US / Americas

Dellwood Specialty secures AM Best A- rating

E&S start-up Dellwood Specialty Insurance Company has been assigned an A- financial strength rating and “a-” long-term issuer credit rating as it prepares to begin underwriting after its $250mn+ initial capital raise earlier this year.

CapSpecialty’s Sills: Technology a critical component to driving strong customer service

CapSpecialty CEO Adam Sills has said driving superior customer service and “out-executing” rival carriers are key elements to the firm’s strategy, and that effectively leveraging technology plays a critical role in this.

Ambac’s Cirrata launches McKeegan-led Tara Hill Insurance Services

Ambac Financial Group’s expansive insurance distribution platform Cirrata Group has launched program administrator Tara Hill Insurance Services, led by former Hallmark Financial underwriting executive Peter McKeegan with a focus on management and professional liability.

AV8 Ventures’ Kabir: Niche-focused insurtechs must aim at solving real problems

AV8 Ventures’ head of insurtech investing has said the VC interest in insurtechs is being hampered by a shift towards greater specialisation, making many opportunities in the segment too niche to be viable investments.

AM Best: US cyber growth stalled in ’23 while E&S writers expanded premium share

US cyber premiums were essentially flat in 2023 despite an increase in the number of policies, data from AM Best has shown, while surplus lines carriers continued to increase their market share over admitted carriers.

FloodFlash expands parametric flood product across US mainland

Parametric MGA FloodFlash has extended its product offering to cover the entire US mainland after expanding its binder with Munich Re Specialty’s syndicate.

Futuristic Underwriters launches tech-driven GL offerings

MGA Futuristic Underwriters has launched a general liability division with a range of solutions it says leverage technology to reduce risk and protect against claims while improving the insurance experience, Program Manager can reveal.

Ivans: Casualty rate increases accelerate in May while property rises remain roughly flat

The pace of increase in premium renewal rates across three key casualty lines picked up in May in the latest sign of the impact concerns over loss cost trends is having on the sector, according to the latest data from Ivans.

AIG win against former legal head upheld in appeals court

The former head of AIG’s legal operations centre Aaron Katzel has lost his appeal in his case against the insurer alleging that he was fired and more than $1mn of his equity awards were eliminated in retaliation for raising whistleblower concerns.

Kingstone lowers retention and cost as it secures $275mn cat cover

Northeast regional insurer Kingstone Companies has completed its 2024/2025 cat reinsurance placement, securing $275mn of limit while lowering its first event retention to $5mn and reducing the total cost of cover after cutting its probable maximum loss.

Palomar gets Carter and Scor’s Herve

Palomar Holdings has hired Tim Carter from LPL Financial as chief people officer and Rudy Herve from Scor as COO.

Integrated Specialty Coverages launches marine division led by Wolfe

Carlsbad, California-based program administrator Integrated Specialty Coverages (ISC) has launched its new marine division, led by Kevin Wolfe with support from John Kiernan and Marquam Wolfe.

PwC: Insurance Nov-Apr M&A activity falls to 145 transactions

The number of M&A transactions in the insurance industry decreased to 145 for the six-month period from mid-November 2023 to April 2024, compared to 318 transactions recorded from mid-May 2023 to mid-November 2023, according to a recent report from PwC.

Citizens board approves 14% rate hike as depop forecast increases

Citizens management have said the policy count at Florida’s state-backed insurer could drop below one million by the end of the year, compared to previous forecasts of 1.2 million, as its board approved a proposed personal lines average rate increase of 14 percent.

AM Best: Downward US D&O rate pressure to grow after favourable ’23 results

The US D&O market is “unlikely to hit bottom in 2024” as pricing continues to fall following the best loss ratio in almost a decade last year, AM Best has commented, noting that XL America remained the largest writer of the business.

TS Alberto causes Texas coastal flooding following landfall in Mexico

Tropical Storm Alberto made landfall in Mexico earlier today, bringing heavy rains and flash flooding to northeastern parts of the country as well as south Texas.

Allstate’s $1.4bn May cat losses bring YTD total to $2.6bn

US personal lines giant Allstate has estimated catastrophe losses for May of $1.4bn, or $1.1bn after tax.

Counterpart hires RB Jones’ Muglia as PL lead and promotes trio

Counterpart has hired Michael Muglia from RB Jones as professional liability insurance lead, with the insurtech also promoting Brad Bahler, Satwik Mysore and Jake O’Donnell to territory leads.

Across America gets Incline paper for commercial auto liability E&S program

Expansive wholesale intermediary and MGA Across America Insurance Services has partnered with Incline Americas Insurance Company on a commercial auto liability E&S program providing commercial auto liability, physical damage, motor truck cargo and general liability coverage.

KAP acquires Keystone Insurers Group to create Kinney-led brokerage platform

US insurance brokerage platform Keystone Agency Partners has agreed a deal to acquire Keystone Insurers Group – which founded KAP in partnership with Bain Capital in 2020 – with Patrick Kinney to lead the combined organisation and David Boedker retiring from his longtime role as Keystone CEO.

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