US / Americas

Edison requests 21.9% hike in Florida homeowners rates as water claims surge

Edison Insurance Company is awaiting a ruling on its request to increase homeowners rates in Florida by 21.9 percent – below the 34.7 percent its actuaries said was needed – as lawsuits continue to drive up the cost of water damage claims in the state despite recent regulatory reforms.

Cali DoI calls for motor affinity group discount reform

California’s Department of Insurance has proposed regulations to change the way affinity discount schemes are offered by motor insurers, to remove the so-called “redlining” that affects less affluent customers in the state.

GCube adds Axis’ Tyluki to New York office

Renewable energy-focussed GCube has added Brian Tyluki to its growing New York-based office with the new arrival joining from Axis.

Independence American replaces Markel as Figo capacity provider

Figo Pet Insurance’s capacity provider has switched from Markel to Independence American Insurance Company (IAIC) as the insurtech looks to revise its offering and address what its CEO called “unacceptable” rate rises, The Insurer has learned.

Willis Towers Watson makes LatAm expansion bid with Grupo Unity acquisition

Willis Towers Watson is set to strengthen its presence in Latin America after the broker agreed a deal to acquire Panama-based Grupo Unity.

Buffett protégé Combs to replace Roberts as Geico CEO

Veteran Geico CEO Bill Roberts will stand down from the position at the start of 2020 with Berkshire Hathaway investment manager Todd Combs replacing him.

Falling rates threatening workers comp profitability: AM Best

AM Best has warned that declining rates and growing competition in US workers compensation could start to challenge carriers’ ability to retain profitable accounts and maintain market share.

Cali insurance commissioner Lara extends wildfire non-renewal protection to 1mn+ homes

The insurance commissioner for the State of California, Ricardo Lara, has broadened the protection of insurance non-renewal laws to 200,000 more homes in zip codes that are adjacent to the 2018 wildfires.

Marsh and NFP close to settling JLT defectors suit

Welch handed new role in further Axa XL Re reshuffle

Axa XL is reshuffling the senior management of its reinsurance business with John Welch given the newly created role of chief executive, domestic markets from the start of 2020.

BRP upsizes credit facility in hunt to be top 10 broker

Acquisitive US broking platform Baldwin Risk Partners has increased its senior revolving credit facility by $100mn to $225mn as it looks to fund a “robust” pipeline of deals that includes multiple signed letters of intent.

FI head Cooper in Sompo International exit

Sompo International’s head of US financial institutions and commercial management liability Fred Cooper is parting company with the carrier, The Insurer can reveal.

Seven-year Tria reauthorisation passed by Congress

The US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.

Ascot US adds cyber expert Walter from Axis

Ascot has rounded out phase one of its US insurance company business line build-out with the addition of Drew Walter and four colleagues from Axis to lead a push into the cyber and errors and omissions (E&O) markets, The Insurer can reveal.

Allstate reports light November for cats

US insurer Allstate has estimated its catastrophe losses for the month of November will be $33mn, dropping to $26mn after tax.

Ascot continues US expansion with Greene hire

Ascot’s US build out has continued with the arrival of Crystal Greene from Liberty International Underwriters to lead its management liability team, The Insurer can reveal.

Florida auto insurer Windhaven placed into rehabilitation

Erstwhile Greenlight Re counterparty Windhaven Insurance Company, a Florida writer of non-standard private passenger insurance coverage, has been placed into rehabilitation amid allegations of under-reserving.

Expansive BRP adds circa $19mn of revenue with two acquisitions

BRP Group has made two acquisitions as the independent broker seeks to further build out its rapidly expanding operations.

NCRMA forms insurer to bring “normalcy” to cannabis market

The US National Cannabis Risk Management Association (NCRMA) has formed Garnet Casualty Insurance, an association-owned insurance company to address its members’ concerns over affordable coverage.