US / Americas

Palomar beats on Q2 earnings and raises FY guidance

Palomar Holdings reported adjusted net income that climbed 47 percent to $32.0mn, or $1.25 a share for the second quarter, representing a solid beat on Wall Street consensus of $1.09 a share as the carrier also reported strong top line growth of 40 percent with gross written premiums hitting $385.2mn.

BMS: Hurricane Debby similar to 2023’s Idalia but losses “should be lower”

Hurricane Debby’s insured losses from will compare to last year’s Idalia, but should be even lower, BMS’s Andrew Siffert has commented, noting that the wind impacts will be “manageable” for the industry, although the storm could still intensify and potentially turn back north.

AM Best goes positive on Kinsale’s ICR outlook

AM Best has revised the outlook to positive from stable for the “bbb” long-term issuer credit rating of E&S specialist Kinsale Capital Group.

Ryan Specialty share price closes up 10% after Q2 beat and raised guidance

Shares in Ryan Specialty traded up 10 percent after the wholesale giant reported an earnings beat on Thursday evening, raised full-year 2024 guidance, provided a bullish outlook on the E&S market and unveiled the acquisition of US Assure for up to $1.5bn.

Citizens seeks rate average rate increase of 13.5% for 2025

State-backed insurer Citizens has recommended to the Florida Office of Insurance Regulation (FLOIR) a proposed rate change of 13.5 percent on average across its product lines, well below the uncapped indication of 27.8 percent and the 96.8 percent increase it says it would need for HO-3 policies to be “non-competitive”.

NFP promotes Walsh to lead commercial P&C business

NFP has named Mike Walsh as the new leader of its commercial P&C business, reporting to the Aon-owned retail broker’s executive vice president and head of insurance brokerage and consulting Ed O’Malley.

Allstate renews FL Castle Key cat tower with less limit

Allstate completed the placement of its 1 June incepting Florida excess catastrophe reinsurance program for its personal lines Castle Key subsidiaries with a structure that has a lower retention but tops out at $890mn, below the $1.29bn exhaustion point of the top layer on the expiring cover.

The Zebra acquires insurtech platform Marble

Insurance comparison site The Zebra has acquired Marble, a digital platform for managing and saving on insurance.

NSM acquires Florida-based liability MGA GIG Insurance

NSM Insurance Group has acquired Fort Lauderdale, Florida-based GIG Insurance Group, an MGA focused on the community association management liability and lawyers' professional liability markets, as well as affiliated broker Gifford Wells Insurance.

Bay Harbor Re adds casualty treaty veteran LaManna as SVP

Bay Harbor Re has recruited market veteran Mark LaManna to its casualty team.

MMA completes acquisition of The Horton Group

Marsh McLennan Agency has completed its acquisition of Orland Park, Illinois-based The Horton Group in a move first revealed by this publication.

Axa XL extends inland marine offering with US Marine tie-up

Axa XL has extended its inland marine insurance offering in the supply chain and transportation space by entering into a delegated underwriting arrangement with program administrator US Marine Insurance Group (US MIG).

Ambac “materially scales” insurance distribution business as Beat deal closes

Ambac has completed its deal to buy a 60 percent stake in London-based insurance underwriting and MGA incubation platform Beat Capital Partners in a move that doubles the size of the New York-based company’s P&C operation.

IMA merges with $30mn-revenue Florida agency Wallace Welch & Willingham

US broker IMA Financial Group has entered the Florida commercial insurance market by merging with Wallace Welch & Willingham, which has 155 employees and nearly $30mn in annual revenue.

Fairfax Financial’s P&C operations grow Q2 UW profit 10% to $370mn

Fairfax Financial reported property and casualty insurance and reinsurance adjusted operating income that climbed 23 percent to $1.12bn, including a 10 percent increase in underwriting profit to $370.4mn.

Fortegra gets $40mn from Tiptree and Warburg Pincus to support further growth

Fortegra’s backers Tiptree and Warburg Pincus contributed close to $40mn of additional capital to the fast-growing specialty carrier at the end of Q2 2024 to further its expansion.

Ryan Specialty could pay up to $1.5bn on “immediately accretive” US Assure deal

Ryan Specialty has paid $1.075bn up front for US Assure, or 12.8x its trailing 12 months Ebitda, with consideration potentially rising to $1.475bn for the builder’s risk specialist in a transaction hailed as the most significant enhancement to its programs business since it acquired All Risks in 2020.

Ryan Specialty Q2 organic growth accelerates to 14.2% as it ekes out earnings beat

Ryan Specialty’s organic growth accelerated to 14.2 percent in Q2 2023 – up from the previous quarter’s 13.7 percent – while its adjusted Ebitdac margin increased 2.4 points year on year to 35.6 percent.

Beazley slams “manifest injustice” of data breach cover denial suit from Cadwalader

Lloyd’s insurer Beazley has filed a brief arguing for the unsealing of a suit brought against the carrier by law firm Cadwalader Wickersham & Taft LLP, which alleges wrongful denial of coverage for costs related to a data breach in November 2022.

Markel: Run-off of IP collateral protection product expected to finish in 2025

Markel’s management team said Thursday that the run-off of its intellectual property collateral protection product is expected to be completed by 2025, as it delved deeper into the $97mn in charges it has taken tied to the offering so far this year.

Region

Topics

Events & Conferences

Content Types