US / Americas

Rob Berkley: Property E&S market losing momentum but casualty remains strong

WR Berkley CEO Rob Berkley has said that E&S casualty market conditions remain “as strong as ever”, while the property segment “probably does not have the level of momentum that it had last year”.

WR Berkley Q1 UW profit up 32% to $309mn with lower cats and higher earned premiums

WR Berkley’s underwriting income grew by 32 percent in the first quarter to $309mn, driven by a 37 percent drop in cat losses to $31mn from $48mn and 11 percent growth in net earned premiums to $2.8bn.

Delaware court dismisses insurers’ subrogation claims in Blackbaud case

A Delaware state court has ruled in favour of application services provider Blackbaud in a subrogation decision related to a ransomware attack, with insurers’ claims thrown out because of deficient pleadings.

Wilson Elser’s Cvitanovic: Cyber breach disclosure rule changes “very much in flux”

Wilson Elser’s Dominik Cvitanovic has said a “major focus” for cybersecurity lawyers and breach coaches is a wave of newly established breach notification rules adopted by US federal agencies that have put breach victims’ obligations “very much in flux”.

XS Global’s CPE program goes global after entering the US

XS Global’s contractors, plant and equipment program has extended its reach into the US with the offering available in every state bar Hawaii and Alaska.

IQUW launches combined FI and cyber solution

IQUW has unveiled a new financial institutions wording for US clients that includes integrated cyber coverage.

RLI underwriting income up 14% in comfortable Q1 earnings beat

RLI Corp ended Q1 2024 with underwriting income that increased $9.8mn year on year to $77.7mn even as its combined ratio ticked up 60 basis points to 78.5 percent, while its operating earnings per share of $1.89 for the period were comfortably ahead of analysts’ consensus estimate.

RT Specialty: commercial property begins to stabilise amid ‘uneven’ E&S experience

The commercial property market has entered a period of stabilisation, but with varied experience across industry classes and geographies, according to RT Specialty.

Chubb targets pet insurance expansion after inking deal for Aon’s Healthy Paws

Chubb has set its sights on expanding in the fast-growing pet insurance market after agreeing a deal to acquire MGA Healthy Paws from Aon.

Applied’s United Risk adds Cahill from Awbury as CFO

United Risk has added to its management team with the hire of Jay Cahill as chief financial officer, with the recruit moving to the Applied Underwriters-owned MGA platform from Awbury Insurance.

AM Best puts GeoVera ratings under review following MGA and carrier sale agreement

AM Best has placed the A financial strength rating and “a” long-term issuer credit ratings of the members of GeoVera Insurance Group under review with developing implications after the firm entered into a definitive agreement to sell its MGA business and insurance carriers.

Aon promotes Griffin to North America industry practice leader

Aon has promoted former North America chief commercial officer John Griffin to the role of industry practice leader for the region.

CA jury awards $80mn against Zurich over terminations of three claims adjusters

A California jury has awarded three former workers’ compensation-focused Zurich American Insurance Company employees over $80mn, finding they were wrongfully terminated for taking unofficial time off.

Optis: Q1 North American agent/broker M&A lowest in 15 quarters

The 155 North American agent and broker M&A transactions in the first quarter was the lowest since the peak of the Covid-19 pandemic in Q2 2022, according to Optis Partners.

CrossCover recruits BHSI’s global property CUO LaPierre amid buildout

MGU CrossCover has beefed up its management ranks with the addition of Berkshire Hathaway Specialty Insurance’s global property CUO Dean LaPierre and other hires as it aims to hit up to $250mn in premium in 2024, The Insurer can reveal.

AIG GI chairman McElroy to retire on 1 May

AIG’s chairman of general insurance David McElroy is to retire from the company on 1 May.

B&W warns against property complacency and cautions on liability “perfect storm”

Burns & Wilcox believes property insurance has reached a point of relative stability with rates “largely modest”, although discipline is needed to ensure the good work is not undone, while the wholesaler also highlighted several challenges that “are forcing a tightening” in the liability sector.

WTW parts ways with around 130 staff in CRB North America to support strategy shift

WTW Corporate Risk and Broking North America this week eliminated between 120 and 130 roles as part of a shift toward more client-facing activities and to align staff with its industry vertical strategy, The Insurer can reveal.

Doyle: Marsh not looking to build third-party wholesaler at Victor Access

Marsh McLennan CEO John Doyle has stated that the firm is not looking to build a third-party wholesale business after recently launching the Victor Access brand to improve direct access to the E&S market.

XPT adds Texas team led by ex-US Risk duo

XPT Specialty has expanded its Texas operations with a binding and brokerage team led by Jason Gallegos and Jonathan Hagan, who join from US Risk.

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