US / Americas

ARPC’s Wallace to replace Vilnet as IFTRIP president; launches Washington 2020

Chris Wallace, the CEO of the Australian Reinsurance Pool Corporation (ARPC) is set to become the next president of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP), replacing long-serving president Francois Vilnet.

IGI eyes Nasdaq listing following $400mn Tiberius deal

Dubai-based International General Insurance Holdings (IGI) and special purpose acquisition company Tiberius Acquisition (TIBR) will merge in a $398mn deal that will form a new Bermuda-domiciled holding company and pave the way for the public listing of IGI.

Casualty carriers drafting exclusions “at a rapid pace”

An update from Lockton reveals that US umbrella/excess firming could last another two years, while casualty carriers are also drafting exclusions across a wide range of exposures.

Texas surplus lines premium surges 16% in first nine months

The Surplus Lines Stamping Office of Texas (SLTX) has recorded $5.35bn in surplus lines premium in the state through the first three quarters of 2019 – a 16.2 percent increase over the same period in 2018.

WTW promotes Woode to North America property head

Willis Towers Watson has named Nancy Woode as head of property broking in North America, replacing Gary Marchitello who has moved into the position of chairperson for the business.

CRC launches next phase of REDY platform to aid market selection

Wholesaler CRC has launched the next phase of its Risk Evaluation Database (REDY) platform with search functionality that allows its brokers and underwriters to identify carrier markets and programs likeliest to write a specific account.

Relation to add Central US platform with Premier Consulting deal

Expansive Aquiline-backed US broker Relation Insurance Services is set to unveil the acquisition of Premier Consulting Partners as it looks to build out its operations in the Central region of the US, The Insurer can reveal.

McGriff denied preliminary injunction against CAC defectors

An Alabama district court has denied US broker McGriff Seibels & Williams (MSW) a preliminary injunction against five former executives that joined the newly-formed CAC Specialty.

Bahamas property binder expected to cost D&F market up to $250mn

A property binder placed in the Lloyd’s property direct & facultative (D&F) market could cost carriers some $250mn as a result of Hurricane Dorian, The Insurer can reveal.

AmWINS acquires specialty general agent Stealth Partner Group

Wholesale broking giant AmWINS is to acquire Arizona-based general agent and medical stop-loss specialist Stealth Partner Group (Stealth).

Cyber tops business concerns in Travelers Risk Index

Cyber risks came out top of the list of concerns among businesses of all sizes for the first time since the launch of the Travelers Risk Index five years ago.

Palomar shares up 8% after upsized secondary offering

Shares in quake specialist Palomar Holdings traded around a 52 week high today on Nasdaq after the carrier completed an upsized secondary offering that saw investors including Genstar Capital sell more of their holdings.

Hamilton takes Third Point Re’s Wilson to lead US casualty & specialty reinsurance

Bermuda-headquartered Hamilton has appointed Steve Wilson senior vice president, head of casualty and specialty for its new US reinsurance platform.

CAC Specialty adds Eichenholtz to lead Portfolio Solutions

Cobbs Allen’s expansive new broking unit CAC Specialty has hired former JLT Specialty executive André Eichenholtz as leader of its portfolio solutions group (PSG), The Insurer can reveal.

GIC considers Russia and LatAm for international expansion: report

General Insurance Corporation (GIC) of India has set its sights on Russia and Brazil, as it looks to even out the ratio of domestic to foreign risks in its underwriting portfolio.

E&S poised for further growth after 15% H1 expansion: Fitch

A new report from Fitch provides further evidence of the buoyant US excess and surplus lines (E&S) market, with accelerating top line growth of 15 percent in the first half of the year.

Independent insurance broker BRP files for $100mn IPO

Tampa-based independent insurance distributor Baldwin Risk Partners (BRP) has filed to raise up to $100mn in an initial public offering on the Nasdaq.

Existing cannabis insurers ambivalent over Safe Banking Act passage

Carriers already writing cannabis insurance are in two minds over the SAFE Banking Act because it would make life easier for them but also bring new competition into the market.

Zurich exits US railroad liability classes

Zurich North America’s E&S carrier Steadfast Insurance Company has pulled out of casualty segments of the US railroad insurance market, including force liability and railroad liability, The Insurer can reveal.

Verisk ordered to pay $125mn damages in patent infringement case

Verisk, parent of AIR Worldwide and ISO, has been ordered by a New Jersey jury to pay $125mn in damages for infringing patents owned by an aerial imagery provider.

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