US / Americas

District Cover launches commercial package policy with Vantage capacity after $7mn fundraise

District Cover, a newly established public benefit company and insurance agency, has introduced its “District Covered” commercial package policy in partnership with Vantage Risk, which is a capacity provider and investor.

USI’s head of industry verticals and construction leader Beck to leave

USI’s head of industry verticals and national construction practice leader Danette Beck is leaving the retail broker, The Insurer can reveal.

Jury awards USI $3mn in dispute over Lockton hiring eight-strong team

USI Insurance Services has been awarded over $3mn after a jury in a Tampa, Florida-based legal case found in favour of the broker after it countersued a group of former staff who had left to join Lockton.

Kingstone facing “greatest profitable growth opportunity” as competitors quit NY

Kingstone Companies CEO Meryl Golden believes the current market conditions present the regional carrier with the “greatest profitable growth opportunity” in its history after the executive outlined in a letter to shareholders how certain competitors have stopped writing business in its native New York state.

California court orders Lloyd’s syndicates to pay ~$18mn over bad faith claim in R&W suit

A number of Lloyd’s syndicates have been ordered to pay ~$18mn in damages to Wing Inflatables for a bad faith claims handling case in relation to a representations and warranties (R&W) claim.

Paragon forms small commercial division with hire of RPS’s Lasher

Paragon Insurance Holdings has formed a new small commercial division led by Charles Lasher, who has joined the multiline MGA from RPS Atlas.

J Powell Brown: Casualty market more disciplined on pricing than any time in career

Casualty rates are expected to continue to move higher after increases of up to 10 percent in the second quarter, according to Brown & Brown president and CEO J Powell Brown, who suggested that the discipline around pricing pressure on the business in the market is greater than at any time in his career.

PGA Tour golf event receives parametric payout after rainfall disruption

A parametric claim has been triggered after two days of rain disrupted the Dick’s Sporting Goods Open, a PGA Tour Champions event in New York.

Carbon obtains in-principle approval for US program-focused Syndicate 5757

Specialist MGA Carbon Underwriting has received in-principle approval from Lloyd’s to launch Syndicate 5757 on 1 January 2025.

Brown & Brown beats as Q2 organic growth picks up to 10% led by programs and wholesale

Brown & Brown continued the US-listed broker reporting season with an earnings beat that benefited from strong organic growth of 10.0 percent and an adjusted Ebitdac margin that improved from 34.2 percent in the prior-year period to 35.7 percent in Q2 2024.

WR Berkley not expecting “material loss” from Microsoft/CrowdStrike event

WR Berkley does not expect to suffer a “material loss” from last Friday’s Microsoft/CrowdStrike outage, according to the company’s president and CEO Rob Berkley, although the executive believes the event will be “a wake-up call” for the industry.

Rob Berkley cautions on social inflation despite WRB’s Q2 reserve releases

WR Berkley (WRB)’s Rob Berkley has urged further caution about the ongoing impact of social inflation and its impact on reserves even as his company booked modest favorable development in Q2 2024 while the executive pinpointed the auto market as a continued cause of concern for the industry.

Nephila has biggest share of Citizens traditional XOL as Berkshire non-renews

Funds managed by Markel-owned Nephila wrote almost 30 percent of the $1.96bn traditional reinsurance limit secured by Florida’s Citizens at its 1 June renewal, while last year’s biggest participant Berkshire Hathaway was not on the excess-of-loss (XoL) cover.

WR Berkley books Q2 earnings beat even as cat loss-hit CR increases 1.5 points

WR Berkley reported a significant increase in its operating income per diluted share for Q2 2024, with the $1.04 booked ahead of analysts’ consensus forecast and achieved despite the carrier’s consolidated combined ratio deteriorating by 1.5 points owing to increased catastrophe losses.

Hub adds to NC footprint with Wade Associates deal

Hub International has added to its capabilities in North Carolina with the acquisition of Wade Associates, LLC, an independent agency that has four locations across the Tar Heel State.

Tredway, Paris and Carlson get new CRC Group exec leadership roles

CRC Group has named Brent Tredway as sole president of its brokerage division, with Brennan Paris stepping into the role of president of the wholesaler’s binding division, and Chris Carlson appointed COO of its overarching commercial solutions division.

Selective and Travelers GL reserve strengthening sends investors into jitters

Early reporters in the US P&C earnings season can often set the tone for the sector, and concerns that were already held by investors around casualty reserve adequacy were significantly exacerbated at the end of last week by general liability charges from Selective and Travelers.

Arch gets regulatory approval for Allianz US midcorp and entertainment acquisition

Arch Insurance North America’s planned acquisition of Allianz’s US midcorp and entertainment insurance businesses has navigated a major potential hurdle after the Bermudian carrier received the green light from regulators for the deal to go ahead.

GuideOne promotes Spoonemore to chief underwriting and risk officer

GuideOne Insurance Company has appointed its third chief underwriting officer in less than 10 months, promoting company veteran Troy Spoonemore to the role following Joseph Strickland’s exit from the business earlier this year.

Travelers shares drop as CFO notes “proactive and decisive” $250mn Q2 GL reserve strengthening

Travelers’ share price fell 6 percent on Friday morning despite a Q2 earnings beat, as management revealed a $250mn reserve charge in its general liability business, while the business insurance segment produced a double digit renewal premium change for the fifth quarter in a row.

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