US / Americas

Emerald Bay and Lightspeed Specialty launch CA homeowners facility

Recently launched Emerald Bay Risk Solutions has teamed up with MGA Lightspeed Specialty Insurance Solutions to offer much-needed coverage for homeowners and landlords in California, Program Manager can reveal.

PGA Tour golf event purchases parametric rain insurance from Mitsui Sumitomo subsidiary

Vortex Insurance is insuring the Dick’s Sporting Goods Open, a PGA Tour Champions event in New York, for the third consecutive year.

Dual expands North America risk modelling capabilities with Jha hire

Dual North America has appointed Alok Jha as senior vice president, risk modelling.

Louisiana governor vetoes bill to exclude auto policies from new medical expense rule

Louisiana governor Jeff Landry has vetoed an insurance reform bill that passed through the state legislature, which would have excluded auto insurance policies from a reformed version of the collateral source rule.

Jefferies: QBE NA middle-market exit “key stepping stone” in reducing US volatility

QBE’s exit from the majority of its North America mid-market portfolio represents another key stepping stone in its strategy to remove volatility from its US business, according to Jefferies’ analyst Simon Fitzgerald.

Florida’s Citizens seeks 14% rate increase for 2025

Florida’s Citizens will seek board approval Wednesday for a statewide average rate increase of 14 percent across personal lines policies, reflecting recent legislative reforms, reinsurance costs and the state-backed insurer’s aim for actuarially sound pricing.

Stellantis partners with bolt to launch embedded insurance program

Stellantis Financial Services US, the captive finance arm of global automaker Stellantis in North America, has partnered with Austin, Texas-based insurtech bolt to launch an embedded insurance program.

Nationwide Pet to drop 100,000 policies amid rising veterinary costs

Nationwide Pet, the US’s largest provider of pet insurance, announced it will drop about 100,000 policies between now and next summer due to rising veterinary costs.

KBW: Casualty margins deteriorate in Q1 and E&S growth slows

US casualty margins generally deteriorated in the first quarter of 2024 amid elevated social inflation, which is expected to drive “modestly accelerated” rate increases for the business through this year, according to analysis by KBW.

ANV launches transactional risk program in US with AmTrust capacity

ANV Global Services has expanded its transactional risk insurance offering to the US with the launch of a new program and the formation of a new business unit led by Colin Addy and Greg Conroy, who have moved over from Vale Insurance Partners.

Amwins hires ExecPro producer White who oversaw $150mn CRC book

Amwins has hired CRC professional lines producer Jason White – who is understood to have overseen a book worth around $150mn in premium – after he exited the wholesaler following more than 30 years with the firm and its predecessors, The Insurer can reveal.

Bain-backed Mutual Group adds AIG’s Humphrey as CFO

The Mutual Group, a newly integrated platform serving the mutual industry with Bain Capital backing, has hired former AIG executive Brett Humphrey as senior vice president and CFO.

RT Binding: E&S market continues to thrive in 2024

The E&S market continues to thrive in 2024 after more than doubling premiums over the past five years, although there is growing uncertainty in the coastal property space and casualty writers are grappling with economic, social and medical inflation, according to RT Binding.

Forza closes $65mn bank facility as SageSure prepares another reciprocal launch

SageSure is continuing to support its growth strategy as a pure MGU by accessing an array of affiliated capacity, with its partner Forza Insurance Holdings closing a $65mn bank facility to invest in existing reciprocals and a new reciprocal called Auros launching later this year, Program Manager can reveal.

US business owners seek higher insurance coverage as AI, election risks loom, survey shows

June 12 (Reuters) by Manya Saini – Artificial intelligence and U.S. election have emerged as significant risks to businesses this year with an overwhelming 80% of owners worried their insurance will not cover a specific loss, a survey by insurance brokerage Gallagher showed on Wednesday.

Representative Issa plans to draft litigation finance disclosure bill

Following a House of Representatives judiciary subcommittee meeting this week, Representative Darrell Issa said he plans to introduce draft legislation on disclosure of litigation finance, with the APCIA calling for “sensible solutions” on the issue.

Epic hires six CBIZ southeast execs including recently suspended Cryan

Epic Insurance Brokers & Consultants has hired six CBIZ executives in the southeast US, including Greg Cryan and Keith Bowman, who The Insurer revealed earlier this month had been respectively suspended and fired by CBIZ over alleged falsification of documents.

Everest’s private company D&O and non-profit head Truehart exits for CNA

Everest’s private company and not-for-profit D&O head Mike Truehart resigned from his post last week for a new role at CNA, marking the latest significant departure from Everest’s professional liability team in the past year, The Insurer can reveal.

Tokio Marine eyes Asia M&A for international unit expansion

Tokio Marine continues to see organic and inorganic growth opportunities all over the world with Asia and Southeast Asia a particular target for acquisitions, according to Brad Irick, co-head of the carrier’s international business.

S&P Global MI: Rate of E&S premium growth slowed to 14.5% in 2023

E&S market premium growth is expected to further decelerate this year after slowing from 20.1 percent in 2022 to 14.5 percent in 2023, although the sector’s share of the overall P&C industry will remain at a historically high level, according to S&P Global Market Intelligence.

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