US / Americas

Blackstone names Global Atlantic’s Sherrill global head of insurance

Alternative asset manager Blackstone has appointed Philip Sherrill as global head of insurance, with the recruit joining after spending more than a decade at Global Atlantic Financial Group.

ProAssurance’s shares trade up 9% after Q1 earnings beat

ProAssurance’s share price closed up almost 9.5 percent on Tuesday as investors responded favourably to the firm’s marginal Q1 2024 earnings beat, while the carrier’s management painted a healthcare liability pricing picture that remains challenging partly because of mutuals’ ability to underwrite to different profitability targets.

Hippo and Porch’s HOA reiterate strength after Goosehead’s Miller alleges “financial distress”

Hippo and Homeowners of America have responded to claims by Goosehead’s Mark Miller that the two firms are under “extreme financial distress”, with the former’s CEO Rick McCathron stating that the business is continuing to grow while the latter’s parent Porch highlighted the carrier’s “healthy surplus”.

Robusto: CNA eyeing opportunities in still favourable market

The insurance market remains favourable and CNA continues to take advantage of it, with pricing in the market broadly rational and rates improving further in US commercial casualty, while property is still offering great opportunities.

Venbrook looks to grow real estate and healthcare books with Harney hire

Venbrook Group has added Christopher Harney to its ranks, with the recruit tasked with building and growing the Parthenon Capital-backed insurance distribution company’s real estate and healthcare divisions.

AM Best: US MPL market suffers ninth consecutive underwriting loss in 2023

The largest US medical professional liability insurers collectively booked their ninth consecutive underwriting loss in 2023 as the sector continues to battle headwinds including worsening claims severity, new data from AM Best shows.

Truist completes sale of remaining stake in TIH; Glaser named chair

Truist Financial Corporation has completed the previously announced sale of its remaining stake in Truist Insurance Holdings to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice.

K2 Parametric secures Palms Specialty capacity for US nat cat exposures

K2 Insurance Services’ parametric MGA has agreed a capacity relationship with Palms Specialty for US earthquake and hurricane risks.

Leadenhall sues 777 Partners and others on claims of $350mn collateral fraud

ILS fund manager Leadenhall Capital Partners is suing 777 Partners and a host of associated entities over claims of fraud and allegations the investment firm’s co-founders Josh Wander and Steven Pasko “are operating a giant shell game at best, and an outright Ponzi scheme at worst”.

Lockton parts ways with LA duo Pastorius and Waller

Lockton has parted ways with executive vice president and managing director Mark Pastorius and senior vice president Rachael Waller from its Los Angeles office, The Insurer understands.

NCC launches infrastructure program with $5mn GL and excess liability limits

Wholesaler National Coverage Corporation (NCC) has secured capacity from an A rated carrier to support a new program called Infrastructure PRO aimed at insuring private and publicly funded projects that will provide general liability and excess liability limits up to $5mn, The Insurer understands.

CNA misses on earnings despite higher core income including favourable PYD

CNA has opened the week for Q1 reporters with core income up 9 percent to $355mn as its P&C results improved on the back of higher investment income and favourable net prior-year development, partially offset by higher cat losses.

Jain: Berkshire bearish on cyber but more bullish on post-reform Florida risk

Berkshire Hathaway’s Ajit Jain has told the investment giant’s annual shareholders meeting he discourages its subsidiaries from writing cyber because of aggregation fears and unknown loss costs, but that reforms in Florida mean a more balanced homeowners market where risk bearers can profit.

Everest Insurance NA names regional execs in realigned retail structure

Everest Insurance has appointed a quartet of key US regional executives with the hire of Craig Hanrahan from Chubb and Marissa Jennings from Zurich along with internal moves for Marcus Cooper and Michael Cellura in a strategic realignment of its retail business.

Berenberg estimates Hiscox Baltimore bridge exposure at $30mn-$60mn

Hiscox is likely to face exposure in the range of $30mn-$60mn following the collapse of the Francis Scott Key Bridge in Baltimore, according to Berenberg analysts.

Euclid Transactional inks record deals in Q1 amid NA rate concerns

Euclid Transactional bound a record 247 reps and warranties/warranty and indemnity insurance deals around the world during the first quarter of this year, while aggregate rates in North America approach historic lows, according to the MGA’s managing principal Jay Rittberg.

CAC adds Marsh’s Scheerer as it targets East coast expansion

CAC Specialty has brought in Charles Scheerer from Marsh in a hire the broker said marks a significant milestone in its East coast expansion efforts.

XPT adds US Risk’s Travis to Houston office

Wholesaler and binding authority specialist XPT Specialty has added surplus lines insurance veteran Jody Travis to its roster, with the hire joining the expansive firm after almost 13 years at US Risk.

Aon: Insured losses from “relentless” Central US tornado activity could cost billions

Aon’s Impact Forecasting unit has said that the “relentless” tornado activity across the Central US over the last week combined with additional severe weather and ongoing flash flooding in Texas could result in billions of dollars of total economic and insured losses.