No major damage reported after 4.7 Magnitude earthquake strikes MalibuA preliminary 4.7 magnitude earthquake struck Malibu on Thursday morning, according to the US Geological Survey, with Los Angeles officials reporting no major damage in initial assessments.
NFP adds Strong as SVP, construction technology and innovationAon-owned P&C broker NFP has appointed Thomas Strong as senior vice president of construction technology and innovation.
AM Best: Workers’ comp reserve position improved despite releasesThe overall reserve position of the workers’ compensation sector has improved despite recent reserve releases, AM Best commented in a new report that shows the line continues to outperform the rest of the US property casualty market.
New Orleans hit by widespread flooding following late eastward shift in Francine trackWidespread flooding has been reported in the New Orleans metropolitan area following Hurricane Francine’s Category 2 landfall yesterday evening.
Hurricane Francine makes Category 2 landfall in LouisianaHurricane Francine weakened to a tropical storm overnight just hours after making landfall in Louisiana at Category 2 intensity, with analysts expecting insured losses to be “manageable” despite the impact of storm surge, flash flooding and damaging winds.
CatIQ: August Calgary hailstorm second-costliest event ever in Canada at nearly C$2.8bnA hailstorm that hit the Calgary area in early August resulted in nearly C$2.8bn ($2.06bn) in insured losses, according to initial estimates from Catastrophe Indices and Quantification.
Ryan Alternative Risk hires Albian as captives presidentWholesale giant Ryan Specialty has hired Michael Albian in its Ryan Alternative Risk unit as president, group captives.
Canadian broker Axis adds Marsh’s Preston as SVPCalgary-based broker Axis Insurance has appointed Ben Preston, a former Marsh executive, as senior vice president of energy, transportation and agribusiness.
BHSI Canada names Knight country manager among trio of promotionsBerkshire Hathaway Specialty Insurance (BHSI) has promoted Andrew Knight to country manager, Amanda Sorsak to head of claims, and Paul Emerson to head of customer and broker engagement in Canada.
Inszone acquires Colorado-based agency ASKInszone Insurance Services has acquired ASK Insurance, headquartered in Pueblo, Colorado.
TIE partners with Cimarron on trucking programMGA 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.
Francine becomes hurricane ahead of Gulf Coast landfallFrancine has become the fourth hurricane of the 2024 Atlantic season as it heads towards a Gulf Coast landfall in the next 24 hours.
US P&C conditions “favourable” despite casualty concernsConcern over casualty was the dominant theme among leaders of US-listed carriers on Q2 earnings calls, although overall market conditions remain favourable despite slowing price increases.
Juniper Re confirms the appointment of Wagner as head of facultativeJuniper Re has confirmed the appointment of former Aspen executive Russ Wagner as head of facultative.
AM Best: US insurer downgrades up 52% in 2023 amid poor personal lines resultsRating downgrades among AM Best-rated US-based insurers last year increased by 52 percent from 2022 and 60 percent from two years earlier driven largely by deteriorating operating results, especially in the personal lines segment.
HDI Global launches life sciences unit led by ex-Markel exec CarlsenHDI Global US has introduced a liability policy from its new excess life sciences division, led by former Markel executive Brian Carlsen, who joined the company in April as an assistant vice president.
Mosaic hires 13 US environmental liability specialistsMosaic has expanded its environmental liability division in the Americas with 13 US-based hires, including five senior vice presidents who were previously at Liberty Mutual.
Hub acquires Quebec-based Felton et AssociésHub International Limited has acquired Felton et Associés Assurances, a Quebec-based commercial and personal insurance firm.
Venbrook hires USI’s Oakes for new private risk West Coast officeVenbrook Group has expanded its private risk practice with the opening of a new West Coast office and the hire of Christina Oakes from USI as executive vice president of the division.
Conifer’s $6.5mn sale of 50% SSU stake was to Andrew Petcoff-owned entityConifer Holdings has announced that the $6.5mn sale of its 50 percent stake in Sycamore Specialty Underwriters was to an entity owned by Andrew Petcoff – the son of its former co-CEO James Petcoff – while recently resigned CEO Nicholas Petcoff will receive up to $1.3mn as a performance bonus.