US / Americas

Dollar Tree expects “majority” of tornado-hit distribution facility’s losses are insured

Dollar Tree has told investors the “majority” of the damages and recovery costs it will incur after a tornado tore through its one million square foot distribution centre in Marietta, Oklahoma will be covered under its current insurance policies.

Mercury General in big earnings beat as operating profit swings to $43.3mn

Mercury General recorded a significant Q1 2024 earnings beat as operating profit swung to $43.3mn from the prior year’s deficit of $84.0mn, while its combined ratio improved by 14.9 points to 100.9 percent partly due to a 26.5 percent decrease in net catastrophe losses.

Midwest Family downgraded to A- by AM Best after reserve charges and cat losses

Midwest Family Group has had the financial strength ratings of its carriers downgraded from A to A- by AM Best as the agency highlighted an erosion in the regional mutual insurer’s operating performance following reserve strengthening, storm losses and higher reinsurance costs.

QBE NA unveils Livatino-led healthcare liability unit and launches misc medical product

QBE North America has launched a new healthcare liability practice led by John Livatino with the carrier’s new miscellaneous medical liability product serving as the unit’s flagship offering.

Start-up Plover launches parametric brokerage with Descartes hire

New York-based Plover Parametrics, founded in 2022, has announced its launch as a specialty brokerage focused on tackling climate and emerging risks with parametric insurance.

Delos secures Lloyd’s capacity to expand wildfire cover to CA vacant properties

Expansive wildfire insurance-focused MGA Delos Insurance Solutions is expanding its offering to cover California policyholders with vacant properties after partnering with a number of Lloyd’s syndicates.

GuideOne reports $85mn UW loss in 2023 as CR deteriorates to 114.2%

GuideOne saw its combined ratio deteriorate to 114.2 percent during 2023 on the back of an $85mn underwriting loss.

Aon: US public D&O price decreases accelerate to 29.9% in Q1

The average price per million for US public D&O insurance fell by 29.9 percent year on year in Q1 2024, a significant acceleration on the reduction recorded in Q4 2023 and the eighth consecutive quarter of decreases, new data from Aon shows.

Heritage places 2024/25 cat XoLs and adds limit to top of Southeast US tower

Heritage Insurance Holdings has fully placed its 2024/25 catastrophe excess of loss reinsurance program for its insurance units, with the firm having added further coverage to the top of its external party first event Southeast US tower, but trimmed back the limits on its Northeast and Hawaii protections.

Home National targets high-value HO with E&S program

Applied Underwriters’ Home National division expects to write $50mn in new business in the first year of launching its new E&S program targeting high-value homes with insured values in the $5mn to $20mn range as it pivots away from the admitted market following its sale of Centauri, E&S Insurer can reveal.

Midwest slammed by 100+ tornadoes as SCS frequency losses continue

Homeowners and businesses in the Midwest are clearing up after more than 100 recorded tornadoes swept across several states including Nebraska, Iowa and Oklahoma on Friday and Saturday, causing a number of fatalities and destroying hundreds of homes.

Risk Strategies adds IGA’s Heron as national real estate practice leader

Risk Strategies has brought in Marshall Heron from Insurance Group of America as national real estate practice leader.

Amwins: Hospitality contending with liquor liability-led insurance challenges

While the hospitality industry last year made what market analysts believe is a full recovery following the pandemic, the sector is contending with an increasingly challenged insurance market where liquor liability protection remains the most stressed coverage class, according to Amwins.

CinFin confident in casualty pricing “across the spectrum”

Cincinnati Financial remains confident in its general liability and excess/umbrella casualty pricing as the company looks to manage the impact of inflation on its potential loss costs.

The Hartford’s Swift: Confidence in reserves is “very high”

The Hartford CEO Chris Swift has said that despite booking a $17mn general liability reserve charge in the first quarter, his firm’s confidence in its reserving is “very, very high” and “better than most”, which he attributed in part to underwriting actions taken in recent years.

Kinsale eyeing further property growth with pricing “at a 20-year high”

Kinsale continues to see plenty of opportunity to continue growing its property book with pricing in the sector “at a 20-year high” and limited competition for the business coming from the admitted market.

Old Republic updates on GL development and E&S opportunities

Old Republic has become the latest US carrier to book unfavourable reserve development within its general liability portfolio, while CEO Craig Smiddy said the firm’s push into the “very decent” E&S market will continue to accelerate.

WTW’s Hess: FTC non-competes ban “manageable”

WTW CEO Carl Hess has said that the newly imposed ban on non-competes is “quite manageable” for the firm, which uses other forms of restrictions in employment contracts that also act to protect its interests when staff move elsewhere.

Distinguished inks Hub deal to become preferred insurance provider to NEMA

Distinguished Programs has become the preferred insurance provider to the New England Museum Association after entering into a new partnership with broker Hub International.

Universal adds new multi-year coverage to reinsurance program

Universal Insurance Holdings’ insurance entities have already renewed their reinsurance protections for 2024/25, with the Floridian carrier adding further multi-year coverage to the program along with new reinsurers.

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