US / Americas

Expectations grow for an active hurricane season

Elevated sea surface temperatures and the potential emergence of favourable atmospheric conditions are prompting early concerns around the potential for an active Atlantic hurricane season in 2024.

Hippo shares up 29% after insurtech cuts Q4 loss ratio by 24 points

Hippo’s share price was up almost 29 percent early Wednesday morning as investors responded positively to Q4 2023 results that included a 24 point reduction in its home insurance program’s loss ratio to 64 percent.

PLUS cyber panel: Evolution of product needed to hit market’s projected $40-50bn premium by 2030

The cyber product may need to evolve if the market is to continue to grow, with carriers facing pressures from rising third-party exposures and the threat of a large systemic event, according to speakers on a panel at the PLUS Cyber Symposium.

PLUS D&O panel: Pace of rate decreases not sustainable at current level of demand

D&O carrier executives at a PLUS event have suggested that they are heeding the warning signs in the market from rate decreases, and also expressed confidence that there will not be a return to the large limits seen before the recent hard market.

Former AIG chief Sullivan confirmed as Inszone chairman

Fast-growing Lightyear Capital and BHMS Investments-backed retail broker consolidator Inszone Insurance Services has confirmed the appointment of former AIG president and CEO Martin Sullivan as the non-executive chairman of its board.

PURE builds out leadership team with Saad as CUO and Malollari as CRO

Privilege Underwriters Inc and the PURE Group of Insurance Companies have followed up the recent appointment of Martin Leitch as CEO and Dave Logan as president with the addition of Drew Saad as CUO and promotion of Dea Malollari to chief risk officer.

E&S takeouts and insurer limitations post-storm top bill as FL session nears end

Florida’s main legislative session is due to come to an end on Friday after two years of momentous reforms in the homeowners insurance market, with proposals for 2024 meeting with a mixed response from the surplus lines industry.

Greenlight Re cites improved pricing as Q4 CR improves 280 bps to 91.4%

Greenlight Capital Re’s combined ratio improved 2.8 points to 91.4 percent in Q4 2023 as the Cayman Islands-based company saw its gross premiums written for the period fall $15.1mn to $112.3mn.

Former Vantage CFO Swithenbank joins mortgage insurer NMI

NMI Holdings has appointed Aurora Swithenbank as executive vice president and chief financial officer, with the executive joining the mortgage insurer after serving as CFO of Bermudian (re)insurer Vantage Group.

AssuredPartners hires The Hartford’s Dominioni as Northeast agency president

AssuredPartners has appointed The Hartford veteran Hank Dominioni as agency president and platform president in the Northeast region, focusing on the Hartford and Torrington offices as well as greater Connecticut.

Lockton Re confirms Lewis to lead cyber practice in North America

Lockton Re has appointed Brian Lewis as senior broker responsible for leading the group’s North American cyber practice.

APCIA-Munich Re survey finds US consumers unaware of the extent of legal abuses

A survey from the American Property Casualty Insurance Association and Munich Reinsurance America has found that a significant portion of consumers are unaware of how legal system abuse affects their household budgets, with many oblivious to the fact that large investors, rather than injured parties or policyholders, are reaping significant profits from these lawsuits.

Falvey launches Canopius capacity-backed commercial output program

Falvey Insurance Group has launched a new commercial output insurance program that is being underwritten on capacity provided by Canopius US.

Fitch: US auto insurers’ underwriting results expected to improve in 2024

Fitch Ratings anticipates that US personal auto insurers' underwriting results will continue to improve in 2024 because of significant price hikes and underwriting initiatives coupled with a moderation of exceptionally high claims severity.

Nationwide moves ahead with HNW pullback after Crestbrook submits HO exit filings in CA

Nationwide has formally moved ahead with plans to retire its Private Client brand and move away from covering complex high net worth insureds after the company’s Crestbrook Insurance Company submitted a notice of withdrawal from California.

State Farm P&C UW loss increases to $14.1bn in 2023 amid elevated claims severity

State Farm experienced “unfavourable” underwriting results in 2023 driven by elevated claims severity and significant catastrophe activity across both its auto and homeowners operations.

Listed insurtech share price performance remains mixed despite Root frenzy

Shares in Root and Hippo skyrocketed last week but the recent insurtech enthusiasm has not been universal, with other players experiencing a muted share price performance in the year to date.

CoreLogic estimates $356mn RCV for properties exposed to Texas’s Smokehouse Creek wildfire

CoreLogic has estimated that approximately 1,544 single-family residential properties with a combined reconstruction value of $356mn lie within the perimeter of the Smokehouse Creek wildfire in Texas.

American National quits HO market in CA and eight other states

American National is the latest carrier to significantly scale back its commitment to the US homeowners’ market in the face of significant and persistent profitability issues after the company moved to quit writing the class in nine states, including California and Louisiana.

AM Best negative on US D&O as warns pricing environment “may prove unsustainable”

The US D&O pricing environment may prove unsustainable based on developing losses, AM Best has warned, with the rating agency assigning a negative outlook to the segment but also suggesting new capacity could enter if results remain favourable.

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