US / Americas

Palomar FSR upgraded to A by AM Best

Palomar’s strong recent operating performance and its “very strong” balance sheet strength have resulted in AM Best upgrading the carrier’s financial strength rating (FSR) to A (Excellent).

Lemonade Q2 loss ratio improves to 79% as Ebitda loss narrows to $43mn

Lemonade cut 15 points from its gross loss ratio in Q2 2024 to 79 percent while the insurtech’s adjusted Ebitda loss narrowed by 18 percent to $43.0m in results that the firm, in a letter to shareholders, described as “excellent”.

Mercury General books big swing in Q2 operating profit despite cat loss increase

Mercury General sidestepped a 35.9 percent increase in catastrophe losses and swung to operating income of $60.3mn in Q2 2024 while the carrier’s combined ratio improved 11.2 points from the prior year period to 98.9 percent.

Workers’ comp specialist Amerisafe trades down 4% after Q2 earnings miss

Amerisafe’s share price fell 3.7 percent during trading on Tuesday as investors responded to the workers’ compensation specialist’s Q2 2024 earnings miss.

Coaction Global names Hiscox USA’s Spunberg COO

Morristown, New Jersey-based specialty insurer Coaction Global has appointed former Hiscox USA executive Bertrand Spunberg as chief operating officer.

Clearcover launching reciprocal and expanding into non-standard auto

Auto insurtech Clearcover is working to launch a new reciprocal that will be capitalised with funds on hand, and is planning to leverage the new structure to expand into writing non-standard risks, The Insurer can reveal.

Hamilton Lane creates new insurance solutions team, adds Solfisburg and Ross

Conshohocken, Pennsylvania-based private markets investment management firm Hamilton Lane has launched a new insurance solutions team and appointed two senior members, Eric Solfisburg and Kyle Ross.

Highstreet strengthens FL presence with Flagler Insurance Agency acquisition

US retail insurance broker Highstreet Insurance Partners has expanded its footprint in Florida with the acquisition of Palm Beach-based Flagler Insurance Agency.

Zodiac and founder Wash win NJ fraud ruling against former AFL CEO Finch

Zodiac Insurance Services and founder David Wash have won a partial summary judgment in their case against Robert Finch, with a New Jersey judge finding the former AFL Insurance Brokers CEO liable for fraud and negligent misrepresentation in relation to his firm’s acquisition of the US MGA and intermediary.

Travel insurance start-up Faye raises $31mn in Series B round

Travel start-up Faye has raised $31mn in a Series B funding round led by Portage and supported by Lumir Ventures, F2 Venture Capital, Viola Ventures, and Munich Re Ventures that will be used to fuel the platform’s ambitious growth plans.

AM Best: US homeowners market suffered worst UW result of century in 2023

The US homeowners insurance market suffered its worse underwriting result this century in 2023 after the increasingly volatile sector faced myriad issues including elevated loss activity from secondary perils like severe convective storms and wildfires along with higher reinsurance costs, according to AM Best.

IMA’s Cornerstone hires AIG’s Terblanche as director of underwriting services

IMA Financial Group’s Cornerstone Risk Solutions has brought in Hendrik “Hennie” Terblanche from AIG as director of underwriting services.

Berkley Program Specialists adds CNA’s Landers

Berkley Program Specialists has added over 20 years of industry experience to its ranks with the hire of Kevin Landers from CNA.

Skyward hires Beazley’s Miglin for life sciences, RSUI’s Smith to lead transactional E&S property

Skyward Specialty’s healthcare unit is expanding into underwriting insureds in the life sciences segment with the hire of Julie Miglin from Beazley, while the Houston-based firm has also hired Steven Smith from RSUI to lead transactional E&S property.

Aon: US public D&O price decreases moderate to 5.2% in Q2 after 29.9% drop in Q1

The average price per million for US public D&O insurance fell by 5.2 percent year on year in Q2 2024, the ninth consecutive quarter of decreases but a notable deceleration from the 29.9 percent reduction recorded in Q1, new data from Aon shows.

CA Fair Plan coverage expanded and financial stability rules imposed

California’s Fair Plan is to undergo further significant changes in a bid to strengthen the insurer of last resort’s offerings after the Golden State’s insurance commissioner Ricardo Lara secured support for a raft of new updates including expanded coverage and improved transparency.

Robusto: CNA targeting further commercial auto and excess casualty rate rises

While CNA is confident rate rises in commercial auto and excess casualty – two of its segments most unfavourably impacted by social inflation – ensure it remains ahead of the rising loss costs it is faced with, CEO Dino Robusto believes further increases are needed.

1970 Group gets growth investment from Bain Capital

Insurance collateral solutions specialist 1970 Group has secured a growth capital investment from Bain Capital Insurance to support its continued expansion.

Horace Mann cuts FY 2024 EPS guidance on higher cats and lower investment income

Horace Mann has slashed its full-year earnings guidance range to $2.40 to $2.70 per share from $3.00 to $3.30, citing lower expected investment income and higher catastrophe losses for the move.

Confie buys three agencies to expand NC, FL and TX footprint

Alliant-owned personal lines distribution platform Confie has acquired Affordable Insurance in North Carolina, US1 Insurance in Florida and Bridgepoint in Texas as it continues to build out its footprint.

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