US / Americas

Roosevelt Road Re and Tradesman file RICO suit over alleged fraudulent WC claims

Roosevelt Road Re and its affiliate Tradesman Program Managers have filed a Racketeer Influenced and Corrupt Organizations Act (RICO) lawsuit to recover funds from 46 individuals and companies following an investigation into largely New York-based construction accidents they claim were staged and resulted in unnecessary medical treatments.

Starwind’s JH Blades strikes energy underwriting partnership with MS Amlin

JH Blades & Co, a wholesale broker and MGA within CRC’s Starwind Specialty Insurance, has entered into a new master underwriting agreement for upstream oil and gas liability risks with Lloyd’s (re)insurer MS Amlin.

Kenahan-led casualty MGA First Specialty XS set for 1.4 launch on MS Transverse paper

Pat Kenahan’s new casualty MGA First Specialty XS is set to begin underwriting risks incepting 1 April with United Risk among its backers, after securing paper from MS Transverse supported by a panel of blue-chip reinsurers, Program Manager understands.

Zywave casualty panel: 2020-2022 years not showing expected improvements

US casualty is not generally viewed as being in a hard market but a lot of pressure remains on pricing from social and economic inflation, while some believe even more recent years are turning out to be worse than expected, according to panellists at a Zywave event.

AM Best “closely monitoring” James River-Fleming legal action

AM Best has said it will closely monitor the progress of the legal action launched by James River Group against legacy specialist Fleming to assess whether any potential adjustments are required to its ratings on the insurer and its subsidiaries.

CA commissioner Lara: “Not having insurance is not an option”

California’s insurance commissioner Ricardo Lara has said a crossroads moment has come for regulators and the insurance industry to work together to figure out solutions that ensure human life and businesses are protected from the effects of climate change.

Obra Capital sues 777 Partners to prevent Sutton National transfer

Obra Capital has filed a lawsuit in a New York state court in an attempt to prevent 777 Partners’ transfer of Sutton Specialty Insurance and Sutton National Insurance to the Miami-based investment firm’s co-founder Steve Pasko.

Global Indemnity FY CR worsens to 99.7% in 2023

Specialty insurer Global Indemnity has reported a 0.9 point increase in its full-year combined ratio to 99.7 percent, while its Penn-America subsidiary saw its result deteriorate by 6.2 points to 103.6 percent due to a poorly performing New York habitational book.

Fleming’s Haller: James River JRG Re sale lawsuit “misrepresents the facts”

Fleming Insurance Holdings CEO Eric Haller has hit back at James River Group’s lawsuit against his business over its aborted acquisition of JRG Re, with the executive claiming the suit “misrepresents the facts”.

Starr launches Gadaleta-led Twin Maples to serve wholesale market

Starr Insurance has established Twin Maples Specialty to focus on the wholesale brokerage community, with the new unit to be led by former Hiscox and AIG executive Bob Gadaleta.

Heritage trades up after Q4 earnings beat and bullish growth forecasts

Shares in Heritage Insurance Holdings were up 24 percent in early Tuesday trading as management on a Q4 earnings call gave a bullish outlook for “selective growth opportunities” following its December equity raise, and expressed optimism that litigated losses are improving in Florida.

FL legislature passes E&S-related bills but industry rues missed opportunity on litigation statutes

The Florida legislature passed nine bills with insurance ramifications during this year’s session, including three that impact surplus lines, however hopes that there would be progress on clamping down on litigation loopholes were dashed.

Heritage cuts 11.2 points from Q4 CR in comfortable earnings beat

Heritage Insurance Holdings trimmed its combined ratio by 11.2 points to 84.9 percent in Q4 as it benefited from significant rating actions and lower losses, with the company posting earnings per diluted share for the period that were well ahead of analysts’ consensus.

Chubb’s Greenberg: SEC’s cybersecurity rules “a bad idea” and “an overreach”

The new US Securities and Exchange Commission rules requiring disclosure of material cybersecurity breaches are “unwise”, Chubb’s Evan Greenberg has commented, because they put pressure on companies to settle with attackers while providing a roadmap for other bad actors.

James River trades down amid claims Fleming sought to “re-trade” JRG Re sale

James River Group has accused Fleming Intermediate Holdings of allegedly seeking $78mn in economic concessions on its previously agreed acquisition of reinsurance platform JRG Re with the Altamont Capital Partners-backed company claimed to be seeking to “re-trade” on the transaction, newly-filed court documents show.

Fema adds $575mn cat bond to NFIP risk transfer program

The US Federal Emergency Management Agency has expanded its reinsurance protection for the National Flood Insurance Program to $1.92bn ahead of the 2024 hurricane season with a $575mn cat bond.

Alera names former McGriff COO Samuel as EVP national operations

Illinois-based independent insurance agency Alera Group has appointed former McGriff COO Kyle Samuel as executive vice president of national operations.

NAIC and FIO agree to coordinate climate-related data collection efforts

The US Treasury Department’s Federal Insurance Office and the National Association of Insurance Commissioners have agreed to coordinate data collection on climate-related risk.

Deutsche Bank adds Perella’s Tam as co-head of Americas insurance investment banking

Deutsche Bank AG has hired former Perella Weinberg Partners managing director Andy Tam as its co-head of Americas insurance investment banking alongside Scott Littlejohn.

AM Best places Pie’s A- rating under review after reserve development

AM Best has placed under review with negative implications the A- financial strength rating and “a-” long-term issuer credit ratings of The Pie Insurance Company following “material” underwriting losses in 2023 resulting from reserve development in its New York book.

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