US / Americas

Markel’s Noble: Portfolio actions “beginning to bear fruit”

Investors responded favourably to Markel’s Q1 results, while its management provided a bullish outlook following underwriting actions taken on its US speciality business in the quarter, which included exiting lines and subclasses representing less than 2 percent of the insurance segment operations.

Hiscox seeks to reassure on “moderate” Baltimore bridge exposure

Hiscox has exposure to the collapse of the Francis Scott Key Bridge in Baltimore – potentially one of the largest marine insured losses on record – but CFO Paul Cooper said he expects any claim to be “moderate”, with the London-listed carrier yet to book any reserves.

Axis says submission count in US wholesale business was up by 31% in Q1

Axis CEO Vince Tizzio said on Thursday that the carrier is “comfortably” earning rate in excess of trend in primary and excess casualty, with increases accelerating to 12 percent in Q1, while the submission count for its US wholesale business was up by 31 percent.

Property market braces for $200mn+ Dollar Tree loss after direct tornado hit

Underwriters are expecting losses from the direct tornado hit on the Dollar Tree distribution centre in Marietta, Oklahoma to exceed $200mn, with carriers on the retail company’s Marsh-placed cover thought to include Zurich, Chubb, Everest, AIG and CNA, The Insurer can reveal.

AIG shares trade up 3% on strong earnings beat and growth outlook

Shares in AIG were trading up on Thursday morning after another earnings beat, as management updated on growth opportunities in areas like property and excess casualty, highlighted continued momentum at E&S arm Lexington, and pointed to $6bn in share buybacks this year.

Heritage shares fall 31% on Q1 earnings miss

Heritage Insurance Holdings’ share price was trading down almost 31 percent on Thursday morning as investors responded to the Floridian carrier’s Q1 2024 earnings that were some way short of analysts’ consensus forecast.

MMA acquires New York commercial lines brokerage ACRM

Marsh McLennan Agency has acquired New York-based commercial lines brokerage AC Risk Management for undisclosed terms.

Gallagher records $194mn purchase price for Rowley and Ericson deals in Q1

Arthur J Gallagher has recorded total acquisition purchase prices of $66.6mn for Ericson Insurance Services (EIS) and $128.2mn for the Rowley Agency, while ten other deals completed in the first quarter were recorded at a combined $191.1mn.

Hippo shares slide despite HHIP Q1 CR improving 21 pts to 80%

Hippo reduced the gross loss ratio of its home insurance program to 80 percent in the first quarter, although investors sent its shares down more than 15 percent on Thursday morning in response to results that saw the adjusted Ebitda loss improve by 62 percent to $20mn.

Chubb set to pay out $350mn for Baltimore bridge collapse: reports

Chubb is set to make a $350mn payout to the State of Maryland following the collapse of Baltimore’s Francis Scott Key Bridge in March, according to the Wall Street Journal.

Allstate expands nationwide XoL by $1bn to top out at $7.90bn

Allstate has confirmed the placement of its nationwide excess cat program, which now exhausts at $7.90bn for 2024-25, up from $6.92bn on the expiring cover, less retentions of $500mn to $1bn on the multi-year structure.

Allstate beats on improved core P&C loss ratio amid lower cats

Shares in Allstate are expected to trade up later today after the insurer reported first quarter adjusted net income per share of $5.13, comfortably outpacing the Wall Street consensus of $3.93, together with improved auto and homeowners results.

RenRe still cautious on Florida as SE wind focus remains on large national accounts

Despite meaningful additional reinsurance demand and much-improved conditions in Florida’s homeowners market, RenaissanceRe’s focus remains on large national accounts for southeast US wind exposure, according to president and CEO Kevin O’Donnell.

Selective’s CR up 2.5 points to 98.2% amid $35mn reserve charge

Selective Insurance Group’s combined ratio increased 2.5 points to 98.2 percent in Q1 2024 as unfavourable development on prior year casualty reserves took its toll, while its operating income fell 7 percent to $81.5mn in earnings that fell short of analysts’ consensus forecast.

The Hanover beats as operating income soars and CR improves 8.9 points to 95.5%

The Hanover booked a big Q1 2024 earnings beat as its operating income soared to $119.9mn, after its combined ratio improved 8.9 points to 95.5 percent due to lower catastrophe losses, greater favourable prior year development and strong rate rises across its three divisions.

Gallagher Re pegs late April US SCS insured losses at $1bn+

Total insured losses from the tornadoes that tore through parts of the central US between 25 and 28 April are expected to reach at least $1bn, according to an update from Gallagher Re.

PCF adds GA-based Encore Advisors and TX-based All Star Insurance

PCF Insurance Services has acquired the businesses of Norcross, Georgia-based Encore Advisors and Venus, Texas-based All Star Insurance.

Root shares soar 20%+ as CEO Timm lauds “excellent” Q1 and analysts raise targets

Shares in Root were up over 20 percent on Wednesday morning after the insurtech reported its first ever operating profit, while management expressed confidence about continued growth and equity analysts increased their price targets following the exit of a turnaround phase.

MSIG USA continues build-out with key hires including Botkin as CUO

MSIG USA is continuing to build out its platform under CEO Peter McKenna with key hires including Brian Botkin as CUO, Joseph Fitzpatrick as head of distribution, Tracey Estes as head of casualty products and Jayson Taylor as head of product innovation.