn more about Private Client Insurance, Crain’s Content Studio spoke with Sarah Chandonnet, Manager, Private Client, Burns & Wilcox, Detroit/Farmington Hills, Michigan. What type of clientele are you seeing in the Private Client Insurance space? S.C.: The type of clientele we are…

A mint-condition Mickey Mantle baseball card from 1952 sold at auction Aug. 28 for $12.6 million, making it the most valuable sports collectible in the world, CNN recently reported. According to a news release from Heritage Auctions, the exceptionally well-preserved card was last purchased in 1991 for $50,000, a price that broke records at the time. The new eight-figure sale…

The U.S. Flood insurance market is being completely revamped with the launch of the National Flood Insurance Program’s (NFIP) risk rating 2.0, which applies risk modeling technology to evaluate exposure. Simultaneously the market is challenged by double-digit inflationary percentage increases, and the adverse impact of climate change leading to warmer ocean temperatures and more severe catastrophic storms. Against this backdrop…

A famous portrait of Marilyn Monroe painted in 1964 by Andy Warhol recently sold at auction for over $195 million, setting records for the most expensive piece of 20th century art ever sold and the highest amount paid for a piece of American artwork. The May 9 sale of the vibrant silkscreen, titled \"Shot Sage Blue Marilyn,\" also made history…

In this webinar, Guy Morrow joined Mathew Stollery from Argo Syndicate 1200, Lloyd’s, and Burns & Wilcox experts Brad Turner and Sarah Chandonnet to discuss the current and future state of the Flood Insurance Market. Morrow’s firm, KatRisk, is a leader in global catastrophe modeling. Together the panelists discussed flood risk modeling and predictions, NFIP’s Risk Rating 2.0, private flood solutions and tips for brokers and…

Today’s high-net-worth clients have continued to gather assets during the pandemic — in some cases, at an even faster pace than usual. Rising home values, a rebounding art and collections market, and “red hot” auto sales all demonstrate this trend, according to Heather Posner, Managing Director, Associate Vice President, Director, Private Client, Burns & Wilcox, Cleveland, Ohio. This has increased…