US / Americas

Accession revenue up 25% to $1.5bn in 2023 as Risk Strategies posts 8.3% organic growth

Accession Risk Management Group increased pro forma revenue 25 percent to $1.5bn in 2023, with $1.07bn from retail broker Risk Strategies and $422mn from wholesale brokerage and program management firm One80 Intermediaries.

Skyward Specialty enters mortgage (re)insurance with Latour hire

Skyward Specialty has launched a mortgage (re)insurance unit led by Jean-Philippe Latour, who joined the carrier in May from Vantage Risk as senior vice president.

CEO Robinson: Skyward “not following market down” after property pricing peaks

Skyward Specialty’s Andrew Robinson said 2023 marked “the absolute peak” in property pricing and that his firm remains “opportunistic” and “rational” in the segment, but warned it is observing “pretty darn irrational behaviour” for large accounts, including from Lloyd’s.

BMS Re appoints Speckman president of MGA-focused division ProLink Solutions

BMS Re has appointed John Speckman as president of its ProLink Solutions, a previously-planned appointment that was accelerated following the departure of his former fellow co-head of the MGA-focused operation Des Bohan leaving to join Guy Carpenter.

Cybereason hires DFIR execs Leonard, Ackerman, Demonte, Duncan after Kroll exit

San Diego-based cybersecurity firm Cybereason has hired a group of former Kroll digital forensics and incident response executives, including Jim Leonard, Devon Ackerman, Ben Demonte, and Grant Duncan, among others.

The Mutual Group adds Chubb’s Markowski as COO

The Mutual Group, a newly integrated platform serving the mutual industry with backing from Bain Capital, has continued its build-out with the hire of Patrick Markowski from Chubb as COO.

Trident Reciprocal Exchange approved as ninth new Florida insurer since reforms

Trident Reciprocal Exchange has been approved as a new property insurer in Florida, the state’s insurance commissioner has revealed, while also noting Progressive committing to investing in the Sunshine State.

Astrus adds ex-USI exec Beck as national director of broker operations

Construction specialist Astrus Insurance Solutions has recruited former USI executive Annette Beck to take on the newly created role of executive vice president and national director of broker operations.

CAC Group brings operations under single brand identity

CAC Group has rebranded and brought its three business units under a single brand identity in a move the business said represents a significant milestone in the firm’s journey.

Jetty reaches new reinsurance capacity deals with Fortegra and Allianz

Jetty has inked new reinsurance capacity deals with Fortegra and Allianz, with the two insurers sitting behind fronting carrier State National on all new policies written on the insurtech MGA’s flagship deposit and renters’ coverages.

Ex-Liberty, Ironshore and Lex executive Kelly passes away

Former Liberty Mutual, Ironshore and AIG/Lexington Insurance Company executive Shaun Kelly passed away in early August at the age of 61.

TWIA reveals $400mn Beryl loss estimate as it files for 10% rate increase

The Texas Windstorm Insurance Association board has voted to direct staff to file a rate increase of 10 percent for residential and commercial policies, while the residual insurer also provided a preliminary estimate of $400mn for Hurricane Beryl losses.

PCF completes ninth acquisition of 2024 with DLD deal

PCF Insurance Services has announced its ninth acquisition of 2024 after the expansive business inked a deal for DLD Insurance Brokers.

Patriot Growth makes NW move with Harvey Insurance Agency deal

Patriot Growth Insurance Services has extended its reach into the Pacific Northwest after the expansive broker acquired Pasco, Washington-based Harvey Insurance Agency.

Beazley surges to new highs on strong H1 and analyst optimism

The share price of Lloyd’s largest insurer Beazley reached an all-time high on Friday as investors continued to react to the blue-chip’s record H1 performance and equity analysts upgraded the carrier, flagging bullish future growth prospects.

ProAssurance CR up 2.7 points to 110.9% in Q2

ProAssurance’s combined ratio ticked up 2.7 points to 110.9 percent in Q2 2024 as both its net loss and underwriting expense ratios increased during the period, while the carrier’s operating income per diluted share for the three month stretch came in ahead of analysts’ consensus forecast.

HCI adjusted net income soars in comfortable Q2 earnings beat

HCI Group quadrupled its adjusted net income to $56.7mn in Q2 2024 in earnings that came in well ahead of analysts’ consensus estimate, with the results driven by a better underwriting performance that was spurred by improved conditions in Florida.

Palomar fronting premium to drop in Q4 as Omaha National partnership ends

Palomar’s fronting business will be impacted “over the next several quarters” by the end of a partnership with Omaha National on a $168mn-premium book, chairman and CEO Mac Armstrong has warned, with the executive also highlighting the premium growth in the earthquake and casualty books in Q2.

Palomar to acquire $10mn-premium surety carrier FIA for 1.7x book value

Palomar Holdings has agreed to acquire Northeast regionally focused surety carrier First Indemnity of America Insurance Company, with a plan to grow FIA in “multiples” of its current $10mn premiums.

Heritage pivots to “controlled growth” after 7% GWP increase to $425mn in Q2

Heritage Insurance Holdings has reported a 2.6 point improvement in its combined ratio and 7.1 percent growth in its gross written premiums in the second quarter, with the Florida-based carrier’s CEO stating it is “pivoting our strategy to one of controlled growth”.

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