US / Americas

James River completes $277mn sale of treaty business to Fleming

James River Group Holdings announced late Tuesday that Fleming Intermediate Holdings has completed its acquisition of the Bermudian specialty platform’s treaty business JRG Reinsurance Company on the previously agreed terms, following a legal spat between the parties related to reserving.

AM Best highlights worsening reserve risk in US P&C sector

AM Best has said the post-pandemic environment has pointed to worsening reserve risk for insurers, especially for long-tail lines, where even a “relatively small” deficiency in current reserves could have a “material impact” on policyholders’ surplus and a company’s financial position.

FloodFlash launches parametric BI cover ahead of “highly active” hurricane season

Parametric insurtech MGA FloodFlash has introduced business interruption (BI) coverage in the US ahead of the 2024 Atlantic hurricane season.

BHSI launches Wyatt-led US ocean marine division, adds Liberty’s Frick in claims role

Berkshire Hathaway Specialty Insurance has launched its ocean marine insurance division in the US, confirming the appointment of former Ascot executive Ben Wyatt as head of marine and hiring Chris Frick from Liberty Mutual as head of marine claims in the US.

CRC teams with Plover to launch $2mn parametric D&O product for SCAs called Side X

CRC’s wholesale brokerage unit has partnered with insurtech Plover Parametrics to launch a D&O product called Side X offering up to $2mn in limit which is backed by A+-XV paper, has no deductible, and pays out upon a fall in stock price and securities class action filing, The Insurer can reveal.

Ivans: All major lines saw rate increases accelerate in Q1 except workers’ comp

Five of the six major commercial lines tracked by the Ivans Index saw a sequential acceleration in rate increases in the first quarter of this year, while workers’ compensation rates fell by a higher level.

Amwins Program Underwriters recruits Beat’s Beckham as Francavilla successor

Amwins Program Underwriters has drafted in Jon Beckham as its new president, with the former Beat Capital Partners Americas and Dual North America executive succeeding company veteran Ben Francavilla in the role.

Lloyd’s positioned to benefit from E&S market growth: Berenberg

Growth in the E&S market is set to continue to outpace the broader US P&C sector with Lloyd’s players such as Beazley and Lancashire set to be among the greatest beneficiaries, according to Berenberg.

Bowhead set to launch small account “flow” E&S unit Baleen Specialty

Bowhead Specialty has confirmed plans to launch a new tech-enabled “flow” underwriting platform focused on small, niche, hard-to-place E&S risks called Baleen Specialty, which is being led by Brandon Mezick and aims to begin underwriting sometime this quarter with a contractors’ GL product.

Bowhead Specialty goes full steam ahead with IPO after ’23 profit more than doubles

Bowhead Specialty Holdings has publicly filed its Form S-1 for a planned IPO as it disclosed strong top and bottom-line growth in 2023, with gross written premiums surging 42 percent to $507.7mn, a combined ratio of 95.0 percent and adjusted net income before tax more than doubling from $14.7mn to $33.5mn.

CRC: Nuclear verdicts and hostile venues pushing physicians coverage costs up

A combination of nuclear verdicts and the emergence of new hostile venues like Georgia continues to push up pricing for physicians’ liability business with rate rises on renewal business ranging from 5 to 8 percent, according to CRC.

Aurenity unveils full $5mn lead excess offering on Everspan paper

Tech-enabled E&S MGA Aurenity has expanded its buffer excess casualty program with participatory front Everspan to a full $5mn lead excess offering after strengthening its reinsurance panel at its recent renewal, Program Manager can reveal.

AM Best: Cumulative GL price increases not fully caught up with loss cost trends

Consistent rate increases have modestly improved general liability underwriting performance but the segment has not yet “fully caught up with multi-year loss cost trends”, according to AM Best, which maintains a negative outlook on the line.

Aon: April US SCS and flooding to cause hundreds of millions of losses

Economic and insured losses from strong winds and severe convective storms across the central and southern US from 6 to 11 April will run into the hundreds of millions of dollars, according to Aon’s Impact Forecasting unit.

Progressive combined ratio improves 12.9 pts to 86.1% in Q1

US personal lines giant Progressive has reported a much-improved combined ratio of 86.1 percent for the first quarter, with its earnings per share for March beating analyst expectations.

AM Best downgrades church specialist Brotherhood Mutual to B++

AM Best has downgraded Indiana-based Brotherhood Mutual Insurance Company’s financial strength rating to B++ from A- following elevated weather-related losses at the church specialist insurer.

Hanover CUO for middle market Brewer retires after 40-year career

The Hanover’s vice president and CUO of middle markets Rob Brewer has retired after a 40-year career in the insurance industry.

Aon names Jekkals head of new Midwest region

Aon has created a new Midwest region and made a series of leadership appointments including Lynn Jekkals as its head, effective 1 April.

Gallagher Re: Floridians’ collective CR down 37 points to 97% in 2023

As Florida’s primary personal propertyinsurers gear up for their mid-year reinsurance renewals, new data compiled by Gallagher Re shows that carriers in the Sunshine State ended 2023 with a collective combined ratio that improved by 37.2 points to 96.7 percent.

NFP sues Alliant over allegedly orchestrating raid of 19-strong real estate team

NFP Property & Casualty Services has sued Alliant Insurance Services for allegedly orchestrating a raid of 19 employees from its real estate practice, including its leader Gary Pestana, in a lawsuit claiming the individuals breached their contractual obligations, and noting that NFP already has over $2mn in damages from losing five clients.

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