Louisiana insurance commissioner Temple urges legislators to pass insurance reformLouisiana's Commissioner of Insurance Tim Temple has urged state officials to pass his proposed insurance reform legislation in a recent statement, emphasising that if the ongoing insurance crisis is not addressed, "it will get worse."
Trisura acquires surety company First Founders AssuranceTrisura Group announced on Tuesday that it had closed on its acquisition US Treasury-listed surety firm First Founders Assurance Company.
Mosaic launches $65mn AADI offering in US political risk expansionMosaic Insurance has expanded its political risk coverage to the US through the launch of an arbitration award default insurance (AADI) product with $65mn of capacity.
Fitch: North American P&C insurer results improve amid challenges in personal linesNorth American P&C (re)insurer financial results for 2023 have shown strong performance in commercial lines, offset by ongoing challenges in personal lines including an elevated frequency of minor catastrophe events, according to Fitch Ratings.
Baltimore bridge collapse set to trigger multi-billion dollar (re)insurance lossP&C losses related to the collapse of Baltimore’s Francis Scott Key Bridge are expected to run into the billions of dollars across multiple lines of business.
Former Homesite exec Meek returns to market as president of Accredited AmericaGrace Meek has re-emerged in the market as president of fronting platform Accredited America, where she will lead underwriting and program management and be tasked with driving further growth.
Chubb-supported trucking program Mohave to stop underwriting at 1 AprilThe program established by trucking giant Knight Swift to write third-party business on Chubb and Harco paper and reinsured by its captive Mohave Transportation Insurance Company is being shuttered from 1 April after growing rapidly in its first few years of operation, Program Manager can reveal.
Coalition adds affirmative AI endorsement to cyber policiesCyber insurtech Coalition has added a new affirmative artificial intelligence endorsement to clarify what is covered by its US surplus and Canada cyber insurance policies.
Conifer transfers to Nasdaq Capital Market as KBRA warns over policyholder surplus adequacyConifer Holdings has transferred its common shares to the Nasdaq Capital Market, while KBRA has followed AM Best in downgrading the Michigan-based carrier and warning over its surplus levels and ability to continue as an operating enterprise.
Alliant raids NFP for 12+ Pestana-led real estate team ahead of Aon deal closingAlliant has raided rival mid-market broking house NFP for a 12-plus real estate broking team led by Gary Pestana that also includes Tim Edwards, Ramy Morcos, and Margot Spera, The Insurer can reveal.
Incline’s new E&S carrier secures A- rating ahead of beginning writing in Q2AM Best has assigned a financial strength rating of A- to Incline Americas Insurance Company, the new E&S carrier from Incline P&C that is expected to start writing business in Q2.
Significant P&I claim likely after Britannia-registered Dali causes Baltimore’s Key Bridge collapseA significant P&I claim that may trigger the International Group of P&I Clubs reinsurance arrangements is likely, after the container ship Dali caused the collapse of Baltimore’s Francis Scott Key Bridge and a subsequent “mass casualty event”.
Alliant launches national specialty lending insurance brokerage practiceAlliant has launched a national specialty lending insurance brokerage practice designed to address the needs of lending institutions operating in specialised sectors.
AM Best: US P&C industry sees a $21.2bn net underwriting loss in 2023According to a new report by AM Best, the US property and casualty industry experienced a net underwriting loss of $21.2bn in 2023, marking a slight improvement from the $24.9bn loss reported in the previous year.
Acrisure launches Plunkett-led New England regionAcrisure has established its New England region, consolidating its operations in Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.
CRC adds USLI’s Louderback and B&W’s CrawfordCRC Group has added two new underwriting professionals, with Michael Louderback joining the Denver, Colorado office as underwriting team leader and Sam Crawford joining the Tampa Bayport, Florida office as an underwriter.
AJG: “Meaningful” US casualty increases could push 10% for sustained periodGrowing concerns among carriers about casualty loss cost trends could see premium rate increases push 10 percent as part of a “measured, rational step-up in rate” over the longer term, rather than a “knee-jerk reaction in one period”, according to Arthur J Gallagher CFO Doug Howell.
Dellwood building E&S property team for mid-market launchE&S start-up Dellwood Insurance Group is staffing up its property unit ahead of a launch into the mid-market space, with Felicia Rawlin from Aspen and Kyle Garrett from Chubb Westchester among those set to join, E&S Insurer can reveal.
CEJ: Up to 10 states may opt out of NAIC homeowners data callThe Center for Economic Justice has raised concerns over up to 10 states opting out of the homeowners data call recently announced by the National Association of Insurance Commissioners and the US Treasury’s Federal Insurance Office.
LSM bolsters US and LatAm with Frontado as war and terror headLiberty Specialty Markets has appointed Anabella Frontado as head of war and terrorism for the US and Latin America.