US / Americas

Holmes Murphy launches new Anders-led MGA practice Innovative Program Solutions

Iowa-based national broker Holmes Murphy has formally launched Innovative Program Solutions, a full-service MGA practice led by Tim Anders, who joined from Ryan Specialty last year.

Alliant Private Client adds MMA’s Rison as SVP in Virginia

Alliant Insurance Services has added Virginia-based Julie Rison as senior vice president, Alliant Private Client, with the new hire joining after 12 years at Marsh McLennan Agency.

Hippo committed to writing new HO business even as culling continues

Hippo is “absolutely” looking to grow its homeowners insurance business even as the company prunes its portfolio and continues the re-underwriting process that began last October, its CEO Rick McCathron has told this publication.

Pilko: “So much runway left” for Axa XL growth despite D&O and cyber slowdown

Axa XL expects D&O and cyber business to become smaller parts of its portfolio as it targets a push in property, casualty, middle-market and E&S business, Lucy Pilko, CEO of insurance in the Americas, has told this publication.

Tower Hill Insurance Exchange issues $95mn surplus note provided by Irradiant

Florida reciprocal Tower Hill Insurance Exchange has issued a $95mn surplus note provided by alternative investment manager Irradiant Partners, with Howden Capital Markets & Advisory acting as the exclusive placement agent to THIE.

London Calling (Version Two)

Acrisure’s John Sutton reflects on the evolution of the London healthcare market.

Liberty Mutual’s NA specialty division pulls out of builder’s risk

The North America specialty division of Liberty Mutual has withdrawn from writing builder’s risk insurance in a move that follows Ed O’Brien’s exit from its Ironshore unit to launch a new program in the business line at MGA CrossCover, E&S Insurer can reveal.

IGI spies US treaty and fac growth opportunities

International General Insurance Holdings continues to see plenty of opportunity to grow its treaty and facultative reinsurance books in the US with both regional and catastrophe-exposed business after recording 35 percent growth in the country in Q1 2024.

Bowhead to raise up to $107mn as prices IPO at $14-$16 a share

Bowhead Specialty Holdings expects to price its initial public offering on the New York Stock Exchange at between $14 and $16 a share, which would raise up to $106.7mn before an expected grant of an additional one million shares to the underwriters.

Nodak parent NI Holdings books 15-point improvement in Q1 CR to 97.2%

NI Holdings – the parent of Nodak Insurance Company – saw its Q1 2024 combined ratio improve by 15 percentage points to 97.2 percent as it benefited from the impact of prior period rate increases and lower weather-related losses.

WTW: US property stabilising with non-cat rates ranging -5 to +5% in 2024

There has been a “notable stabilisation” in the US property insurance market with clients forecast to see rates range from -5 to +5 percent for non-catastrophe-exposed business and from -5 to +10 percent for catastrophe-exposed programs at renewal, according to WTW.

Moody’s: BroadStreet Partners’ revenues grew to $1.7bn in 2023

BroadStreet Partners generated total revenue of $1.7bn in 2023, Moody’s has noted, while assigning ratings to the US retail broker’s new $3.5bn secured-term loan and $650m credit facility.

Brown & Riding recruits longtime CRC casualty broker Visconti

Privately-owned independent wholesaler Brown & Riding has recruited longtime CRC Group and Long Island-based casualty broker Rina Visconti, The Insurer can reveal.

Arkley: Alliant eyes specialty build-out and treaty reinsurance

Alliant’s Peter Arkley has said building out the firm’s 14 specialty areas is a critical area of focus, arguing the retailer put its “best foot forward” at this year’s RIMS RISKWORLD conference, and that Alliant Re will eventually expand into treaty.

Tooker: The Hartford aims to harness power of top-performing commercial lines units

Mo Tooker has said that The Hartford is looking to harness the combined power of its three top-performing commercial lines units and capitalise on its reputation for being a consistent partner in a segment where the carrier is seeing surging submissions.

AmCoastal’s upsized cat tower >90% placed as QS halved to 20%

American Coastal says it has secured over 90 percent of the total limit it is seeking at 1 June, with the tower for its core business extended to close to $1.2bn, including an upsized $200mn cat bond.

Aon pegs April-May US SCS activity in “billions”

Total economic and insured losses from the US SCS activity in the past two weeks will likely reach into the billions of US dollars, said Aon.

Outlook on Allied World’s A FSR revised to positive by AM Best

Allied World Assurance Company Holdings’ operating affiliates have had the outlook on their A (Excellent) financial strength ratings (FSR) revised to positive from stable by AM Best, a move the agency said reflected a sustained improvement in the (re)insurer’s overall performance.

WTW: 2024 cyber risk rates forecasted to range from -5% to flat

Cyber risk rates are forecast to range from -5 percent to flat through the rest of 2024 as underwriters respond to the expanding threat landscape and the impact of several recent significant losses in the specialist sector, according to WTW's latest Marketplace Realities report.

American Coastal to sell Interboro to Forza with SageSure taking over UW

American Coastal Insurance Corporation has signed definitive agreements to sell its Interboro Insurance Company to Forza Insurance Holdings with SageSure taking over undewriting, servicing and claims for the New York-domiciled carrier.

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