US / Americas

Fitch estimates Baltimore bridge insured loss at $2bn-$4bn

Losses from the collapse of the Francis Scott Key Bridge in Baltimore are likely to amount to the largest marine claim in history, Fitch Ratings has said, estimating insured loss at $2bn to $4bn.

Conifer agrees cannabis underwriting deal with Palomar

Conifer Holdings has inked a strategic partnership with Palomar Holdings through which the Troy, Michigan-based carrier will underwrite coverage for cannabis industry companies on the AM Best A- rated paper of Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company.

Fleming slams James River over “bait and switch” JRG Re deal

Fleming Holdings insists its current refusal to complete the acquisition of JRG Reinsurance Company “is not a case of buyer’s remorse” but “a bait and switch”, with the company willing to complete the deal provided James River Group Holdings “cures its breaches of the agreement”.

Alliant confirms hire of real estate specialist Pestana from NFP

Alliant Insurance Services has confirmed the hire of real estate specialist Gary Pestana, with the broker’s announcement coming after The Insurer revealed last week that it had lured the executive and at least 12 of his colleagues over from rival NFP.

AmRisc management says sidecar launch positions MGA to better meet E&S client needs

AmRisc’s management has declared the MGU’s launch of its new Trouvaille Re sidecar means it is now in an even stronger position to serve the coastal commercial property E&S market and meet the changing needs of its client base.

Ingrey: Emerald Bay focus on aligned interest and collaboration to address unmet need

The founding leaders of Emerald Bay Risk Solutions have said the AM Best A- rated start-up will differentiate itself through alignment of interest – including taking a 20 percent share on most of its programs – and its collaborative approach to MGAs and reinsurers, as it eyes an opportunity it says is not being addressed by current fronting players in the sector.

Former BMS Re exec Holtmeier joins Applied UW in strategic development role

Gregg Holtmeier has re-emerged in the market at expansive Applied Underwriters as vice president of strategic development which will see him collaborate across the company’s team in M&A, corporate alliances and partnership relationships, The Insurer can reveal.

Aspen delivers adj FY CR of 86.4% as operating income jumps 82%

Aspen has reported fourth quarter operating earnings of $97.6mn which contributed to a total of $367.6mn for the year – up from $202.3mn in the prior year – as the Bermudian generated an adjusted combined ratio of 86.4 percent for 2023.

Marsh’s new wholesaler Victor Access began placing risks at 1 March

Marsh’s newly launched wholesale broking venture Victor Access began placing risks with carriers earlier this month and plans to grow its team to 30 staff by year-end, E&S Insurer can reveal.

Incline’s new E&S carrier secures A- rating ahead of Q2 underwriting launch

Incline’s new E&S carrier already has two programs set to launch in the coming weeks after securing an A- AM Best financial strength rating.

Casualty panel: E&S market needs to innovate to meet escalating risk and loss costs

The E&S casualty sector must focus on innovation to reshape the products it offers, including around terms and conditions, as it addresses an elevated risk profile against the backdrop of forces such as social inflation, according to a panel of senior executives.

State of the market panel: Risk mitigation playing increasing role in E&S sector

There is a growing emphasis in the E&S market on the kind of risk mitigation approaches historically seen in the admitted space, as carriers look to be more innovative in working with distribution partners and insureds in response to several years of increasing rates in the majority of business lines.

DUAE market growth places higher demands on due diligence

Given the increasingly diverse ways that capital is flowing into the growing delegated underwriting authority enterprise space, market participants’ focus on due diligence should rise in tandem.

Neal: Baltimore bridge collapse is opportunity to show value of insurance

The Francis Scott Key Bridge collapse in Baltimore this week poses an opportunity to demonstrate the value of insurance following a complex, expensive loss, according to John Neal, with the Lloyd’s CEO adding that the incident is “not outside of the normal levels of expectations” for large losses.

Bain-backed Emerald Bay Risk Solutions launches with A- rating

Dave Ingrey and Miles Allkins-led Emerald Bay Risk Solutions has officially launched with an A- AM Best rating and over $100mn in committed capital from its backer Bain, describing itself as a collaborative underwriting carrier looking for aligned long-term partnerships with MGAs and reinsurers, Program Manager can reveal.

Morningstar DBRS: Baltimore bridge losses “manageable” for industry, but will add to marine insurers’ woes

Morningstar DBRS has said that insured losses from the collapse of the Francis Scott Key Bridge could be between $2bn and $4bn, with the credit ratings agency commenting that they will be “manageable” for the industry but “will add pressure to the marine market”.

Flexpoint buys majority stake in repair services platform Accuserve from Aquiline

Private equity firm Flexpoint Ford has agreed to acquire a majority stake in independent managed services repair platform Accuserve Solutions – which connects insurers, homeowners and contractors – with Aquiline remaining a minority investor.

Arch Insurance promotes Morrello to E&S property head

Arch Insurance has named Joe Morrello as vice president, head of E&S property.

Baltimore bridge loss estimated at $1bn-$3bn with Lloyd’s share $250mn+

Early analyst estimates are converging around an industry loss of between $1bn and $3bn for the collapse of the Francis Scott Key Bridge in Baltimore this week, with Lloyd’s potentially facing more than $250mn of claims from the event.

CyberCube: Between 107,000 to 189,000 entities likely exposed in Change Healthcare attack

Cyber risk analytics platform CyberCube estimates that between 107,000 and 189,000 entities were likely exposed in the recent Change Healthcare attack.

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