US / Americas

Triangle Surety secures A- KnightBrook paper for new program

Triangle Surety Agency (TSA) has entered into an agreement with Knight Management Company (KMC) brokered by Stonybrook Capital & Risk Management to use the admitted A- AM Best rated paper of KMC’s KnightBrook Insurance Company subsidiary on a reclamation, commercial and contract surety program, Program Manager can reveal.

HCI completes upsized $2.7bn cat program

Florida-based homeowners carrier HCI Group has completed its 1 June incepting cat program with a total of $2.7bn of limit across its two reinsurance towers in an upsized placement to support its growth trajectory.

Argo Group promotes Snowden to SVP mar-comms and producer management

Argo Group has promoted Dave Snowden to senior vice president, marketing communications and producer management.

AM Best: Pendulum “slanted towards the reinsurers” in Florida renewals

The “pendulum remains slanted toward the reinsurers” at Florida’s mid-year renewals despite the improved market conditions, AM Best has commented, noting that reinsurance dependency remains high among carriers in the Sunshine State.

Alliant recruits auto dealership specialist McClave from Lockton

Alliant has recruited Portland, Oregon-based auto dealership specialist broking executive Andrew McClave from Lockton, along with hiring events-focused executive Michael McCarroll from the Plexus Group.

Property cat reinsurance RoL down 5% on average at 1.6: Howden Re

The reinsurance market is at a “critical juncture” ahead of the 2024 Atlantic hurricane season on the back of 5 percent average reductions in risk-adjusted property catastrophe rates on line at the 1 June renewals, according to Howden Re.

Marsh: 75% of mid-market business leaders see cyber as top 2024 concern

Seventy-five percent of US-based mid-market business leaders view cybersecurity as their top concern in 2024, trailed by economic and regulatory risks, according to a new report from Marsh McLennan Agency.

William Pitt: MGAs can attract best underwriting talent through ability to compensate based on performance

MGAs have a fundamental advantage in attracting the best underwriting talent through their unique ability to compensate staff, William Pitt told delegates in his keynote address at this morning’s Program Manager Conference in New York City.

US SCS losses to top $20bn by end of May: Gallagher Re

US severe convective storm losses are poised to surpass $20bn by the end of May for the third successive year, according to Gallagher Re chief science officer Steve Bowen.

Palomar completes 1.6 cat programs with higher quake and hurricane limits as HI cover shrinks

Palomar has placed its 1 June 2024 incepting reinsurance programs at better-than-expected terms and pricing, adding around $400mn of earthquake limit, upping its continental US hurricane coverage by $17.5mn and trimming its Hawaii hurricane protection.

Hyperexponential names Sompo’s Ryan as head of US P&C

London-based insurtech Hyperexponential has expanded into North America with the appointment of Risa Ryan as head of US P&C.

Mosaic and Lloyd's syndicates partner with Safe Security to launch Incyde Risk

California-based Safe Security and Mosaic’s Syndicate 1609, with support from other Lloyd's syndicates, have launched Incyde Risk, an API-based cyber underwriting entity providing up to $25mn in capacity on a primary and first-excess basis, targeting mid-market US corporate risks.

US P&C insurers generated record investment income in 2023

Amid volatile underwriting results in recent years, the US P&C insurance segment benefited from record investment income in 2023, bolstered by the higher interest rate environment, according to AM Best.

First Connect’s Pinkovezky: Appetite finder solves “pain point” of rapidly evolving carrier preferences

First Connect president Aviad Pinkovezky has touted the addition of the Hippo-owned digital distribution platform’s 100th underwriting partner earlier this year and said the insurtech’s Appetite Finder helps agents stay on top of evolving carrier preferences.

One80 partners with FAIR Plan to expand homeowners coverage to Oregon

One80 Intermediaries and its carrier partners have launched a wrap-around coverage that will match the limits offered by the Oregon FAIR Plan Association in a move to create a “true” HO-3 policy.

Corry: Argo undertakes 10% rate cut for owners’ interest business to be more commercial

Argo has enacted a 10 percent cut to its rating plan for owners’ interest business – excluding in California – in a move the insurer’s head of casualty David Corry said illustrates its commitment to partnering with and being responsive to brokers.

Amwins adds residential flood to online marketplace

Amwins has launched new flood quoting capabilities through its online marketplace Amwins InstantQuote with the addition of residential flood coverage.

Puerto Rico seeks parametric cat bond for hurricane and earthquake protection

The government of Puerto Rico is set to issue a $75mn catastrophe bond, according to Artemis.

Calm of mid-year US cat renewal disturbed by elevated storm forecast

The run-up to the Florida-heavy 1 June renewal has been relatively plain sailing with rates expected to be flat to down a few points, but with a week to go some reinsurers are being more cautious amid growing concerns about the upcoming hurricane season.

Inszone acquires Northern California-based agency Nam

Private equity-backed Inszone Insurance Services has acquired Nam International Insurance Services, an insurance agency located in Fremont, California.

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