US / Americas

Progressive reports strong top- and bottom-line results for June and Q2

Progressive’s June combined ratio of 86.2 percent contributed to a 91.9 percent combined ratio for the second quarter, an 8.5 point year-on-year improvement, as it also recorded 22 percent growth in net premiums written for the three months to 30 June 2024.

CA, FL and TX book double digit surplus lines growth during H1

The growth in the E&S market remains strong in the three largest states for surplus lines business with California, Florida and Texas collectively seeing their sector specific premium volume increase 11.3 percent during the first half of 2024.

Moody’s RMS pegs Beryl insured losses at $2.5bn to $4.5bn in the US

Insured losses in the US from Hurricane Beryl will range from $2.5bn to $4.5bn while the industry will take a maximum $1.5bn hit from claims emanating from Mexico and the Caribbean, according to Moody’s RMS.

AIG files updated suit against E&S start-up Dellwood with fresh allegations

AIG has updated its lawsuit against Dellwood Insurance Group and argued the E&S start-up’s acquisition of an Arizona shell company, wordings on its website and the hiring of staff with ties to AIG all illustrate violations of non-compete agreements.

US insurance composite beats Wall Street benchmarks with 3% weekly rise

The North American insurance composite compiled by Stonybrook Capital and Weild & Co closed in record territory last week, outperforming the S&P 500, Nasdaq-100 and Dow Jones Industrial Average, as all of the 11 industry groups posted gains.

The Mutual Group hires Johnson from Canopius as CUO

The Mutual Group, a newly integrated platform serving the mutual industry with backing from Bain Capital, has added Coleman Johnson from Canopius as senior vice president and chief underwriting officer.

Euclid Mortgage forms advisory panel as it pushes ahead with 1.1 UW launch plans

Joe Monaghan’s newly formed MGU Euclid Mortgage has formed an advisory panel for clients ahead of its planned underwriting launch on 1 January 2025, The Insurer can reveal.

Floodbase to provide US insurers with data Fema uses to estimate flood impact

Floodbase has launched a flood extent data product to help insurers, corporations and the public sector respond to flooding events in the US.

The data gap in the delegated underwriting authority enterprise sector: a challenge for transparency and oversight

The delegated underwriting authority enterprise market again showed strong growth in 2023, but a lack of industry consensus makes it difficult to say by how much exactly.

Morgan Stanley: Cats, reserves and pricing in focus for P&C sector Q2 earnings

Catastrophe losses are likely to be a consistent theme of the Q2 US P&C results season although in personal lines stable inflation and “supportive macro” trends should boost overall earnings, while in commercial concerns around reserving and pricing will be a focus going forward, according to Morgan Stanley analysts.

Yacht-focused DUAE Edward William gets PA-4 assessment from AM Best

Yacht insurance specialist Edward William Insurance Services has become the latest delegated underwriting authority enterprise to get a performance assessment from AM Best, with the Plantation, Florida-based business receiving a PA-4 (fair) from the ratings agency.

Origin Specialty makes agribusiness play with AIMS acquisition

Beyond Risk’s Origin Specialty Underwriters Agency has broadened its capabilities with the acquisition of agribusiness-focused MGU Agricultural Insurance Management Services (AIMS).

Parametrix secures US retailer $50mn parametric AWS cloud coverage

Cyber modelling firm and MGA Parametrix and broker Aon have successfully secured $50mn of parametric coverage against cloud outage for an undisclosed US retail chain, with capacity provided by more than seven Lloyd’s carriers.

CoreLogic estimates Texas Beryl losses between $2.5bn-$3.5bn

The damage caused by Hurricane Beryl across Texas will cost insurers between $2.5bn and $3.5bn, according to a new estimate by CoreLogic.

Tokio Marine HCC Specialty Group’s Van Wagenen exits, Bouchard promoted to SVP

Houston, Texas-based Tokio Marine HCC Specialty Group has announced the retirement of senior vice president Bert Van Wagenen and his replacement by former VP of kidnap and ransom in the Americas Danielle Bouchard.

Sands Point PE sponsor Avesi Partners aiming to build $1bn+ premium MGU platform

Sands Point Risk’s private equity sponsor Avesi Partners has laid out its ambition to build a full-scale diversified MGU platform, setting its sights on $1bn in premium in the next three years fuelled by team hires and two to three acquisitions a year.

Vantage promotes Berry to chief distribution officer

Vantage Group has appointed Leanne Berry as chief distribution officer, a role in which she will oversee all aspects of the carrier’s specialty insurance distribution strategy to support the firm’s further growth.

Gallagher appoints Howden’s Eaton to US-focused cargo role

Gallagher has appointed Howden executive Jonathan Eaton as executive director in a senior US-focused cargo role.

Hagerty adds former Munich Re US CEO Kuczinski to board

Specialty vehicle insurance provider Hagerty has appointed Tony Kuczinski, the former CEO of Munich Reinsurance US Holdings, to its board of directors.

Tara Hill adds former Argo exec Edsall as SVP

Ambac’s new program administrator Tara Hill Insurance Services has hired industry veteran Richard Edsall as senior vice president focused on excess and surplus lines management liability and professional liability.

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