US / Americas

Hippo shares soar after HHIP Q2 gross loss ratio improves to 84%

Hippo has reported an improved adjusted Ebitda loss and a 94 point improvement in its homeowners insurance program’s gross loss ratio to 84 percent, with investors responding by sending the insurtech’s share price up 28 percent on Thursday.

Beazley “genuinely excited” by property opportunity in US E&S market: Cox

London-listed insurer Beazley is on track to transfer around one-third of its property business written on Lloyd’s paper over to its new onshore E&S platform by the end of the year, with CEO Adrian Cox hailing the class as an “excellent investment”.

Houlihan Lokey to acquire Waller Helms

Houlihan Lokey has inked a deal to acquire Waller Helms Advisors, a transaction that will add almost 50 staff and turns the New York City-based global investment bank’s financial services group into the largest supporting the insurance industry.

Liberty swings to $678mn operating profit as CR improves 9.8 pts

Liberty Mutual has reported pre-tax operating profit before limited partnerships income of $678mn for the second quarter, more than reversing a $610mn loss in the prior-year period, as it registered a 9.8 points improvement in its reported combined ratio to 99.6 percent.

American Coastal beats on Q2 earnings and details $1.3bn cat program

American Coastal reported core earnings per share of $0.40 for the second quarter, which were ahead of consensus analysts’ forecast of $0.30 a share as it confirmed the placement of its 1 June incepting cat program, which tops out at just under $1.3bn, as it also halved its gross quota share to 20 percent.

Lentz named president of RT Specialty High Net Worth following PCS tie-up

Ryan Specialty has promoted Jason Lentz to president of its RT Specialty High Net Worth personal lines practice in the aftermath of the recent announcement of its tie-up with Private Client Select Insurance Services.

United Fire shares trade down 10% after rating error charge and Q2 loss

Investors reacted to a second quarter consolidated adjusted operating loss of $0.07 a share at United Fire Group and disclosure of a charge related to rating errors by sending the carrier’s share price down almost 10 percent, despite a big improvement in its reported and underlying combined ratios.

Narrow election polling adds to simmering US election PV fears

A slim victory for either party in November’s US election will likely motivate demonstrations from the opposing side, with fears that any protests could continue the volatility seen in recent years, said WTW.

Lockton promotes Ryan to US president

Lockton has appointed Tim Ryan as US president, overseeing a region that reported $2.43bn of revenue for the independent insurance broker for its most recent fiscal year.

Everest appoints Buonpane to lead US wholesale and programs business

Everest Insurance has ended the search for an executive to lead its US wholesale and programs business with the internal appointment of Stephen Buonpane, and has named Danielle Stewart as the unit’s COO.

Hiscox posts 90.4% CR in solid H1 with focus on retail and Bermuda growth

Hiscox grew its top line by 3.3 percent year on year during the first half of 2024 as the London-listed carrier continued to deploy capital in its retail/re and ILS arms while scaling back slightly in London.

American Financial beats on Q2 earnings as specialty P&C CR improves to 90.5%

American Financial Group generated core net operating earnings of $215mn in the second quarter, up from $202mn in the prior-year period, as it reported improved underwriting results and strong momentum on rates, with increases of 8 percent excluding workers’ comp.

Ahoy! broadens appetite and raises Lloyd’s-backed limits to $2.5mn

Ahoy! Insurance has expanded its offering to owners of boats up to 95 feet long, with the insurtech MGA offering maximum limits of $2.5mn on capacity understood to be fronted by Hippo-owned Spinnaker Insurance Company and in-turn reinsured by unnamed Lloyd’s carriers.

Epic’s Mammaro named CFO of parent company Galway

Galway Holdings has named Frank Mammaro as CFO, which follows him holding the same position for three years at its retail brokerage unit Epic Insurance Brokers & Consultants.

Porch Group looks to form TX reciprocal to take on HOA business

Porch Group has filed a new and updated application to create a Texas reciprocal insurance exchange with the state’s department of insurance with the aim of selling its Homeowners of America Insurance Company subsidiary to the vehicle.

Ivans: Most major US lines premium renewals rates up in July except commercial property

The Ivans index has shown all major US commercial lines premium renewal rates were higher month over month in July except commercial property, for which the increase slowed to 11.8 percent from 12.7 percent.

Kemper expects CR to “drift” higher after reporting 89.6% underlying figure in Q2

Kemper has reported its third operating profit in a row in Q2 results that included a 12.4 point improvement in the underlying ratio to 89.6%, with management noting that this will trend higher in the next few quarters as the auto-focused carrier targets growth.

Hagerty grows Q2 written premium 16% as loss ratio improves to 41.1%

Classic car MGA Hagerty has reported improved operating income for the second quarter in results that included written premium increasing 16 percent to $321.4mn and the loss ratio improving 0.9 points to 41.1 percent.

Insured loss bill from Debby likely within primary insurers’ retentions: Moody’s

The majority of insured losses resulting from Hurricane Debby are expected to fall within primary insurers’ retentions under reinsurance coverages, according to Moody’s Ratings vice president James Eck.

Curotech Specialty to launch E&S commercial property program with Emerald Bay capacity

Recently launched carrier Emerald Bay Risk Solutions has partnered with MGA Curotech Specialty to launch an E&S commercial property program supported by a panel of “market-leading” reinsurers.

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