US / Americas

CDI’s Lara details wildfire risk map as part of insurance reform strategy

California Insurance Commissioner Ricardo Lara has provided further detail on his plan to increase insurance coverage in high wildfire risk areas in California, as part of his sustainable insurance strategy.

CRC/INSUREtrust partners with cybersecurity firm Darkweb IQ

CRC Group has announced a wholesale partnership between Darkweb IQ and its newly formed CRC/INSUREtrust cyber practice group.

WTW hires Aon US excess casualty leader Graziano as head of casualty strategy and execution

WTW has recruited Aon’s US excess casualty leader Len Graziano as head of casualty strategy and execution, reporting to North America casualty head James Sallada, The Insurer can reveal.

BofA: MI stocks undervalued despite better ROE than specialty insurance

Mortgage insurers are undervalued by investors with a valuation similar to specialty finance, despite delivering more book value growth and better ROE on average than both that sector and specialty insurance, analysts from BofA Securities have suggested.

AM Specialty acquires US MGA Pinpoint and launches London platform

AM Specialty Insurance Group, through parent AM Holding Company, has acquired US MGA Pinpoint Insurance Solutions, as well as launching a London-based underwriting platform led by former Allied World executive Darren Powell, Program Manager can reveal.

Amwins: Builders risk placements commonly oversubscribed in market shift

The first half of this year has brought “drastically different” conditions than seen in the same period of 2023, with strong appetite from carriers and MGAs to write new business and placements now “commonly oversubscribed” reflecting increased capacity, according to Amwins.

Counterpart launches ML product for non-profits and SMBs with Westfield Specialty

Counterpart has partnered with Westfield Specialty Insurance to provide an admitted product for the AI-driven insurtech’s small business customers and, for the first time, non-profit organisations through its network of trusted broker partners.

US pricing feedback gives mixed messages on momentum but peak increases long gone

The latest feedback from brokers and other organisations tracking US commercial insurance pricing is not clear about the momentum of increases, but they are now way down from the peak of late 2020.

Alliant adds USI’s Wimsatt as DC-based VP

Alliant Insurance Services has hired former USI executive Eric Wimsatt as vice president within its Alliant Americas division.

Hub strengthens Indiana presence with Meyers Glaros acquisition

Hub International Limited has acquired GMG Group Inc and its subsidiary, Indiana-based brokerage Meyers Glaros.

Fitch: US MPLI losses widened in ’23 despite positive pricing trends

Underwriting losses for the US medical professional liability insurance market increased significantly in 2023, with a seven-point jump in combined ratio to 109.6 percent, Fitch Ratings has noted, adding that the losses point to a continued need for higher premium rates.

XPT targeting ~$900mn GWP as growth accelerates through 2024

Expansive XPT Group is on track to produce close to $900mn in gross written premium in 2024, with recent follow-on financing from backer BP Marsh set to fuel another year of growth for the wholesale commercial insurance intermediary.

Hiscox names Plymouth Rock’s Boyd USA CEO as Kerridge steps down

Hiscox has appointed Mary Boyd as CEO of its USA business unit, replacing Kevin Kerridge, who is stepping down after almost 30 years with the group.

Vantage Risk enters US primary cyber insurance

Vantage Group Holdings has begun underwriting US primary cyber insurance business through its US insurance subsidiaries with capacity of up to $10mn, Cyber Risk Insurer can reveal.

Kin renews $1bn Florida reinsurance program for up to 1-in-160-year event

Homeowners insurtech Kin renewed its reinsurance programs at 1 June, with its Florida program offering $1bn in reinsurance coverage for natural catastrophes.

TIH brings in Brown & Brown’s Conway as CFO

TIH has appointed Mike Conway as CFO, with the executive joining from Brown & Brown where he was most recently chief accounting officer and corporate controller.

Soria to join Ledgebrook from BMS Re as head of strategy

BMS Re’s head of new business solutions and co-head of casualty broking Erik Soria is set to join expansive MGA client Ledgebrook as head of strategy, The Insurer can reveal.

WTW: CLIPS survey shows 6.3% US commercial pricing increases in Q1

US commercial insurance pricing rose by 6.3 percent on average year-on-year during the first quarter of 2024, according to the latest WTW Commercial Lines Insurance Pricing Survey.

Mutual Capital Group to acquire ICC Holdings in $74mn deal

Mutual Capital Group is set to acquire Nasdaq-listed ICC Holdings, parent company of Illinois Casualty Company, in a $73.8mn transaction.

Euclid announces launch of Monaghan and Hissong-led Euclid Mortgage MGU

Euclid Program Managers has announced the launch of Euclid Mortgage, an MGU led by sector veterans Joe Monaghan and Joe Hissong which underwrites mortgage credit risk on behalf of insurers and reinsurers, in a move first revealed by this publication.

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