US / Americas

AM Best: Lloyd’s and BH continue to dominate surplus lines market

Lloyd’s and Berkshire Hathaway Insurance Group remained by far the two largest writers of surplus lines business in 2023 after growing their direct premiums written in the market by 28.8 and 21.1 percent, respectively, against a backdrop where the entire sector expanded by 17.4 percent last year.

US sues owner of cargo ship that destroyed Baltimore bridge over clean-up costs

September 18 (Reuters) – The U.S. Justice Department on Wednesday filed a civil claim against the owner and operator of the container ship that destroyed the Francis Scott Key Bridge in Baltimore killing six, seeking more than $100 million.

PCF acquires WA-based Top Insurance Associates in 15th deal of 2024

PCF Insurance Services has acquired the insurance business of Top Insurance Associates, located in Snohomish, Washington.

HDI Global launches inland marine unit led by industry veteran Molosky

HDI Global Insurance Company, the US subsidiary of international commercial insurer HDI Global SE, has launched its inland marine unit, led by Rebecca Molosky.

LA court rejects Lockton motion to reveal sexual harassment plaintiff’s identity

A Los Angeles judge has denied Lockton’s motion to reveal the identity of the former employee who filed a lawsuit alleging sexual harassment at the firm, concluding that there is no substantial prejudice to the defendants from the plaintiff's continued use of the Jane Doe pseudonym.

CDI’s Lara teams with California universities to create public wildfire cat model

California’s insurance commissioner Ricardo Lara has unveiled a partnership with California State Polytechnic University, Humboldt to develop the country’s first public wildfire catastrophe model to estimate the future cost of wildfires and broaden access to insurance coverage.

Everest rebrands wholesale business as Evolution under Buonpane

Everest Evolution has been unveiled as the new brand for the carrier’s fast-growing US wholesale business, which was brought together a year ago as a single unit with a dedicated offering to distribution partners.

Aon: Shared and layered leads softening as US property rates fall by 0.94% in Q2

US property insurance rate change entered negative territory for the first time in 27 quarters in Q2 2024 while policyholders going forward can expect reductions of up to 10 percent for desirable accounts and occupancies including on some natural catastrophe-exposed programs, according to Aon.

Abraham named CEO of Amwins Global Risks with Mathis returning to US

Nick Abraham is set to take over from Nate Mathis as CEO of London-based specialty distributor Amwins Global Risks at the start of 2025, The Insurer can reveal.

Moody’s pegs US private market insured losses from Hurricane Francine at <$2bn

US private market insured losses from Hurricane Francine will come in at less than $2bn, according to an estimate from Moody’s RMS Event Response.

Doxa’s Promont adds to healthcare capabilities with Pro Liability acquisition

Doxa Insurance’s Promont Insurance Advisors has acquired allied healthcare liability underwriting program manager Pro Liability Group in a deal completed late last month.

Roots Automation secures $22.2mn in HGP-led Series B

New York City-based insurance software developer Roots Automation has secured $22.2mn in a Series B funding round led by Harbert Growth Partners, with additional investments from MissionOG, Liberty Mutual Strategic Ventures, and Vestigo Ventures.

King Risk Partners adds Coates Insurance Agency to roster

Top-100 US broker King Risk Partners has expanded its East Coast footprint with the acquisition of Glenn Allen, Virginia-based Coates Insurance Agency.

Moody’s: Louisiana Citizens to absorb “significant portion” of Francine coastal losses

Hurricane Francine is more likely to affect regional insurers because of their geographic concentrations while state-backed insurer Louisiana Citizens will absorb a “significant portion of losses along the Louisiana coast”, Moody’s has said.

Highstreet bolsters MI footprint with Dudek deal

Highstreet Insurance Partners has strengthened its operations in its native Michigan with the acquisition of marine specialist Dudek Insurance Agency Group.

Fitch: E&S premium growth will continue but will be “less broad-based”

The growth of the excess and surplus lines market will continue but will be less broad-based across lines, Fitch has commented, with the rating agency also expecting the segment to remain at an underwriting profit in 2024 and 2025.

Wells Fargo: McGriff deal would cement US number three spot for Gallagher

Acquiring McGriff would add to Arthur J Gallagher’s US presence and cement its position as the number three broker with pro forma 2024 revenue of $13bn-$13.5bn, while a deal at 17x Ebitda could be close to breakeven in the first year, according to analysts at Wells Fargo.

Dellwood adds Great American’s Sloan as director of excess casualty

Summit, New Jersey-based Dellwood Insurance Group has appointed Brian Sloan as director of excess casualty, The Insurer can reveal.

Tuckerman launches Lloyd’s capacity backed allied MPL program

Tuckerman Underwriting has secured capacity from Lloyd’s of London to support its new surplus lines allied medical professional liability with commercial general liability program, with the MGA’s latest offering led by new hire Christie Urita.

Fitch expects reinsurers to push for double-digit US casualty rate hikes at 1.1

Fitch Ratings has commented that reinsurers are likely to push for double-digit increases in US casualty premium rates during the 1.1.2025 renewals to keep up with higher loss costs.

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