US / Americas

Increased E&S property demand has traction: Arch’s Grandisson

Arch Capital’s CEO compared property casualty market conditions to a holiday with children on the Bermudian (re)insurer’s earnings call.

New Markel retro platform “not a replacement” for CatCo

Markel’s co-CEOs in an earnings call stressed they will take a “crawl-walk-run” approach to its new Bermuda retro platform and also explained a $213mn investment in MGA Hagerty.

London North America head Higgins departs from JLT Re

The head of JLT Re London North America Mark Higgins has resigned from the firm following its integration into Guy Carpenter’s operations in the wake of the landmark MMC takeover earlier this year, The Insurer can reveal.

Cincinnati beats at Q2 as combined ratio falls to 96.5 percent

Cincinnati Financial reported a 5 percent increase in second quarter operating profit, beating Wall Street forecasts thanks to a 17 percent boost in new property and casualty business.

National General reveals quota share reinsurance details

US personal lines carrier National General has reduced the cession commission rate on its homeowners quota share but maintained the commission rate on its auto quota share, which both renewed 1 July.

Capital One reveals $400mn cyber cover after breach

US bank Capital One has revealed it has insurance covering cyber risk events with a total coverage limit of $400mn, following a breach of over 100 million individuals’ personal information.

Doucette hails Everest’s record $430mn fac book

Everest Re has provided a bullish outlook for its reinsurance operation, with reinsurance CEO John Doucette particularly noting “meaningful improving fac opportunities” on an earnings call today.

Odyssey’s Newline joins Lloyd’s Mexico

Newline, the international specialty arm of Fairfax-owned Odyssey Re, has launched Newline Latin America via the Lloyd’s license in Mexico.

Florida Supreme Court dismisses closely watched AOB suit

Citing reform that came into effect at the start of this month, the Florida Supreme Court has narrowly voted to reverse its decision to review a dispute over assignment of benefits (AOB) involving Ark Royal Insurance and a contractor.

Atlas Financial to appeal NASDAQ non-compliance

Embattled US auto insurer has received notice from NASDAQ that it is not in compliance with its listing rules because it still has not filed reports for 2018 and the first quarter.

HIIQ to conduct “strategic review” after short-sellers target stock

The world’s fastest-growing public company, the Florida-based insurance technology firm Health Insurance Innovations (HIIQ), has put itself up for sale after becoming a target for short-sellers which has seen fierce movement in its NASDAQ-listed share price.

TMHCC continues surety expansion with Mexico launch

Tokio Marine HCC has launched a subsidiary in Mexico to generate local surety business, as the group looks to expand its international footprint.

Insurers seek control of PG&E

A group of insurers that say Pacific Gas & Electric (PG&E) owes them more than $20bn from wildfire claims is seeking to take over the California utility provider and pull it out of bankruptcy.

ProSight IPO prices below expected range in downsized offering

US program insurer ProSight Global has set the pricing of its initial public offering (IPO) at $14.00 per share, $2.00 below the initial $16.00 - $18.00 expected range it released earlier this month.

Child molestation liability exposure heightened as more states take action

More US insurers are likely to follow Travelers in increasing liability reserves as a result of many states enacting child molestation laws, with AM Best warning of “an onslaught of civil lawsuits”.

KCC pegs Ridgecrest earthquake insured losses at $40mn

Modeling firm Karen Clark Company (KCC) has estimated that insured loss from July’s California Ridgecrest earthquake will be close to $40mn, around a fifth of the overall losses incurred.

Capital Returns’ Bobman seeks FedNat board position

Shares in FedNat Holding surged by more than 6 percent yesterday after it emerged that investor Capital Returns Management LLC had sought representation on its board in an activist move on the company.

Pace of hardening accelerating as industry reacts to pain: Berkley

WR Berkley has revealed its average rate increases excluding workers compensation in the second quarter were more than 5 percent, with its CEO saying on an earnings call that the pace of change is accelerating.

Agent/broker M&A up in H1, led by Acrisure

An Optis Partners analysis reveals US and Canada agent and broker M&A in the first half of 2019 is outpacing the same period last year, with Acrisure agaub the leading acquirer.

Travelers shares down 3% after non-cats and tort trends hit results

Investors reacted negatively as Travelers highlighted higher than expected non-catastrophe weather losses and a worsening tort trend that extended from commercial auto into other liability coverages in its Q2 earnings.

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