Ryan Specialty has upsized its newly launched notes offering by $100mn to $600mn as the wholesale and underwriting giant targets further M&A and investments.

The struggles in California’s beleaguered property insurance market have been laid bare by new figures from the Golden State’s Fair Plan, which show that its assumed exposure soared by 61.3 percent in the 12 months to 30 September 2024 to $458.1bn.

Guy Carpenter has appointed Cem Altuntas as managing director within its newly formed capital and advisory group.

Arden Insurance Services has secured a significant growth capital investment from private equity firm FTV Capital, Program Manager can reveal.

Florida carrier American Integrity Insurance Group has promoted Jon Ritchie to president.

Ascot has appointed New York-based Mark Benz as executive vice president, head of alternative risk solutions.

The California Earthquake Authority (CEA) had $7.993bn of risk transfer in place as of the end of November, which was down 12.7 percent from the end of June following the authority allowing coverage to expire at renewals in July and October.

US personal lines carriers’ improved underwriting performance, better catastrophe risk management practices and rising investment yields have prompted AM Best to revise its outlook on the sector to stable from negative.

Staff at state insurer of last resort Citizens Property Insurance Corporation of Florida have budgeted for $4.453bn of risk transfer through transitional reinsurance and the capital markets next year, which would be an increase from the $3.564bn placed this year.

New York-based financial consulting and brokerage firm Advanced Corporate Solutions has partnered with Imperity Insurance & Benefits Consulting, the insurance division of Imperity, a full-service financial services group also based in New York.

The Alberta government announced last week that it seeks to overhaul the province’s auto insurance systems by introducing rate hikes and switching to a limited no-fault claims model by 2027, with insurers expressing their intention to work alongside the legislators.

The US umbrella and excess casualty market is seeing continued stress and change amid a greater focus from underwriters on managing capacity in the face of escalating verdicts and settlements along with tougher reinsurance renewal conditions, according to Risk Placement Services (RPS).

Wholesale broker Burns & Wilcox has said the “gradual and consistent shift” in business from the admitted to the E&S market is a trend that is here to stay, as it also highlighted growing US liability concerns going into 2025.

It was no surprise that US casualty was one of the dominant themes of the recent Q3 earnings season.

The Hartford has said it remains on track to hit $300mn in E&S binding premium this year, with John Russo, small commercial CUO at its Navigators unit, telling this publication that the stickiness of the business and surging submissions mean there should be a “several year runway” for growth.