US / Americas

WTW: Two-tiered US casualty market remains as broad price rises continue

The two-tiered US casualty market that emerged in 2023 has not gone away, with “modest” price rises for primary general liability (GL) coverage but greater increases in the umbrella and excess sectors as loss trends continue to outpace rate in most business lines, according to WTW.

Alliant hires LA duo Pastorius and Waller after Lockton departures

Alliant has recruited long-time Los Angeles-based executives Mark Pastorius and Rachael Waller from Lockton, a move that follows the pair being terminated after it was discovered they had been in discussions with the rival broker, The Insurer can reveal.

AM Best: Social inflation continues to bring pain to casualty insurers

The increase in loss severity for casualty lines such as commercial auto, professional liability, product liability and D&O has in most cases outstripped economic inflation by at least double, with social inflation the largest cause of adverse loss development, according to AM Best.

CEO D’Orazio: James River’s 7% drop in Q1 E&S GWP driven by commercial auto non-renewals

James River CEO Frank D’Orazio has explained that his firm’s 7 percent drop in E&S premiums in Q1 was the result of non-renewals of excess casualty accounts with a heavy commercial auto component, with the executive also highlighting “strong rate increases” and record submissions.

HCI considers fronting and further Citizens takeouts to “double or triple” its size

HCI Group is considering an array of options as the company looks to “double or triple the size of the business” including fronting, further Citizens takeouts beyond the 70,000 policies it has recently assumed, and further growing its newly launched Condo Owners Reciprocal Exchange.

Liberty Mutual swings to $1.27bn operating profit in Q1 as NWP drops 1.8%

Liberty Mutual Holding Company has improved its combined ratio 8.4 points for the first quarter to 95.8 percent while net written premiums fell 1.8 points to $10.96bn due to falls in US retail market auto and homeowners business.

HCI’s Q1 adj net income up more than threefold in Wall Street beat

HCI Group more than tripled its Q1 2024 adjusted net income year on year to $55.0mn in what was a comfortable beat on analysts’ consensus forecast, while the firm’s gross loss ratio for the period improved 2.5 points to 31.1 percent.

Hamilton to buy back $110mn of stock from Blackstone in accretive transaction

Hamilton Insurance Group has agreed a $110mn share repurchase from long-time investor Blackstone at a 21 percent discount to the closing price Wednesday.

Global Indemnity says James River M&A talks “on pause”

Global Indemnity CEO Jay Brown has confirmed that the repositioned specialty carrier has had conversations with rival James River, but said that any talks are currently “on pause”.

Eric Andersen: Bringing Aon’s “content” to the mid-market will drive NFP deal success

Aon president Eric Andersen has said the revenue synergies between his firm and NFP are where the “magic” and “success” of the tie-up will lie, as the broking giant brings its capabilities to bear to drive growth at the newly acquired middle market-focused platform.

Global Indemnity adj operating income surges with swing to UW profit

Adjusted operating income at Global Indemnity almost tripled from $3.7mn to $10.7mn in the first quarter as it turned an underwriting loss of $1.1mn in the prior-year period into underwriting income of $5.3mn, a turnaround the carrier attributed to strong performance in its E&S business.

NI Holdings sells Westminster American for $10.5mn

NI Holdings has sold its wholly owned commercial insurance subsidiary Westminster American Insurance Company to an unnamed private party for $10.5mn in cash.

ICW Group expands workers’ compensation coverage into NY market

San Diego-based insurer ICW Group Insurance Companies has expanded its workers' compensation insurance coverage to New York.

Captive Resources adds McCafferty as CUO

Captive Resources has brought in former Falls Lake Insurance Company president and CEO Terry McCafferty as chief underwriting officer.

RiverStone International set to acquire US-based Electric Insurance

Legacy heavyweight RiverStone International is to acquire General Electric’s US domestic insurer Electric Insurance Company.

MS Re’s Wiest cautions on “opaque” US casualty conditions

MS Reinsurance’s Robert Wiest has become the latest industry executive to urge the reinsurance sector to address the “difficult animal” of US casualty, although the CEO pointed to the US regional market as a key area of growth in the short to medium term.

Baldwin’s Q1 adjusted Ebitda up 29% as organic revenue growth slows to 16%

The Baldwin Group’s adjusted Ebitda increased 28.7 percent year on year to $101.7mn in Q1 2024, while the firm – which recently rebranded from BRP Group – saw its organic revenue growth for the period slow 7 points to 16 percent.

FM Global launches renewable unit and adds Beecher Carlson’s Perron

FM Global has launched a new renewable energy unit staffed by five existing employees along with Michael Perron, who has joined from Beecher Carlson.

Verita rounds out casualty product suite with workers’ comp offering

Verita has added workers’ compensation to its growing product suite, with the WTW-owned MGU platform stating the new offering completes its “comprehensive casualty offering for clients”.

reThought Flood latest addition to AAIS’ partner program cohort

Insurtech MGA reThought Flood has become the latest addition to the American Association of Insurance Services’ partner program, a move which enables the start-up to broaden its reach.

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