US / Americas

AM Best places Texas-based mutual Germania under review

AM Best has placed under review with negative implications the financial strength rating of B (Fair) of Germania Farm Mutual Insurance Association and its subsidiaries following “significant underwriting and operating losses”.

AM Best: US P&C sector delivered $3.8bn net UW gain in H1 2024

The US P&C industry generated a $3.8bn net underwriting gain in the first six months of 2024, contrasting dramatically with the $24.0bn loss recorded in the same period last year, largely driven by a turnaround in the personal lines sector.

NIU, UW-Madison, NSF and NOAA partner with industry on new SCS research centre

As concern mounts about severe convective storms, Northern Illinois University and the University of Wisconsin-Madison have formed a new group with support from (re)insurance industry figures, the National Science Foundation and the National Oceanic and Atmospheric Administration to better understand the issues posed by such events.

Woodruff Sawyer: Number of D&O renewals with flat or increased premiums up for first time in 18 months

The US D&O market remains soft but the pace of premium declines for both newly public and mature companies has slowed, according to a new report from Woodruff Sawyer, which also showed that there were 41 settlements in H1 2024 worth a cumulative $2.1bn.

Axa XL signals ILS appetite with former Axis head Caponigro

Axa XL has appointed Chris Caponigro as head of reinsurance capital management, responsible for further expanding the product offering and investor base.

Hurricane Francine to cost insurers $1.5bn: KCC

Hurricane Francine will likely result in privately insured losses of close to $1.5bn, according to a preliminary estimate from Karen Clark & Company.

AM Best: Francine losses manageable but a “key test” for Gulf Coast-focused insurers

AM Best has commented that the losses from Hurricane Francine will be manageable and most likely borne by primary insurers, but warned companies focused on growing business in Gulf Coast states will face a “key test”.

Quebec flooding pushes Canadian carriers to worst ever year for cat losses

Canadian carriers are suffering their worst ever year for catastrophe losses, with figures from Catastrophe Indices and Quantification Inc. putting the current total for 2024 at C$7.6bn ($5.6bn), well ahead of the inflation-adjusted C$5.9bn booked in 2016.

Marsh confirms hire of AIG’s Ellis as US and Canada RE&H leader

Marsh has announced that Duncan Ellis will assume leadership of the US and Canada real estate and hospitality practice on 1 December, confirming The Insurer’s exclusive reporting that the executive had left AIG to rejoin the broking giant.

Progressive sees auto PIF growth accelerate to 14.8% in August and UW improve

US personal lines giant Progressive reported operating earnings per share of $1.45 for August that were well ahead of the $1.00 forecast of KBW analyst Meyer Shields as it also revealed personal auto policies in force growth accelerated from 12.0 percent in July to 14.8 percent.

Core Specialty and Distinguished unveil contract bonding program

Core Specialty has entered into a new capacity agreement with Distinguished Programs to begin offering customized contract bonding solutions for businesses in diverse industries.

Patriot Growth acquires Texas agency Prospera Risk Advisors

Pennsylvania-based broker Patriot Growth Insurance Services has expanded its presence in the south-central region through a strategic partnership with Texas-based Prospera Risk Advisors.

Comment: WTW provides another data point showing US rate increase deceleration

A near-universal consensus is emerging that US P&C rate increases are moderating, as commercial property slows from last year’s hard conditions.

CoreLogic estimates up to $1.5bn Francine insured wind and storm surge losses

The insured wind and storm surge losses from Hurricane Francine may reach $1.5bn, CoreLogic has estimated, while Twelve Capital has commented the storm will not result in any loss to per-occurrence cat bonds, but will add to aggregate erosion of some bonds.

EverPeak continues workers comp expansion into TN

Workers’ compensation insurtech MGA EverPeak Insurance has continued to broaden its footprint with a move into Tennessee.

Hurricane Francine insured losses could reach into low billions: Aon

Economic and insured losses from Hurricane Francine could reach into the lower billions of dollars, with further increases possible as heavy rainfall continues, according to Aon.

US-listed reinsurance stocks slide following RVS despite positive sentiment

Shares in US-listed reinsurers have traded down following the Monte Carlo Rendez-Vous, with Fidelis and Hamilton leading the losses since last Friday.

Scor’s US L&H CEO Bruckner to retire at year-end

French reinsurer Scor has announced that its US life and health CEO JC Brueckner has decided to retire at the end of the year, departing after nine years in the role and four decades in the global (re)insurance sector.

Wright Flood brings in Assurant’s Horton as VP of compliance

Wright Flood has brought in Tara Horton from Assurant as vice president of compliance, with the hire set to play a critical role in the MGA’s advancement with the NFIP.

Sentry to acquire The General from AmFam in $1.7bn deal

Mutual insurer Sentry Insurance announced it will acquire auto insurer The General from American Family Insurance in a transaction with a total value of $1.7bn.

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