US / Americas

CBIZ fires Bowman over alleged falsification of documents and suspends Cryan

CBIZ has fired Florida-based EVP Keith Bowman and suspended Southeast regional president Greg Cryan in relation to the alleged falsification of documents and plans to report their behaviour to relevant departments of insurance, The Insurer can reveal.

Non-traditional reinsurance among remedial measures for US carriers as frequency perils bite

Weather, inflation, regulation and challenges in the reinsurance market are leaving many US carriers highly exposed to attritional losses. For some, the actions needed to get loss ratios back on track could include purchasing new forms of reinsurance.

MS Transverse issuer credit rating upgraded on MSI support

AM Best has upgraded MS Transverse’s long-term issuer credit ratings to “a+” from “a”, while also affirming the hybrid fronting carrier’s financial strength rating of A.

At-Bay expands cyber appetite to $5bn revenue firms and ups limits to $10mn

At-Bay has expanded its cyber and tech E&O excess and surplus coverage, offering aggregate limits up to $10mn to businesses with up to $5bn in revenue, in addition to other coverage enhancements.

Neptune Flood premium capacity hits $300mn as panel expands to 25 (re)insurers

Private flood insurer Neptune Flood has secured over $300mn of premium capacity for the 2024 hurricane season, with its panel increasing to 25 insurers and reinsurers.

USAA swings to $1.2bn net profit in 2023

Personal lines giant USAA swung from a $1.3bn net loss in 2022 to a $1.2bn net profit last year as strong top-line growth, including in auto and homeowners, combined with higher investment returns to offset elevated losses, including from “historic” cats.

RiverStone International completes Electric Insurance acquisition

Lloyd’s legacy heavyweight RiverStone International has completed its acquisition of Electric Insurance Company and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency.

Wafer highlights importance of mentorship as Gallagher Re NA chair caps 45-year career

As he calls time on a 45-year industry career split almost equally between reinsurance broking and underwriting, Tom Wafer has said he was “so lucky and so fortunate” to have had the early career mentorship and numerous opportunities he was given.

Brown & Riding looks to outgrow rivals as producer ownership hits 60%

Brown & Riding’s “market-leading” growth rate has seen it more than double in size over the last four years with premium placed set to pass $2.6bn in 2024, as the firm capitalises on its position as an independent, internally owned wholesaler, according to CEO Jeff Rodriguez.

Aon maintains watching brief as it eyes options for E&S market access

Aon is continuing to look at options that would allow it to directly access the E&S market, including the creation of an in-house placement operation, according to the firm’s president Eric Andersen.

E&S property capacity inflow picks up pace

Back in January, this publication reported on signs of new entrants in the E&S property space, and heading towards the mid-year point others have emerged amid signs of stabilisation following years of hard market conditions.

Catalytic gets QBE capacity for E&S builder’s risk program

Catalytic Risk Managers & Insurance Agency has partnered with QBE North America on a program offering non-admitted construction all risk coverage for builder’s risk projects.

Aon: Late May tornadoes generate “multiple hundreds of millions of dollars” in losses

A spate of deadly tornadoes that tore across parts of Texas, Oklahoma, Arkansas and Kentucky in late May generated “at least multiple hundreds of millions of dollars” in damage, according to Aon.

Inszone acquires CA-based John Henry and TX-based T Blackwell

Private equity-backed Inszone Insurance Services has announced two further acquisitions: John Henry Insurance Services in Coachella Valley, California and T Blackwell Insurance Group in Garden Ridge, Texas.

Alliant hires USI’s Engbert as SVP in DC

Alliant Insurance Services has appointed Washington DC-based Joe Engbert as senior vice president, marking the broker’s latest hire from USI.

Munich Re Specialty adds AIG’s Macdonald as NA chief claims officer

Munich Re Specialty has hired Peter Macdonald from AIG as chief claims officer for North America.

MMA acquires West Texas-based agency Perkins

Marsh McLennan Agency, the middle market platform of broking giant Marsh, has acquired Abilene, Texas-based Perkins Insurance Agencies, which was founded in 1977.

TSR increases hurricane forecast ahead of season start

Tropical Storm Risk has maintained its forecast for an active Atlantic hurricane season with an increase in its expected number of hurricanes and major hurricanes.

Hurricane season 2024: Hyperactive season forecast at “critical juncture” for reinsurance market

This year’s Atlantic hurricane season begins tomorrow with a clear consensus among forecasters that a highly active season lies ahead, with some suggesting record storm activity over the coming months.

AIG pulls Connolly, Driscoll and Price suit as it sets sights solely on Dellwood

AIG and a host of its operating units have dismissed with prejudice claims against Michael Price, Kean Driscoll and Tom Connolly but are continuing the legal action against the Dellwood E&S carrier start-up launched by the trio.

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