US / Americas

CRC adds non-cat quota share property capability with Amrisc

Wholesale broker CRC has added to its relationship with sister company Amrisc with the creation of a new non-cat excess quota share property offering under its Insurisk banner, The Insurer can reveal.

Munich Re’s US growth ambition remains challenging despite hardening market: Jefferies

German reinsurance giant Munich Re will need to fight off competitors Swiss Re and Scor if it is to make good on its ambition of engineering substantial P&C growth in the US market, according to equity analyst Jefferies.

Munich Re looks to grow new specialty platform to $3bn by 2025

Munich Re Specialty Insurance (MRSI) aims to become a leading North American commercial insurer with premium of $3bn by 2025 as it builds out its platform with a strong wholesale distribution focus, The Insurer can reveal.

Aon seeks standardised commission rates on US commercial risk

Broking giant Aon is talking to insurers about fixing standard commission levels by line of business and placement geography for US commercial risk, The Insurer can reveal.

Kemper names Chubb’s Omiridis deputy CFO

Chicago-based insurer Kemper Corporation has named Anastasios “Andy” Omiridis as deputy chief financial officer and principal accounting officer.

Orchid takes Farmer’s Cody for COO role

US property catastrophe specialist Orchid Underwriters Agency has named Katherine Cody as executive vice president and chief operating officer, a new role within the organization.

PG&E finalises $11bn wildfire claims settlement

California utility Pacific Gas & Electric Company (PG&E) has finalised a definitive agreement to settle all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp Fire.

Rheel joins Munich Re’s NA specialty insurance drive

Former Aspen US insurance president Bob Rheel has joined Munich Re’s new specialty insurance platform as the carrier continues to build out its platform in a buoyant E&S marketplace, The Insurer can reveal.

Lexington’s Western World to launch new small commercial brokerage offering

Lexington Insurance’s SME division, Western World, is launching a new small commercial brokerage product underwritten by a team led by former Nationwide E&S executive Penny Herron, The Insurer can reveal.

McDermott Will & Emery hires Drinker Biddle quartet

Experienced (re)insurance lawyer Michael Halsband has joined McDermott Will & Emery as part of four senior hires from rival Drinker Biddle

2019 Spencer gala breaks records with $1.3mn+ fundraise

The Spencer Educational Foundation has so far raised $1.34mn from its 2019 Gala Dinner event in New York on Thursday night (19 September).

Risk Strategies wholesale rebrands and adds senior broking execs

Risk Strategies has rebranded its Matt Power-led wholesale business as One80 Intermediaries and added a number of senior executives to the platform, including Donovan Nowell and Brad Keller as financial lines and property practice leaders, The Insurer can reveal.

Generali launches US specialty unit to write warranty business

The US arm of Italian insurer Generali Group has launched a specialty insurance division that will focus on providing warranty services and solutions.

AJG buys specialty construction broker and program manager

Arthur J Gallagher (AJG) has bought specialist broker Allied Insurance Brokers (AIB) and its program manager subsidiary Ascinsure Specialty Risk in a move that adds to its construction capabilities.

CopperPoint buys Alaska National

US regional commercial insurer CopperPoint Insurance Companies has agreed a deal to acquire Alaska National, following this publication in May revealing the Anchorage-based insurer was evaluating a sale.

Surplus lines carriers challenged by submission flow from brokers

The deluge of submissions into the E&S market is forcing some surplus lines carriers to cut back on the wholesale brokers they use, while a number of intermediaries report unease about dealing with Lloyd’s, according to AM Best.

AIG returned to surplus lines growth last year following Validus acquisition

Vitale named Arceo.ai president as cyber insurtech raises $37mn

Insurtech start-up Arceo.ai has named former Aspen executive Mario Vitale as president and completed a $37mn fundraising as it looks to deliver on its aim to build a more efficient and effective cyber risk analytics and insurance platform.

XPT secures $40mn financing and buys Sierra Specialty

BP Marsh-backed specialty insurance distribution platform XPT Group has secured additional financing of $40mn from Chicago-based Madison Capital Funding.

Alliant launches M&A insurance unit

US specialty broking powerhouse Alliant has launched a Mergers & Acquisitions (M&A) insurance unit to provide cover for private equity firms and alternative asset managers.