US / Americas

RSG acquires Massachusetts-based Boston Insurance Specialists

Ryan Specialty Group has acquired Massachusetts -based broker Boston Insurance Specialists (BIS) for an undisclosed sum.

US P&C sector needs more price hardening to return to rate adequacy: S&P

US P&C insurers can do better than the low single-digit pricing increases they took in 2018 and speed the path to rate adequacy, according to the latest outlook from S&P Global Ratings.

RLI in strong earnings beat despite Q4 cats

US specialty carrier RLI Corp comfortably outpaced Wall Street forecasts with operating profits of $17.8mn, or $0.40 a share for the fourth quarter.

Swiss Re partners with 10+ carriers on US flood offering

Swiss Re is gaining traction in its bid to grow the private US flood insurance market after signing up several new carrier and MGA partnerships to offer the product in the second half of 2018, The Insurer can reveal.

Trzos teams up with 777 Partners on program start-up

Atlas General Insurance Services CEO Bill Trzos is working with investment firm 777 Partners on a program carrier start-up to be called Sutton National Insurance Company, The Insurer can reveal.

Bunker creates live proof of insurance for gig economy

Insurtech start-up Bunker has launched live certificates of insurance aimed at the on-demand workforce that allow changes to active policies to be viewed in real time.

Waypoint teams with ArgoGlobal following Lloyd’s approval

US specialty MGU Waypoint Underwriting Management has gained coverholder approval to underwrite accident and health (A&H) on behalf of Argo Global Syndicate 1200 at Lloyd’s.

MMA to buy Florida’s Bouchard Insurance

Marsh & McLennan Agency (MMA) has agreed a deal to buy Bouchard Insurance as it looks to build out its footprint in Florida.

K2 buys farm and agri MGA Mid America Risk Managers

K2 Insurance Services has completed a deal to buy agricultural-focused specialty MGA Mid-America Risk Managers (MARM).

Aon pegs nat cat insured losses at $90bn

Carriers are on the hook for $90bn for losses stemming from natural catastrophes in 2018, according to Aon.

Twin speed property market as casualty contradicts: Amwins

The US property insurance market continues to operate at two speeds, with significantly harder pricing trends for accounts exposed to catastrophe risk than for those that are not, according to Amwins.

Q4 cat preannouncements continue...

As the industry gears up for the fourth quarter earnings period many carriers have prepared the market - and their investors - through a flurry of Q4 cat preannouncements, The Insurer tracks the movements.

McGriff, CRC 4Q revenues leap to record $487mn

North Carolina-headquartered financial services group BB&T said broking revenues in its insurance holdings arm climbed to a “record” $487mn in the fourth quarter 2018.

ConsiliumRe targets LatAm expansion with Miami hub

Specialist reinsurance broker ConsiliumRe is to launch operations in Miami in a move to expand its offering to the Latin American market.

The Hanover hires Mills to lead new E&S offering

US insurer The Hanover Insurance Group has hired Steve Mills from IFG Companies to spearhead a new excess and surplus lines (E&S) offering to brokers, The Insurer can reveal.

P&C insurers report $4.7bn underwriting gain over 2018

Private US property and casualty insurers reported a $4.7bn net underwriting gain in the nine-months to September 2018, a sharp turnaround from a $21bn underwriting loss a year earlier, according to Verisk.

Willis Re pegs nat cat insured losses at $71.5bn

Carriers are on the hook for a $71.5bn 2018 nat cat bill, Willis Re has said.

AIG adds former CNA CEO Motamed to board

AIG has appointed Thomas “Tom” Firouz Motamed as a director to its board of directors.

PG&E bankruptcy filing will not slow claims payments: commissioner

California insurance commissioner Ricardo Lara has told insurers they are expected to continue to pay claims “fairly and in a timely manner,” following news that utility firm PG&E plans to file for bankruptcy.

AIG details Lexington repositioning for middle market growth

AIG has outlined changes at its Lexington operation that will see a refocus on more traditional excess and surplus lines (E&S) business with core property and casualty products largely distributed by wholesale brokers.

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