US / Americas

Willis pursues Alliant for trying to ‘decimate’ its construction team

Willis Towers Watson is suing Alliant for trying to “steal millions of dollars of revenues” after the West Coast broker poached a 12-strong construction team from its larger rival.

Axis taps Travelers for global head of ceded reinsurance

Bermudian carrier Axis has appointed Anne Kelly global head of ceded reinsurance.

AmWins secures Argo backing for two new marine MGAs

Wholesale broking giant AmWins has launched two new MGAs focused the marine market – Amwins Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU).

Darag inks its first US deal as it partners with SOBC

Run-off acquirer Darag has entered a joint venture with US-based SOBC in a bid to grow beyond its European heartland into the North American, Caribbean and Bermudian legacy markets.

Munich Re hires senior XL underwriter to lead its US specialty push

Munich Re has hired XL Group’s head of US terrorism and political violence Ben Tucker to lead a new unit focussed on writing a variety of US non-marine specialty classes, re-Insurance.com can reveal.

AmTrust’s combined ratio swells to 106% after another reserve charge

Soon-to-be private US insurer AmTrust saw its combined ratio balloon to 106.1 percent in the second quarter after booking another reserve charge.

Liberty Mutual sees 2Q profits up on lower cats

Liberty Mutual’s underwriting performance swung to a profit in the second quarter, with the Boston-based carrier clocking a combined ratio of 97.9 percent.

AmTrust buys time to terminate $2bn Maiden quota share

US insurer AmTrust has negotiated extra time to cancel its $2bn reinsurance quota share with sister company Maiden.

Maiden’s shares plunge 41% as CEO resigns after bad Q2

Shares in Maiden crashed by more than 41 percent on Thursday after the Bermudian reinsurer announced that its top brass had resigned after another poor second-quarter performance.

Top execs depart as AmTrust charge sends Maiden to an unexpected loss

The CEO and finance boss of Maiden have both stepped down in the wake of a poor second quarter that saw the Bermudian fall to an unexpected loss after taking a reserve charge on a book of business written for its sister company AmTrust.

Travelers CFO Benet steps down with plaudits

Travelers long-serving CFO Jay Benet had his retirement greeted with plaudits this week after nearly 17 years in the role.

Underwriters must adapt to ‘new normal’ in California: AM Best

Insurers need to change the way fire perils in California are modelled and underwritten in the wake of wildfires that have taken hold across the state, according to AM Best.

Better reinsurance profits help Navigators comfortably beat estimates

Improved profitability in the global reinsurance unit of Navigators helped the US specialty carrier comfortably surpass the expectations of analysts in the second quarter.

Aspen appoints new reinsurance head as AIG hires Lillelund

Aspen Re’s CEO Thomas Lillelund is leaving the Bermudian carrier, which is elevating his number two to lead its reinsurance unit.

Starr confirms deal to buy Aspen’s aviation book

Starr Insurance Companies has confirmed a deal to acquire Aspen’s aviation insurance operation after the Bermudian’s CEO revealed that it was ditching its $50mn+ book.

State Auto’s combined ratio climbs as catastrophe losses weigh on profits

State Auto has surprised analysts in the second quarter by reporting a $3.5mn loss that was more than double last year’s deficit as the carrier’s catastrophe bill surged by almost 50 percent.

Insurance gains bolster Berkshire Hathaway’s Q2 profits

Profit increases across all of Berkshire Hathaway’s main insurance segments helped propel the Warren Buffett-led conglomerate to an impressive earnings beat for the second quarter.

TransRe profits jump as Alleghany’s insurance segment slips

Profits at Alleghany-owned reinsurer TransRe surged by 12.2 percent to hit $69.8mn in the second quarter, although the carrier insisted it remained “cautious” in the current environment.

Carr wildfire could lead to $1.5bn+ insured losses

The raging California Carr fire is already the sixth most destructive wildfire in the state’s history and could lead to insured losses of $1.5bn or even higher, according to the rating agency Moody’s.

AIG misses as restructuring costs and US losses hit profits

US behemoth AIG disappointed analysts in the second quarter as its North American insurance operation pushed the group to an underwriting loss and a $200mn restructuring charge weighed on the bottom line.

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