US / Americas

Markel: Casualty, PL actions in insurance have reduced premium in select classes by 20%

Markel has said that re-underwriting actions in select areas of its casualty and professional liability portfolios have meant letting go about 20 percent of premium in those classes, while its management also detailed its conservative reserving practices.

AIG says pricing is below trend in property but above trend in casualty as it details reserve review

AIG said on its earnings call on Thursday that overall global commercial lines pricing increased 5 percent in Q2, excluding workers’ compensation and financial lines, with stable loss cost trends, and also commented on a review of $20bn of US casualty reserves in the quarter.

Ryan Specialty’s Sapphire Blue inks exclusive deal with MagMutual

Ryan Specialty’s Sapphire Blue subsidiary has entered into an exclusive underwriting relationship with MagMutual.

Arch completes deal for Allianz US midcorp and entertainment unit

Arch Insurance North America has closed its acquisition of Allianz’s US midcorp and entertainment insurance businesses.

Markel UW profit dips 8% in Q2 due to core LR deterioration, $56mn IP charge

Markel’s underwriting profit fell 8 percent to $134mn in Q2, driven by a 450 basis point weakening in its consolidated core loss ratio following higher casualty and professional liability claims, along with a $56mn charge tied to its discontinued intellectual property collateral protection product.

Fortegra Q2 CR improves 30 bps to 89.9% as E&S drives top line growth

The Fortegra Group’s second quarter 2024 combined ratio improved by 30 basis points to 89.9 percent while the carrier’s gross premiums written and premium equivalents (GPWPE) for the period increased 8.4 percent to a record $776.1mn.

The Hanover swings to modest Q2 UW gain from $166mn loss YoY after PL loss narrows

The Hanover swung to a second quarter $6mn underwriting profit from a $166mn loss a year ago, as the underwriting deficit in its personal lines division narrowed to $59mn from $223mn, while commercial lines more than doubled its gain to $43mn from $21mn.

AIG misses on Q2 earnings but sees further improvement in GI adj AY CR to 87.6%

AIG reported adjusted Q2 after-tax income of $1.16 a share that missed Wall Street forecasts of $1.30 but represented a 38 percent increase on a comparable basis when stripping out the divested crop business and Validus Re, as the insurance giant delivered another quarter of underlying underwriting improvement.

Arch: Atlantic storm concerns led to mid-year cat reinsurance growth pause

Concerns over the current elevated forecast for storm activity in the Atlantic basin this wind season led Arch Re to press pause on growing its property catastrophe book at the mid-year renewal, a turnabout from the capacity it deployed at the 1.1 renewal when premium soared.

Tokio Marine HCC adds Arch’s Holmes as head of healthcare professional

Tokio Marine HCC has recruited Jonathan Holmes as vice president, head of healthcare professional insurance, with the new hire joining after spending the past three years at Arch Insurance.

Amynta brings in Skyward’s Way to lead medical stop loss business

Amynta Risk Solutions has brought in ex-Skyward Accident & Health CEO Byron Way to lead its expansive medical stop loss business.

Orion180 begins offering HO coverage in Ohio

Orion180 has continued to broaden its reach with the firm now offering its admitted homeowners insurance services and coverage in Ohio.

Q2 earnings commentary points to continued strong momentum in E&S market

Despite evidence of competition and rates driving a slowdown in areas of property, the overall flow of business into the E&S market appears to remain strong, with carriers and brokers providing largely bullish commentary in Q2 earnings to date.

Old Republic targets further specialty build-out with E&S focus

Old Republic International has brought in James Evan-Cook as senior vice president for strategic development as it looks to continue building out new underwriting ventures as well as its existing businesses in the specialty insurance arena, E&S Insurer can reveal.

AssuredPartners acquires FL-based Jack Rice Insurance in 500th acquisition

AssuredPartners has acquired St Petersburg, Florida-based Jack Rice Insurance Agency, marking its 500th acquisition.

CBIZ highlights impact of producer defections in Q2 earnings miss

CBIZ reported second quarter earnings that included revenue growth of 2.8 percent on an underlying basis to $420.0mn, noting the impact of the departure of a “small group of producers” in its P&C business and the loss of clients they served.

CBIZ acquires NYC-based Marcum in $2.3bn deal

CBIZ has entered a definitive agreement to acquire the non-attest business of New York-based national accounting and advisory firm Marcum, in a move the company said will “solidify” its position as a leading provider of professional services to the growing middle market space.

Boost gets “meaningful” equity investment from BHMS

Boost Insurance has received a “meaningful” equity investment from BHMS Investments, which will be used to support the New York-based technology firm’s continued MGA program and customer growth.

Cadwalader launches legal case over Beazley syndicates data breach cover denial

Law firm Cadwalader Wickersham & Taft LLP has filed a suit in North Carolina alleging wrongful denial of coverage for costs by Beazley’s Syndicates 623 and 2623 related to a data breach in November 2022.

Intact beats as net operating income soars 111% to C$866mn in Q2

Intact Financial Corporation recorded a comfortable Q2 earnings beat as its net operating income more than doubled to C$866mn ($625mn) driven by strong underwriting results and solid growth within investment and distribution income.

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