Commercial auto

Doxa closes in on acquisition of commercial transportation MGA QEO

Expansive MGA platform Doxa Insurance Holdings is in exclusive talks with QEO Insurance Group as it closes in on a deal to buy the commercial transportation specialist, Program Manager can reveal.

AM Best: US commercial auto results deteriorated further in H1

The US commercial auto insurance sector reported a net loss of $5bn in 2023, with further declines in performance seen in the first half of 2024 compared to the same period the previous year, according to a new report by AM Best.

SRG continues M&A run with UK motor fleet claims management platform

Expansive intermediary Specialist Risk Group (SRG) has bolstered its motor fleet capabilities with the acquisition of One Claim Limited.

Kingfisher acquires MIS Motorsport’s UK & Ireland commercial unit

UK specialty intermediary Kingfisher Insurance, a subsidiary of NSM, has acquired MIS Motorsport’s commercial business in the UK and Ireland.

Hub partners with Mexico’s MAS Seguros on cross-border transportation

Hub International has agreed an exclusive referral and broker program partnership in the US, Canada and Mexico with trucking insurance broker MAS Seguros.

TIE partners with Cimarron on trucking program

MGA Transportation Insurance Experts has partnered with Cimarron Insurance Company to launch a proprietary commercial auto liability package insurance program designed for small to mid-sized trucking risks, Program Manager can reveal.

NYC taxi insurer American Transit facing solvency crisis after $705mn H1 net loss

American Transit Insurance Company (ATIC), the largest insurer of New York City’s taxis and rideshare vehicles, is battling insolvency after large losses this year, with the company stating it is “working closely with industry participants towards a solution”.

Clearcover launching reciprocal and expanding into non-standard auto

Auto insurtech Clearcover is working to launch a new reciprocal that will be capitalised with funds on hand, and is planning to leverage the new structure to expand into writing non-standard risks, The Insurer can reveal.

Robusto: CNA targeting further commercial auto and excess casualty rate rises

While CNA is confident rate rises in commercial auto and excess casualty – two of its segments most unfavourably impacted by social inflation – ensure it remains ahead of the rising loss costs it is faced with, CEO Dino Robusto believes further increases are needed.

Rob Berkley cautions on social inflation despite WRB’s Q2 reserve releases

WR Berkley (WRB)’s Rob Berkley has urged further caution about the ongoing impact of social inflation and its impact on reserves even as his company booked modest favorable development in Q2 2024 while the executive pinpointed the auto market as a continued cause of concern for the industry.

Drowning in data: The high costs of poor data management

Underwriting data has proliferated far faster than the insurance market’s ability to manage it, and capital is flowing less freely as a result, writes William Pitt.

EV insurers continue to grapple with underwriting losses while customers face high premiums

The transition to electric vehicles has brought high insurance costs, with new approaches needed to get losses under control.

Japanese non-life insurers’ overseas profit to offset poor motor performance: Fitch

Weak earnings contributions from domestic underwriting among Japan’s three largest non-life insurance groups will be offset by overseas business profitability and investment profit from the ongoing sale of “strategic shareholdings”, according to Fitch Ratings.

Stellantis partners with bolt to launch embedded insurance program

Stellantis Financial Services US, the captive finance arm of global automaker Stellantis in North America, has partnered with Austin, Texas-based insurtech bolt to launch an embedded insurance program.

FloodFlash launches dealer program supporting vehicle sales and rental businesses

London-based insurtech FloodFlash has launched a dealer program aimed at assisting vehicle sales and rental businesses ahead of hurricane season.

CEO D’Orazio: James River’s 7% drop in Q1 E&S GWP driven by commercial auto non-renewals

James River CEO Frank D’Orazio has explained that his firm’s 7 percent drop in E&S premiums in Q1 was the result of non-renewals of excess casualty accounts with a heavy commercial auto component, with the executive also highlighting “strong rate increases” and record submissions.

Pen extends Irish specialist fleet capacity deal with Zurich to 2027

Gallagher’s UK-based MGA Pen Underwriting has extended its strategic collaboration with Zurich in the Republic of Ireland with a renewed multi-year capacity deal for its specialist fleet insurance offering.

Kemper expects to book 17 point improvement in Q1 specialty P&C CR

Auto specialist Kemper expects to post Q1 2024 net income and consolidated net income of between $65mn to $75mn when it reports its earnings next month, while its specialty P&C division is forecast to book a 17.3 point improvement in its combined ratio to 94.8 percent.

Dual’s motor MGA KGM names Astin as MD

KGM, Howden-owned Dual UK’s specialist motor MGA, has appointed Ciaran Astin as managing director.

Aon buys tech assets and IP of AI-powered Humn.ai

Aon has acquired the technology assets and intellectual property of motor insurtech Humn.ai in a move it says will strengthen its commercial fleet proposition.

Region

Topics

Events & Conferences

Content Types