US / Americas

AccuWeather: Economic losses from Houston windstorm will hit $5bn-$7bn

Economic losses from the windstorm that tore across southeast Texas on Thursday evening will range from $5bn to $7bn, with wind impacts in downtown Houston similar to those seen from Hurricanes Ike and Alicia, according to AccuWeather.

Munich Re Specialty hires Homesite’s Carnevale as US programs head

Munich Re Specialty North America has appointed Claudia Carnevale from Homesite Underwriting Managers as head of US programs.

Reuters event: Insurance execs see “huge opportunity” in AI, as well as liability challenges

AI was the dominant theme at Reuters’ The Future of Insurance USA conference in Chicago this week, with executives excited about the potentially transformational efficiencies and confident that it will help – rather than replace – their workforces, but concerns remain about potential liabilities that could arise.

St John’s names ex-Lloyd’s Americas head Watkins assoc dean of risk management school

Lloyd’s former Americas president Hank Watkins is joining St John’s University as the successor to Brandon Sweitzer, the long-serving dean of the Maurice R Greenberg School of Risk Management, Insurance and Actuarial Science at The Peter J Tobin College of Business.

Conifer making “significant strides” in shift to MGA revenue focus

Conifer Holdings has “made significant strides” in its strategic shift to a wholesale agency production-based revenue model, with the firm’s first quarter 2024 results “indicative that we are moving in the right direction”, according to CEO Nick Petcoff.

Ex-Hagerty exec Hutchinson unveils specialist auto MGA OpenRoad

Former Progressive, Hagerty and Forge Insurance executive Richard Hutchinson has launched a new MGA called OpenRoad Insurance which will write a book of collector vehicle auto insurance business on the capacity of National Interstate.

Beazley hires Aon’s Carmichael as head of US cyber

Beazley has appointed Melissa Carmichael as head of US cyber, with the former Aon executive succeeding Patricia Kocsondy, who assumed the role of head of global cyber digital risks in January.

Fitch: US cyber premiums “unexpectedly declined” in ’23 with Chubb the largest writer

An analysis of statutory financial data by Fitch Ratings has shown that US cyber premiums dropped 1 percent last year with Chubb the largest writer of the business, while the standalone loss plus defence and cost containment ratio worsened by 1 percentage point.

Allstate takes $494mn pre-tax cat hit in April

Allstate faced $494mn of pre-tax catastrophe losses during April, with $491mn of that total coming from 11 events, the personal lines insurance giant has revealed.

Marsh McLennan Agency takes fine art big hitter Rappa from Aon’s Huntington T Block

Marsh McLennan Agency is expected to make a major play in the fine art insurance market after recruiting Anne Rappa from Huntington T Block, the Aon-owned firm that describes itself as the world’s leading broker in the segment, The Insurer can reveal.

Chubb share price up ∼8% after hours following Berkshire revealing $6.72bn stake

Chubb’s share price increased almost 8 percent during after-hours trading on Wednesday after Berkshire Hathaway disclosed it had built up a new $6.72bn stake in the Evan Greenberg-led insurance giant.

K2’s Vikco secures Atain’s A rated capacity for SME quake program

K2 MGU Vikco has teamed up with Atain Specialty Insurance Company on an SME quake program offering coverage in a number of Western states, Program Manager can reveal.

Moody’s: Mitigation efforts can significantly reduce California wildfire loss costs

Mitigation actions will reduce average annual wildfire losses for a high-risk California suburb by up to 64 percent by the end of the century, according to a new study by Moody’s.

CAC Specialty adds Winterburn as SVP, healthcare and senior living claims

CAC Specialty has appointed Peter Winterburn as senior vice president for healthcare and senior living claims.

Berkley Service Professionals launches new manufacturer’s E&O product

Berkley Service Professionals, a division of Berkley Alliance Managers, has launched a new manufacturer’s E&O product offering limits of up to $3mn for primary and $5mn for excess.

Porch sues Gallagher over claims it “utterly failed” to meet obligations on Vesttoo reinsurance cover

Porch Group is suing Arthur J Gallagher and Gallagher Re over claims they “grossly mismanag[ed]” the administration of the reinsurance for its insurance subsidiary Homeowners of America and “utterly failed” to meet their obligations, the latest in a series of Vesttoo-related disputes.

SageSure Expanded Markets unveils new surplus lines dwelling fire product

SageSure’s Expanded Markets offering has brought a new surplus lines dwelling fire product to market, with the nascent coverage being offered initially in Louisiana, New Jersey, South Carolina and Texas.

Evertas ups crypto mining property limits to $360mn

Crypto insurance specialist Evertas has further increased the property limits it can offer clients to $360mn per location for mining equipment, up from the previous $200mn.

Farmers to restart writing certain commercial coverages in California

Farmers Insurance is to restart offering new commercial multi-peril policies in California from the beginning of August in response to what it said were “positive changes” to the Golden State’s marketplace.

Aon promotes Flood to succeed Miller as North America property leader

Aon has promoted company veteran Vincent Flood as North America commercial risk property leader, succeeding Rick Miller following the executive’s passing last month.

Region

Topics

Events & Conferences

Content Types