(The Insurer) - Nardac Insurance Services has unveiled a new facility offering US-based renewable energy project development and operations up to $20mn in limits for additional severe convective storm (SCS) catastrophe coverage, Program Manager can reveal.

RenaissanceRe has reported a Q4 earnings beat despite its combined ratio deteriorating 15.7 points, while the Bermudian company also disclosed it expects a $750mn Q1 net negative impact from the Los Angeles wildfires based on a 1.5 percent share of industry losses.

Chubb’s underwriting gain grew by 3.8 percent to a record $1.58bn in Q4 2024, driven by net earned premiums that increased by 8.1 percent and an improved core loss ratio as well as higher reserve releases, which helped offset pre-tax cat losses that doubled to $607mn.

London-based litigation risk-focused MGA Ignite Specialty Risk has hired Ankit Patel as US head of intellectual property underwriting.

World Insurance Associates has acquired the business of Brooklyn, New York-based HML Brokerage, a deal the company completed on 1 September 2024 but has only just announced.

Utah-based Trucordia has acquired Cada Insurance Services, a provider of auto, home, commercial, general liability, and workers' compensation solutions with Louisiana offices in Baton Rouge, Chalmette, Gretna, and Kenner.

Insurtech MGA Kettle has revised upwards its insured loss estimate for the ongoing Los Angeles fires to between $27bn and $36bn, a sizable increase from its initial $11bn to $17.5bn forecast.

Inszone Insurance Services has made a trio of leadership appointments and named Chris Tracy, Sara Evans, and Francisco Saldaña as regional presidents for California, the Mountain West region, and the Midwest, respectively.

Jireh Risk Advisors and Strategic Risk Solutions (SRS) have jointly launched Strata ILS Ltd, an unrestricted special purpose insurer (SPI) licensed by the Bermuda Monetary Authority.

Shares in Everest were trading down around 2 percent on Tuesday morning in New York as investors reacted to news of a record $1.7bn US casualty reserve charge.