US / Americas

CopperPoint CEO Schmittlein takes on additional exec chair role

CopperPoint Insurance Companies has appointed Marc Schmittlein as chair of its board of directors alongside his current responsibilities as president and CEO of the Phoenix, Arizona-based super-regional commercial carrier.

The Woodlands sets $14-$16 price range for IPO with plans to raise up to $176mn

Broker and MGA platform The Woodlands Financial Group has set a $14 to $16 price range for its IPO, with the firm looking to raise somewhere between $154mn and $176mn as it forges ahead with plans for a public listing.

Amynta acquires Unum’s medical stop-loss MGU operation

Amynta Group has made a renewed medical stop-loss play after entering into a definitive agreement to acquire certain specialist operations from Fortune 500 workplace benefits and services specialist Unum Group.

BMS: Beryl’s US insured damage likely $750mn to $1.2bn

US insured losses from Hurricane Beryl should total between $750mn and $1.2bn, according to a post-landfall estimate from BMS senior meteorologist Andrew Siffert.

Resilience CEO Hariprasad details cyber insurtech’s “flywheel” to prevent losses

Resilience co-founder Vishaal “V8” Hariprasad has outlined his firm’s ambitions to be more than an insurtech, its strategy of applying government cybersecurity know-how to the private sector, and its “integration” of security and insurance to maintain an ultra-low loss ratio.

Cannasure unveils new cannabis workers’ comp program

One80 Intermediaries-owned Cannasure Insurance Services has brought a new cannabis workers’ compensation program to market backed by capacity from multiple carriers.

Lockton names ex-Hostess exec Leonard as new CFO

Lockton has recruited former Hostess Brands executive Travis Leonard as its new CFO, with the hire succeeding Troy Cook in the role as he transitions to a corporate development position supporting the broker’s chairman and CEO Ron Lockton.

AIG makes Burk global treasurer and head of corporate development roles

AIG has given Adam Burk the additional role of global treasurer and head of corporate development, on top of his current role as head of corporate development, strategy and mergers and acquisitions.

Beryl makes landfall in Texas

Hurricane Beryl has made its final landfall near the small tourist town of Matagorda along the Texas coast, with insured losses likely to total less than $500mn and be retained largely by primary carriers

Beryl nears Texas coast as Cat 1 hurricane

Hurricane Beryl is closing in on its final landfall this morning with the storm set to reach the Texas coast in the next few hours.

Beryl’s Caribbean losses in hundreds of millions of dollars with insured portion “significantly lower”

Economic losses from Hurricane Beryl in the Caribbean will be in the hundreds of millions of dollars but insured losses will be much lower, Aon’s Impact Forecasting unit has commented.

Hurricane Beryl heads for Mexico’s Yucatán Peninsula

Mexico’s Yucatán Peninsula is bracing for Hurricane Beryl, now a Category 3 storm, to make landfall early Friday morning with 115 mph winds and dangerous storm surge.

Beryl weakens to Cat 3 as Cayman Islands and Mexico coast under hurricane warning

Hurricane Beryl remains a major hurricane as it passes south of the Cayman Islands this morning, with the storm expected to reach Mexico’s Yucatán Peninsula within the next 24 hours.

Charles Taylor grows aviation adjusting offering with M3 buy

Charles Taylor has continued the build-out of its aviation adjusting offering with the acquisition of US independent loss adjuster M3 Aviation Services.

Lockton Re raids BMS Re North Carolina office for quartet of brokers

Lockton Re has hired a quartet of reinsurance brokers from rival intermediary BMS Re’s Burlington, North Carolina office, recruiting a team that includes Abby Hartman, Jarad Binder, Judy Denson, and Geoff Paul, The Insurer can reveal.

Amwins: Foster care rates surge 50-80% as capacity hits all-time low

Recent legislation removing time limits for survivors of child sex abuse to file claims has led to a rise in abuse and molestation claims, making it exceedingly difficult to secure coverage for foster care operations, according to a recent report from Amwins.

Lockton: US market “rapidly becoming more buyer-friendly” despite Q1 rate rises

The US commercial insurance market is quickly becoming better for buyers as the property market moderates, workers’ compensation remains profitable and professional lines pricing continues to fall, although liability rates continue to climb, Lockton has commented.

LatAm (re)insurance exec Downey passes away

Former TransRe and Validus Re executive Andy Downey sadly passed away earlier this week following a battle with cancer.

Progressive to pay $48mn to settle claims it undervalued wrecked cars

July 2 (Reuters) by Jonathan Stempel – Progressive agreed to pay $48 million to settle a class action lawsuit accusing the insurer of systematically undervaluing the claims of New York drivers whose vehicles were wrecked.