US / Americas

Trisura taken off negative outlook on improved reinsurance contract risk management

AM Best has revised the outlook to stable from negative on specialty insurance provider Trisura Group’s A- ratings, including its fronting carrier subsidiaries, citing improved ERM practices, policies and procedures around risk management of US captive reinsurance contracts.

Applied UW sells Centauri to Arbol sub and redeploys capital to E&S HNW homeowners

Applied Underwriters is selling its Florida-based admitted carrier Centauri Insurance to Arbol’s newly formed Lilypad Insurance business, with capital freed up by the sale redeployed to support its entry into the E&S high-net-worth homeowners space, The Insurer can reveal.

Gallagher adds to Louisiana capabilities with F&G acquisition

Arthur J Gallagher has strengthened its presence in Louisiana following the acquisition of Metairie-based personal and commercial property and casualty broker Fontenelle & Goodreau Insurance.

Axis adds Argo’s Morley as head of E&O in the US

Axis Capital has brought in Pauline Morley from fellow Bermudian Argo to lead its E&O business in the US.

AM Best cuts Rockingham FSR to B++ on capital erosion

The financial strength ratings of Rockingham Insurance Company and its affiliates Rockingham Casualty Company and Rockingham Specialty have been downgraded to B++ from A- by AM Best in response to “progressive erosion of the group’s capital position”.

Ex-Bowermaster quartet launch middle market-focused Core Brokers

A new Long Beach, California-based broker called Core Brokers Insurance Services has been launched by a four-strong team of former Bowermaster Insurance Brokers staff, with the start-up focused on supporting middle-market companies in the Western region.

Allstate takes $328mn cat hit in March pushing Q1 total to $731mn

Allstate faced $328mn of catastrophe losses in March – equal to $259mn on an after-tax basis – which pushed the pre-tax total for the entire first quarter to $731mn.

McGill appointed broker for salvage mission of Baltimore bridge vessel

McGill and Partners has been appointed as insurance broker for Resolve Marine, the lead salvor responsible for the removal of the Dali, the container ship that caused the collapse of Baltimore’s Francis Scott Key Bridge last month.

Rainbow broadens reach with First Connect tie-up

Rainbow has partnered with digital distribution platform First Connect in a tie-up that the insurtech MGU says extends its product reach among independent agents.

Euclid launches marine program manager led by Pullen and Gomez

Euclid Program Managers has added to its expansive platform with a start-up led by Brian Pullen and Jason Gomez offering comprehensive marine cargo and stock throughput coverage on Lloyd’s paper for North American insureds, Program Manager can reveal.

TIH Underwriting to go on the front foot to drive growth under new ownership

MGA platform TIH Underwriting, including Starwind and AmRisc, is on course to comfortably pass $6bn of premium this year as it pursues organic and inorganic growth opportunities with the support of its parent’s new owners led by Stone Point Capital and CD&R, according to CEO Bill Goldstein.

Wright Flood’s FocusFlood enjoying early success as new hires eye additional offerings

Wright Flood’s newest private flood program FocusFlood continues to gain traction with the Lloyd’s capacity-backed surplus lines product now being offered in 19 states, while the MGA has made a pair of senior appointments as it readies for the next stage of its development.

AIG offering early retirement option for staff amid $500mn cost-cutting programme

AIG has rolled out an early retirement programme for staff over the age of 50 that have been with the company continuously for either five or 10 years, a move that is part of a cost-cutting initiative labelled AIG Next which aims to save $500mn.

Higher earned pricing drives 6.8 pts improvement in Travelers personal lines underlying CR

Travelers management has highlighted strong momentum in auto and homeowners pricing as well as non-rate actions in property to mitigate elevated cat activity, as the firm delivered a 6.8 points improvement in the underlying combined ratio of its personal lines business to 86.1 percent.

Travelers closes down over 7% after earnings miss on cats and modest GL development revealed

Travelers shares closed Wednesday trading down 7.4 percent after the insurer reported a relatively moderate cat-driven Q1 earnings miss as it also highlighted modest increases in adverse development in liability coverages for recent accident years.

Relation acquires Texas-based Jones & Lowe Agency

California-based broker Relation Insurance Services has acquired the assets of Jones & Lowe Agency, based in Texas.

Inszone strengthens CA presence with James Kelly Insurance acquisition

Inszone Insurance Services has acquired California-based James Kelly Insurance.

CRC REDY index: Property insurance market reached level of stability by end of Q1

The E&S property market started the year continuing 2023 trends, but as Q1 progressed it saw a return to “normal” in the context of renewal price and terms expectation of clients, with increases in pricing slowing from 15.7 percent in January to 10.6 percent in March, according to data from wholesaler CRC.

Fitch: US cyber profits “strong” in ’23 but premium growth stalls

The US cyber insurance line generated “strong” direct underwriting profits for the second year running in 2023, an analysis of statutory data by Fitch has shown, though the rating agency noted that written premium volume has stalled amid renewed pricing pressure.

Travelers’ core income misses consensus but CR improves to 93.9%

Travelers has opened the first quarter earnings season for US-listed carriers with core income of $4.69 per diluted share, missing analyst consensus of $4.92.

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