Chocolatier’s $49mn Sandy dispute with Chubb unit heads to trialA New York judge has ruled that Madelaine Chocolate Novelties’ long-running $49mn claim against Great Northern Insurance for damage and business interruption losses following Superstorm Sandy has triable issues of fact.
AIG appoints Goldman Sachs’ Love as real estate headAIG has appointed James Love to the role of global head of real estate, as the carrier looks to optimise its real estate footprint globally.
CNA appoints Winter to lead Chicago hubUS insurer CNA has named Jeremy Winter senior vice president and Chicago branch manager, replacing Steve Wachtel who is retiring after a 40-year insurance career.
Heritage leads Florida shares down with 8% dip on cat lossesInvestors reacted negatively to preannounced hail and wind-related losses for the second quarter from Florida homeowners insurers Heritage and FedNat.
RLI points to growth opportunities as casualty momentum picks upUS specialty carrier RLI Corp struck a noticeably more optimistic tone than in the recent past as it commented on pricing momentum in its second quarter earnings call this morning.
BB&T Insurance organic growth surges to 11.6% in Q2US retail and wholesale broker BB&T Insurance Holdings has reported organic growth for the second quarter that more than doubled from 5.2 percent to 11.6 percent to reach what it said was the highest level in its history.
California commissioner Lara faces backlash over industry donationsCalifornia’s insurance commissioner Ricardo Lara has promised to return more than $54,000 that he received in industry campaign donations, the majority of which came from individuals with ties to Applied Underwriters.
Higher investment income and reserve releases help RLI to earnings beatRLI Corp reported an 11.2 percent increase in operating profits to $29.7mn for the second quarter that included stable underwriting performance helped by reserve releases along with higher investment income.
Adams countersues JenCap/MJ Kelly as legal dispute escalatesFormer MJ Kelly president Jon Adams has filed a counterclaim against the MGA and wholesale broker, its owner JenCap and JenCap’s president and CEO John Jennings in a legal dispute over Adams’ departure from the firm last November following its 2016 sale.
Analysts mixed on positive US pricing thesis as Q2 earnings beginAlthough the second quarter P&C earnings season that got underway in the US today will include the impact of weather losses and positive marks on investment portfolios, the focus of investors is likely to be on pricing momentum.
Acrisure fundraising to keep consolidator on course for record 2019Acrisure’s proposed $300mn debt offering will help fuel a highly active M&A strategy that has already put the US broker consolidator ahead of the pace it set in 2018 both in terms of transaction volume and revenue, The Insurer understands.
AGCS names Zurich’s Smithson South America CEOUnder pressure Allianz Global Corporate & Specialty (AGCS) has hired Glaucia Smithson as CEO of South America, succeeding Angelo Colombo, who leaves AGCS after more than 11 years with the specialty carrier.
Plymouth Rock to acquire motorcycle specialist Rider InsuranceBoston-based Plymouth Rock Assurance has agreed to acquire New Jersey’s motorcycle specialist Rider Insurance Company, subject to regulatory approvals.
Barry insured loss pegged at close to $300mnKaren Clark & Company (KCC) has estimated that the insured loss from Hurricane Barry will be close to $300mn, with damage occurring in Louisiana and Mississippi.
Fired CatCo CEO’s $65.8mn lawsuit against Markel settledThe lawsuit filed by the fired CEO of Markel CatCo Anthony Belisle seeking $65.8mn of incentive payments from his former employer has been settled, while erstwhile CatCo Bermuda CEO Alissa Fredricks has voluntarily dismissed her case seeking $7.4mn.
Market psychology points to sustained pricing shiftIt will not come as any surprise if a strong theme of the upcoming Q2 earnings season is bullish commentary from insurers on US commercial insurance pricing.
Mid-year Texas surplus lines premium surges 13.4% as monthly records fallThere was further evidence of the buoyant US excess and surplus lines (E&S) market this week from Texas with the state reporting that premium had jumped 13.4 percent at the half-year stage to $3.48bn.
Aon names Ronda president of US Reinsurance SolutionsAon has promoted Tim Ronda to president of its US Reinsurance Solutions business, as chief executive of the division, George deMenocal, divides his responsibilities.
Kemper to move $16mn collector vehicle book to HagertyUS insurer Kemper has entered into a marketing agreement with Hagerty to transfer its $16mn Classic Collectors book to the classic car insurance specialist and its underwriting carrier.
Swiss Re CorSo hits pause on new business in property habSwiss Re Corporate Solutions (CorSo) is not currently entertaining new business in the US habitational property market as it re-evaluates the class, The Insurer can reveal.