US / Americas

Nationwide set for ~5% headcount cuts over next 12 months

Nationwide Mutual Insurance Company is set to reduce its workforce by 5 percent over the next year, with its property and casualty operations and technology team to take the brunt of the cuts.

Rockingham’s surplus lines platforms quit Florida as Demotech cuts rating

Rockingham Insurance’s surplus lines focused entities have quit the Florida market and entered run-off, while Demotech has cut parent Rockingham Mutual Group’s financial stability rating to A, Exceptional.

Kinsale’s Haney: Best priced E&S business in our history being added to books

The business Kinsale is putting on its books is the best priced in the firm’s 15 years of operation with rates across its platform up 6 percent on a nominal basis in Q2 2024 and property pricing “probably” at a 20-year high.

AJG has $3.5bn to spend on M&A through remainder of 2024

Arthur J Gallagher has another $3.5bn for M&A deals this year, with the broker having spent around $700mn already to fund the 24 acquisitions it completed during the first half of 2024.

The Hartford shares up ~7% after Q2 earnings beat

Shares in The Hartford were up almost 7 percent in early trading on Friday as investors responded favourably to the firm’s Q2 2024 earnings beat and commentary from management indicating that positive pricing trends in many of its major business lines will continue.

Private Client Select pens exclusive E&S distribution deal with Ryan Specialty

Private Client Select Insurance Services (PCS) has signed a distribution agreement with Ryan Specialty for the broker to act as its exclusive wholesaler in the high and ultra-high net worth markets in the US, with capacity from AIG’s newly formed E&S carrier Marbleshore Specialty Insurance Company.

Universal reports top- and bottom-line growth in Q2

Florida-based homeowners carrier Universal Insurance Holdings grew direct premiums written by 5.7 percent to $578.3mn in the second quarter, while operating profits climbed 26.5 percent to $49.5mn as management pointed to “encouraging” claims and litigation trends.

CinFin’s Q2 CR worsens 0.9 pts to 98.5% as NWP grows 14%

Cincinnati Financial has reported a Q2 earnings beat despite its P&C combined ratio deteriorating 0.9 points to 98.5 percent, while net written premiums increased 14 percent to $2.46bn.

Liberty Mutual’s Haase to succeed Peirce as CFO in 2025

Liberty Mutual Insurance will have a new CFO from the beginning of next year with Julie Haase poised to assume the role from Chris Peirce, who will retire from the position at year end.

Axa XL creates two new cyber underwriting teams led by Rossini and Crawford

Axa XL has established new cyber underwriting teams for middle market and wholesale clients in the Americas, with Rachel Rossini leading the middle market team and Deuayne Crawford leading the cyber wholesale underwriting team.

PCF acquires the business of TX-based Montalvo Insurance Agency

PCF Insurance Services has acquired the insurance business of Weslaco, Texas-based Montalvo Insurance Agency.

Patriot strengthens presence in Florida through Dynamic Insurance Agency partnership

Growth-focused national insurance services firm Patriot Growth Insurance Services has expanded its presence in Florida through a new partnership with Dynamic Insurance Agency.

Amwins: Real estate casualty market tightens due to unprofitability

The real estate casualty market continues to tighten due to unprofitability, marked by restrictive terms, reduced coverage, higher rates, and heightened underwriting scrutiny, according to a recent report by Amwins.

Old Republic in Q2 earnings beat as GI operating profits climb 9.9%

Old Republic’s general insurance segment grew its top and bottom lines in the second quarter, which helped it to an overall earnings beat for the period.

Ryan Specialty unveils new roles at consolidated MGU Ryan Financial Lines

Ryan Specialty has expanded its MGU Ryan Financial Lines with new product offerings and a $10mn international facility along with a raft of appointments, including the recent hire of Patrick Mitchell as chief underwriting officer.

Kemper expects Q2 operating income of $85mn-$95mn

Kemper Corporation has preannounced adjusted consolidated net operating income between $85mn and $95mn for the second quarter, which would continue the return to operating profitability that the auto-focused US insurer began in the fourth quarter of 2023.

IMA adds MGA FC Underwriters to expansive Eydent platform

IMA Financial Group has acquired full-service MGA FC Underwriters in a deal that strengthens the firm’s Eydent Insurance Services unit’s position in the Midwest.

McGowan names B&W’s Olson MD of two business units

The McGowan Companies has appointed Karl Olson as managing director of two of its business units: McGowan Donnelly & Oberheu and McGowan Wholesale's professional and management liability division.

Marsh: US rate increases slow to 1% in Q2 with varying trends across sectors

Insurance rates in the US increased by 1 percent in the second quarter of 2024, a deceleration from the 3 percent rise in the first three months of this year, with varying trends across different sectors, according to the latest Marsh Global Insurance Market Index.

RLI sees opportunity in E&S non-coastal property as standard markets pull back

RLI management has commented that overall E&S property growth is slowing as carriers, and especially MGAs, become more aggressive on rates, but the carrier is “seeing more opportunity in the E&S space in non-coastal exposures”.

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