US / Americas

The multispeed marketplace…

Five years ago, the wider US commercial P&C insurance market was in the throes of a broad firming that led to a lengthy hard environment, as carriers exercised limits shortening and an aggressive push for higher rates almost in lockstep across multiple lines.

The Hartford says E&S binding on course for $300mn of premium

The Hartford is continuing to see strong growth in its E&S binding business, which is on track to grow by 50 percent this year to almost $300mn in annual written premiums as it rolls out new locations with wholesale giants including Amwins and RT Specialty.

Riordan, Abizaid and Gomez join MSIG USA to lead political risk and credit

Dan Riordan and his colleagues Richard Abizaid and Javier Gomez are joining MSIG USA to lead the expansive platform’s political risk and credit portfolio in the US market, after leaving Vantage Risk in a move first revealed by The Insurer.

Lockton launches global space practice led by ex-Piiq duo

Lockton has expanded its US space insurance offering with the launch of a global space practice led by newly appointed Ian George.

Australian govt pushes insurer partnerships and risk assessments in new roadmap

The Australian regulator is set to publish the findings of its insurance climate vulnerability assessment by mid-2025 as part of the government’s new sustainable finance roadmap.

AmRisc and American Coastal extend exclusive MGA agreement by 5 years

The exclusive MGA agreement between TIH-owned cat underwriting heavyweight AmRisc and New York-listed American Coastal’s carrier subsidiary has been extended by five years to the start of 2029.

Zurich NA names Bracken CFO as Hirs moves to group role

Zurich North America has appointed former Fortitude Re CEO James Bracken as chief financial officer, succeeding Peter Hirs, who will return to Zurich Insurance Group in Switzerland as group head of mergers and acquisitions.

Bolttech’s Kole to buy out 50% SiriusPoint stake in FL carrier Vyrd

Bolttech-owned and Rob Schimek-led Kole Inc has been approved by Florida regulators to buy out SiriusPoint’s 50 percent stake in the parent of homeowners carrier Vyrd Insurance Company, The Insurer understands.

AM Best downgrades North Carolina Farm Bureau to A- and Kentucky Growers to B++

Weather-related losses have led AM Best to downgrade two mutual insurers serving the US farm community, cutting North Carolina Farm Bureau Insurance Group to A- (excellent) and Kentucky Growers Insurance Company to B++ (good).

Dellwood lands Sompo’s Salzman as chief claims officer

E&S start-up Dellwood Insurance Group has hired Jeremy Salzman as chief claims officer from Sompo International, where he most recently served as SVP and head of financial lines claims.

Dellwood files motion to dismiss AIG lawsuit it says is attempting to use judicial system to “crush” start-up

Dellwood Insurance Group has filed a motion to dismiss AIG’s lawsuit against it which it described as an effort by one of the largest insurers in the world to use the judicial system “as a cudgel to crush a fledgling start-up”.

Latest insurtech start-ups focused on tougher classes than personal lines: II panel

The latest wave of insurtech start-ups has learned lessons from the personal lines-focused businesses launched in the last decade, targeting more difficult segments and honing in on specialisation.

WTW names Aon’s Wilson deputy regional leader and global client advocate within CRB NA

WTW has appointed former Aon executive Tia Wilson as deputy regional leader and global client advocate within corporate risk and broking, North America.

WTW adds Aon’s Mann, Trombino and Younger to financial institutions team

WTW has added three new hires to its financial institutions and professional services industry division within corporate risk and broking, North America, with Heather Mann, Larry Trombino and Jeanette Younger all joining from Aon.

PCF Insurance Services acquires four new businesses

PCF Insurance Services has acquired four new businesses: Pennsylvania-based Ignitist, North Carolina-based Brady Agency, Mississippi-based Roseberry Insurance Agency, and Iowa-based Sinnott Agency.

Alliant adds Aon’s Tanios to LA specialty team as rapid build-out in the region continues

Alliant Insurance Services has added former Aon executive Matthew Tanios to its Los Angeles specialty team, where he is expected to draw on his prior experience in the construction and real estate verticals.

Hiscox’s Kerridge: Insurtech narrative around DTC distribution “magically disappeared”

Outgoing Hiscox USA CEO Kevin Kerridge has said that successful direct-to-consumer distribution strategies require “a strong stomach for deep investment” and a long time horizon, observing recent lessons learned from the insurtech sector.

US P&C insurers’ profits poised to recover this year after best Q1 since 2007

Reports from Swiss Re and Fitch Ratings have highlighted the strong results posted by the US P&C industry in the first quarter, which suggests that full-year results are on course to return to profitability.

Lockton reports revenue of $3.55bn for fiscal year ’24 as organic growth hits 14%

Lockton has reported a 15 percent increase in global revenue to $3.55bn for the fiscal year ended 30 April 2024, driven by organic revenue growth of 14 percent, while total revenue grew by 11 percent in the US, 24 percent internationally and 35 percent in reinsurance operations.

Gallagher says Porch claims over Vesttoo placement not plausible

Arthur J Gallagher (AJG) and Gallagher Re have filed a motion to dismiss the action brought against them by Porch Group in the ongoing Vesttoo fallout arguing that AJG is not a party to the contract in question and that claims against its reinsurance intermediary fall “well short of the plausibility threshold”.

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