US / Americas

CyberCube: US cyber market must “substantially increase” capital to top $100bn premium

The US cyber market would pass $100bn in premium if it achieves a 30 percent CAGR over the next decade, but it remains a capital-intensive peril that requires structural innovation including capital from ILS instruments and public-private partnerships, according to CyberCube.

Alliant Re adds former Acrisure Re, Augment Risk broker Duffy as SVP

Alliant Re has appointed Terrence Duffy as senior vice president, with the reinsurance broking executive joining the intermediary following a short stint at rival start-up Augment Risk.

NetDiligence launches Career Pathways Program for students and young professionals

Pennsylvania-based cyber risk management company NetDiligence is launching its inaugural Career Pathways Program for students and early-career insurance professionals at the upcoming Cyber Risk Summit in Philadelphia.

Aon’s White Rock issues $45.5mn private cat bond for California wildfire risks

Aon subsidiary White Rock Insurance Company has issued a new $45.5mn private catastrophe bond in Guernsey via the Randolph Re platform.

Ryan Specialty closes US Assure and Greenhill acquisitions

Ryan Specialty has completed its previously announced acquisitions of US Assure and Greenhill Underwriting Insurance Services, deals which will significantly bolster the firm’s MGU operations.

New Florida reciprocal Trident secures BBB KBRA rating

KBRA has assigned a BBB insurance financial strength rating to Trident Reciprocal Exchange, a new Florida carrier set up with a $27mn surplus note that has already been approved for a Citizens takeout.

Roosevelt Road confirms Dietz hire

Roosevelt Road Specialty has confirmed the hire of Anthony Dietz as CUO to oversee all of its MGU businesses across the US, with the announcement coming after this publication in August revealed the executive was joining the expansive company from Procore Risk Advisors.

AccuWeather lowers 2024 hurricane season forecast amid quiet August

AccuWeather has lowered its 2024 Atlantic hurricane season forecast to 16 to 20 named storms, six to 10 hurricanes, three to six major hurricanes, and four to six direct US impacts, following an unusually quiet August with limited tropical activity in the Atlantic basin.

Stephens Insurance adds IMA’s Miller as SVP within P&C practice

Arkansas-based broker Stephens Insurance has appointed former IMA executive Scott Miller as senior vice president within the property and casualty practice.

Relation acquires Maryland-based The Haney Company

Relation Insurance Services has acquired the assets of The Haney Company, based in Silver Spring, Maryland.

AF Group names Aviva’s Leggette SVP of claims

Lansing, Michigan-based national specialty carrier AF Group has appointed former Aviva executive Kim Leggette as senior vice president of claims.

Alera’s Blue to succeed Levitz as CEO in January

US insurance broker Alera Group has announced that president Jim Blue will take over as CEO effective 1 January 2025, succeeding Alan Levitz, who will become executive chairman.

Falcon hires Sterger from Great American and Nowlan from Verus

Falcon Risk Services, an HDI company, has strengthened its senior leadership team with the appointments of Chris Sterger as senior vice president – Southeast regional leader and Andrew Nowlan as vice president, design and build.

Hudson hires Everest’s Hartley as head of US wholesale casualty

Hudson Insurance Group has hired Casey Hartley to lead its US wholesale casualty business, with the executive joining the Odyssey Group subsidiary following three years at Everest Insurance.

Florida E&S premiums dip 4% in August to $1.2bn

Florida’s E&S market continued to show monthly variability in August as total premium dropped by 4 percent from the same month last year to $1.2bn, with year-to-date premium up 12 percent to $12.5bn.

WTW launches Canopius-led property facility managed by Verita

WTW has introduced its client edge facility, a new property facility developed in collaboration with Canopius and MGU Verita Capital Solutions.

FCCI to enter E&S market with new platform launch

Sarasota, Florida-based FCCI Insurance Group has announced that its FCCI Specialty Insurance Company will begin accepting excess and surplus lines of business on 1 October 2024.

Resilience hires former Axa XL Americas cyber head Gittler as global claims chief

Resilience has made a pair of notable hires, with former Axa XL Americas head of cyber and technology Jeremy Gittler named global chief claims officer and Rebecca Jones appointed to oversee engineering and software delivery, Cyber Risk Insurer can reveal.

AM Best cuts IMT’s FSR to A- after surplus drops on weather-related losses

A “significant deterioration” in IMT Insurance Company’s balance sheet strength metrics that included a weather losses-related 30 percent decrease in its policyholders’ surplus though H1 2024 has led AM Best to cut the Iowa-based carrier’s financial strength rating by one notch to A-.