US / Americas

CEA risk-transfer program stands at $9.1bn after April renewals

The California Earthquake Authority has $9.1bn of risk transfer in place after securing $1.16bn in protection at the April renewals, with the overall risk-transfer figure the same as at the end of 2023.

Brown & Brown acquires Minnesota-based agency McNamara

Brown & Brown has acquired the assets of McNamara Company, a family-owned agency that has been servicing customers in all 50 states for four generations.

AM Best revises 2023 DUAE DPW figure down to $77bn

AM Best has revised its data for direct premium written generated by MGAs in the US P&C industry in 2023 down by 5.4 percent to $77.0bn because of updates from company statements.

California awards city $848k grant to study insurance protections from sea level rise

California’s Department of Insurance has provided support for a grant that will help the city of Imperial Beach develop strategies to help residents adapt to coastal flooding.

US Supreme Court backs insurers' right to speak up in bankruptcy

June 6 (Reuters) – The U.S. Supreme Court on Thursday ruled that insurers have a broad right to weigh in on bankruptcies that may put them on the hook for paying claims, in a victory for an insurer challenging the restructuring plan of a manufacturer of asbestos-containing products.

S&P: Personal lines results improving but US P&C outlook remains negative

US personal lines results have improved but there is still “a long way to go” for them to get back to pre-Covid levels, S&P Global Ratings’ John Iten has commented, noting that the agency’s outlook for the overall US property casualty sector remains negative as a result.

Insurtechs need to demonstrate efficiency, understanding and alignment: panel

To be a high-impact insurtech requires more than just innovative ideas and demands a focus on efficiency and a deep understanding of the problems in view, according to panellists at the Insurtech Insights USA conference in New York on Wednesday.

Lloyd’s to open new Miami office focused on LatAm and Caribbean business

Lloyd’s will open a new office in Miami from 1 September in a move it says will strengthen its Latin America and Caribbean business and continue to support the market’s “sustainable and profitable growth” in the Americas.

Deutsche Bank’s Tam: Insurtech funding environment showing “green shoots”

Insurtech deal activity is accelerating, with the market showing “green shoots” and investors on the sidelines eager to put capital to work, according to panellists speaking at the Insurtech Insights USA Conference in NYC on Wednesday.

Chubb’s Greenberg: Insurers “can help to catalyse corporate America” to tackle social inflation

Chubb chairman and CEO Evan Greenberg has reiterated his stance that the industry cannot play “out front” in tackling social inflation but should instead serve as a catalyst for corporate America – which is facing rising casualty rates and risk sharing – to address the issue.

CRC hires UW and broking trio

CRC Group has hired Yoni Armstead from Burns & Wilcox and Dylan Kamen from Monarch E&S, while Lindsay Holmes has rejoined the firm from Aon.

USI: Large property rises subside but GL and products liability “challenging”

Broker USI has updated its 2024 commercial P&C market outlook with further evidence of the stabilising property market, ongoing challenges in casualty lines such as general and products liability, and a slowing pace of softening in executive and professional risk.

US Chamber of Commerce warns of societal impacts of surging nuclear verdicts

The number of nuclear verdicts in the US has surged to peak pre-pandemic levels while their size is continuing to grow, with those at $100mn+ at record levels and the proportion in the $20mn to $50mn range significantly increasing, according to new data.

Arch closes $140mn RMIC acquisition from Old Republic

Arch Capital has completed its $140mn acquisition of RMIC Companies and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation.

MMA closes $345mn Fisher Brown Bottrell acquisition

Marsh McLennan Agency, the middle market subsidiary of Marsh, has completed its previously announced $345mn deal to acquire Jackson, Mississippi-based Fisher Brown Bottrell Insurance from Trustmark National Bank.

Hub expands Vermont presence with Essex acquisition

Hub International Limited has acquired Essex Junction, Vermont-based The Essex Agency, an independent insurance agency specialising in personal and commercial insurance.

Gallagher acquires Pittsburgh-based agency Crawford

Arthur J Gallagher has acquired Pittsburgh, Pennsylvania-based Crawford Insurance, a retail agency offering property casualty products to commercial and personal lines clients.

United Fire Group in $70mn Ares-led debt fundraise to support growth

United Fire Group has completed the placement of $70mn of unsecured notes in a private offering led by Ares Management Credit funds, with part of the proceeds earmarked to support anticipated growth.

Hilb Group buys German American Insurance for $40mn

Carlyle-backed Hilb Group has acquired German American Bancorp’s insurance subsidiary for $40mn in cash, equivalent to 4x the unit’s 2023 revenues and around 24x its after-tax earnings.

Compre’s Bridger places Lloyd’s growth in the crosshairs

Compre has set growth within its Lloyd’s platform and continued expansion of its US portfolio firmly in its sights at a time when the international run-off specialist is well-positioned to capitalise on growing demand and buoyant legacy market conditions.

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