US / Americas

Kinsale Q1 UW income up 26% to $65.1mn in comfortable earnings beat

Kinsale Capital Group closed 2024’s first quarter with a comfortable earnings beat as the carrier reported a 26.2 percent increase in underwriting income to $65.1mn driven by premium growth and lower net commissions while its net premiums written (NPW) increased 17.4 percent to $351.1mn.

Old Republic CR ticks up 1.6 pts to 94.3% in Q1 earnings beat

Old Republic’s first quarter combined ratio ticked up by 1.6 percentage points to 94.3 percent, driven in part by lower favourable prior year reserve development in its general insurance business and higher expenses in title insurance.

Liberty Company adds Allen and Hayes to senior ranks after booking 21% rev growth in 2023

Liberty Company Insurance Brokers has brought in Hays Companies veteran Bill Allen and Tom Hayes from McGriff as it looks to maintain the growth trajectory that saw revenue increase by 21 percent in 2023 to $181mn, The Insurer can reveal.

Ironshore’s Dolan: Expert, sophisticated wholesale capabilities are the right E&S access point

The increasingly complex and dynamic risk landscape means the shift of business to the E&S market is a structural rather than cyclical development, with the best access point to the sector through brokers with expert and sophisticated wholesale capabilities, according to Ironshore president Matt Dolan.

Liberty adds to EB and commercial lines teams with Naranjo and Schmidt hires

The Liberty Company Insurance Brokers has appointed Michael Naranjo as senior vice president of employee benefits, and Jeff Schmidt as vice president of commercial lines.

Aon US property veteran Miller passes away

Aon’s US property practice leader Rick Miller has passed away at the age of 62 following a brief illness.

Orion180 enters Western US with admitted homeowners move in Arizona

Orion180 has made its first move into the Western US with the carrier now writing admitted homeowners coverage in Arizona, a play that the Melbourne, Florida-based business said is a “significant milestone” for the firm.

Vantage Risk enters US large property space with E&S capacity

Vantage Risk has launched a US large property offering with an emphasis on deep data and analytics that is aimed at middle market and corporate clients, with primary and excess coverages available nationwide supported by an initial $5mn-$10mn line written on a non-admitted basis, E&S Insurer can reveal.

R&Q reports progress on Accredited sale lender approval but says expected proceeds slashed

R&Q has entered into a lock-up agreement with a number of lenders relating to debt restructuring and other issues as it seeks their approval to sell Accredited to Onex in a deal it hopes to complete this quarter but said expected available net cash proceeds would be much lower at $65mn to $110mn.

Kemper’s stock trades up after earnings preannouncement

Shares in Kemper rose 4.5 percent on Wednesday morning as investors responded positively to the auto-focused carrier’s Q1 2024 earnings preannouncement, which included estimated net income and adjusted consolidated net operating income of between $65mn and $75mn.

Greenberg: NA pricing “quite favourable and rational”, financial lines “simply dumb”

Chubb CEO Evan Greenberg has hailed “one of the best quarters” for large casualty pricing while describing the overall pricing environment in North America as “quite favourable and rational” outside of financial lines, which he called “simply dumb”.

US FTC issues nationwide ban on the use of non-competes

The US Federal Trade Commission has finalised its proposed ban on the use of non-competes in employment contracts in a move that is likely to have a meaningful impact on the talent war in the insurance sector, although existing non-competes for senior executives remain in place.

PCF closes oversubscribed $400mn debt financing deal to fuel further M&A

PCF Insurance Services has closed an oversubscribed and upsized $400mn incremental debt financing deal led by Blue Owl, which the fast-growing broker’s CEO said will be used to further accelerate its M&A strategy.

Baltimore sues Dali owner and manager for gross negligence of “unseaworthy” ship

The City of Baltimore has hit back at a petition filed by the owner and manager of the vessel responsible for the Key Bridge collapse seeking to limit liability, with a lawsuit demanding a jury trial on the basis of the Dali’s “unseaworthy condition” as a result of gross negligence.

BMS Re names Canavan US COO

BMS Re has appointed John Canavan as chief operating officer for the US.

Tokio Marine America latest to exit CA’s personal lines market

Tokio Marine America (TMA) is the latest carrier to quit California’s beleaguered insurance market after the carrier announced it is to stop writing personal lines business in the state.

Kemper expects to book 17 point improvement in Q1 specialty P&C CR

Auto specialist Kemper expects to post Q1 2024 net income and consolidated net income of between $65mn to $75mn when it reports its earnings next month, while its specialty P&C division is forecast to book a 17.3 point improvement in its combined ratio to 94.8 percent.

RLI still seeing “great opportunity” in property as casualty submissions surge

RLI continues to see plenty of “great opportunity” to grow its property portfolio even as competition in the sector intensifies, while the carrier has seen a significant uptick in the number of casualty submissions it has received, according to COO Jen Klobnak.

Fortinbras sues former Lighthouse CEO White and TigerRisk over $65mn investment

Investment group Fortinbras Enterprises has filed lawsuits in Florida and New York over claims that it was “wilfully defrauded” out of $65mn by defendants including Lighthouse Insurance CEO Patrick White, his father Lawrence White and their reinsurance broker TigerRisk, among others.

Powell Brown: Upward pressure on primary casualty as excess continues to increase

Primary general liability rates are seeing upwards pressure among certain classes of insureds as excess casualty rates continue to increase, while property cat rates moderate and begin to see downward pressure in some segments, according to Brown & Brown CEO Powell Brown.

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