US / Americas

Trio of carrier exits from NY personal lines market seen as growth opportunity

Kingstone Companies is among firms eyeing what its CEO has described as an “amazing opportunity” after a trio of carriers writing over $200mn of New York homeowners direct premiums said they are exiting the business.

Berkley Program Specialists brings in AIG veteran Craig

Berkley Program Specialists (BPS) has brought in more than 30 years of industry experience with the hire of Patti Craig from AIG.

Kansas festival Buskerfest purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Vortex Insurance covered the La w rence Busker Festival for business interruption losses due to rainfall, with no claim triggered.

Rokstone launches Burrows-led US excess casualty division

Expansive specialty MGA Rokstone has launched a new US excess casualty division led by former Convex casualty specialist Laurence Burrows.

NormanMax promotes Groenheide to chief revenue officer

E&S start-up NormanMax has promoted Mark Groenheide to chief revenue officer, the latest development for the Brad Meier-led carrier that has made offering parametric solutions a centre focus.

Skyward Specialty bolsters regional contract surety teams with six new hires

Skyward Specialty Insurance Group has strengthened its regional contract surety teams with six new appointments.

US SCS and “unsuccessful” IP product drives FIH EPS miss: Citi

Fidelis Insurance Holdings’s earnings per share miss was driven by larger-than-expected catastrophe losses caused by US severe convective storms and its intellectual property product, according to Citi analysts.

Moody’s RMS says US private market Debby insured losses top out at $1.5bn

Moody’s RMS Event Response estimates that the US private market insured losses from Hurricane Debby will not exceed $1.5bn, including the impact associated with wind, storm surge, and precipitation-induced flooding.

Maui judge limits insurers’ reimbursement claims in $4bn wildfire settlement

A Maui judge has ruled that insurance companies, which have paid out more than $2bn in claims related to the August 2023 wildfires, can seek reimbursement only from the settlement amount that defendants have agreed to pay and cannot pursue reimbursement separately.

Burns & Wilcox launches new Hiscox FloodPlus product

Burns & Wilcox has launched its new Hiscox FloodPlus product through its proprietary automated platform, Burns & Wilcox IssueQuick, E&S Insurer can reveal.

Kroll accuses former DFIR execs Leonard, Ackerman, Demonte, Duncan of “orchestrating mass exodus”

Kroll has sued former digital forensics and incident response executives Jim Leonard, Devon Ackerman, Ben Demonte, and Grant Duncan, accusing the quartet of diverting business from the firm in the run-up to their resignations and “orchestrating a mass exodus”.

TIH’s Starwind Specialty adds TruPoint’s McIntosh and Morrison

CRC Group division Starwind Specialty Insurance Services has hired Tony McIntosh as program president and Eric Morrison as executive vice president, with both joining from TruPoint Underwriters.

Hippo CEO: Turning cash flow positive next big test after Q2 loss ratio improvement

Following a big improvement in loss ratio in the second quarter, Hippo’s CEO has told The Insurer that the next milestone is to turn cash flow positive, while the insurtech has also benefited so far this year from a shift in its reinsurance strategy.

Mills leaves Ledgebrook to take head of casualty US role at Canopius

Steve Mills has taken the position of head of casualty, US at Canopius Group as the carrier looks to bring new E&S primary and excess product offerings to market, E&S Insurer understands.

Accredited names McMurdo UK and Europe president

Onex Partners-owned Accredited has appointed Stuart McMurdo as president of Accredited UK and Europe.

McGriff names Simmons VP of sales for its transportation practice

TIH-owned retailer McGriff has appointed Jeff Simmons as vice president of sales for its transportation practice.

Nationwide names Henderson head of claims, operations, and data & analytics

Nationwide has appointed Clayton Henderson as the leader of claims, operations, and data & analytics for its commercial lines, E&S, and specialty lines of business.

Aegis Professional Risk partners with Sentry Insurance to launch new E&O program

Aegis Professional Risk, a division of Aegis General Insurance Agency and K2 Insurance Services, has partnered with Stevens Point, Wisconsin-based Sentry Insurance to launch a new E&O program.

Analysts at KBW, JMP, Truist say Skyward sell-off on R&Q concerns was overdone

A quartet of equity analysts have provided a bullish response to the recent sell-off of Skyward Specialty shares by suggesting concerns over any potential impact from the plight of loss portfolio transfer counterparty R&Q are overdone.

Palomar to use $25mn of $101mn public offering proceeds for FIA acquisition

Palomar Holdings expects $100.6mn of net proceeds from a public offering of 1.2 million shares before any more proceeds from the underwriters option, with $25mn to be used to fund the acquisition of surety insurer First Indemnity of America Insurance Company.

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