US / Americas

Aon: Losses from 16-22 May SCS systems “very likely” in the billions of dollars

Economic and insured losses from the series of convective storm systems that hit the southern and eastern US from 16 to 22 May are expected to be in the billions of dollars, according to Aon’s Impact Forecasting unit.

GILC calls for clarity in climate and cyber wordings as claims and regulations bite

New and evolving liabilities stemming from climate change, environmental degradation, the use of AI, and rising cybercrime will dominate the legal landscape for insurers going forward, a new report by Global Insurance Law Connect has said.

Bowhead Specialty shares close up 40% following IPO

Shares in Bowhead Specialty Holdings closed up 40 percent Thursday on the New York Stock Exchange after the company went public at an IPO price of $17 a share that was already above its previously indicated range.

Schiavone: Hub and SPG tie-up enabled SUIS to bring products to market quickly

The president of a subsidiary MGA to Hub’s Specialty Program Group said his team’s tie-up with SPG and Hub allowed it to bring its product to market much more quickly and gain rapid adoption in the tough area of habitational buffer programs.

World adds QBE’s Woosley as EVP, head of national practice groups

World Insurance Associates has hired Thaddeus Woosley from QBE as executive vice president, head of national practice groups, marking the New Jersey-based brokerage’s latest hire of a former Aon executive.

Gallagher Re: Insured losses from Texas derecho expected to exceed $1bn

Economic and insured losses from the 16 May derecho in eastern Texas are expected to exceed $1bn and could potentially reach multiple billions, according to Gallagher Re.

Risk Strategies acquires crop insurance agency Silveus

Risk Strategies has acquired Indiana-based Silveus Insurance Group, which it said is the largest independent specialty provider of crop insurance in the US.

RPS acquires Minnesota-based MGU CCI Surety

Arthur J Gallagher’s wholesale unit Risk Placement Services has acquired Golden Valley, Minnesota-based MGU CCI Surety.

Brokers call transition towards buyer’s market in US property

After years of challenging buying conditions with compounding rate increases stretching budgets to the limit, the US property market is now in a transitional phase, with the prospect of softening next year, according to multiple broker sources.

HDI forms fronting partnership with Hallmark for aviation and SME insurance

HDI Global Insurance Company has announced a strategic partnership with Hallmark Financial Services to provide capacity and product development support for the US insurer’s general aviation and small to medium-sized commercial property and casualty insurance products.

TWIA considering changing funding statutes to reduce reinsurance need

The Texas Windstorm Insurance Association and its board are assessing options to adjust statutory funding or increase the size of the residual insurer’s catastrophe reserve trust fund in a bid to reduce the amount of reinsurance it has to buy.

Bowhead to raise $128mn in upsized IPO priced above range at $17 a share

Bowhead Specialty Holdings has priced its IPO at $17 a share – above the indicative $14-$16 range – and increased the number of its common shares offered in a move that will raise gross proceeds of $128mn with a further $19mn possible from a greenshoe option.

Former Third Point Re CEO Berger takes over as Coaction chair as Galanski exits

Former Ascot Bermuda and Third Point Re CEO John Berger has been appointed the new chair of Coaction Specialty, replacing Stan Galanski who was named to the board of Axis Capital in December, The Insurer can reveal.

Ryan Specialty shares trade up 3% after BofA initiates coverage with a “buy”

Shares in Ryan Specialty were trading up around 3 percent at 3.30pm ET Wednesday after BofA Securities initiated coverage on the stock with a “buy” and said the company is currently undervalued.

IMA eyes further M&A as it adds $125mn to term loan

IMA Financial Group is targeting further M&A as the middle market insurance broker looks to build on the $634mn of commissions and fees it booked through the 12 months to March 2024 by repricing and adding $125mn to its term loan.

BofA downgrades Aon and upgrades WTW and BRO

Equity analysts from BofA Securities have changed ratings on a number of New York-listed brokers stating that the group as a whole “no longer looks notably expensive”, but there was a downgrade to “underperform” for Aon over operational and integration risk.

Inszone acquires Chicago-based ISU Coverall Insurance Group

Inszone Insurance Services has acquired ISU Coverall Insurance Group, a full-service insurance broker that caters to the Chicago area.

NSI launches D&O product for micro and small-cap companies

NSI Insurance Group has introduced a proprietary product for micro- and small-cap companies that aims to address the specific challenges faced by these companies and protect the personal assets of directors and officers.

Slide places oversubscribed $1.86bn reinsurance program

Florida and South Carolina homeowners insurer Slide has completed its $1.86bn reinsurance program after being oversubscribed on the placement, in an example of easing buying conditions and renewed confidence in the Sunshine State.