US / Americas

Palomar adds ex-Argo and AWAC exec Bradley to board

Palomar Holdings has added industry veteran and former Argo Group executive chairman and CEO Thomas Bradley to its board of directors.

CIAB: commercial insurance rate increases moderate to 7.0% in Q4

The latest quarterly market survey by the Council of Insurance Agents and Brokers (CIAB) found that the average premium increase across all account sizes in the US commercial insurance sector was 7.0 percent in Q4, slowing from 8.1 percent in Q3 2023.

Core Specialty acquires renewal rights of American National’s specialty markets group

Core Specialty has broadened its product capabilities after agreeing a deal to acquire the renewal rights and unearned premium reserve of American National Group’s specialty markets group.

Builders declares 28th consecutive annual dividend as FY net revenues hit $245mn

US insurer Builders said it delivered strong earnings in 2023 with net income growth, net written premiums growth and surplus growth during the year, leading it to declare its 28 th consecutive annual dividend payment to qualifying Georgia policyholders.

Everspan delivers consecutive quarterly profit as GWP climbs 76%

Ambac’s relatively young specialty P&C platform Everspan reported strong top-line growth in the fourth quarter, with the hybrid fronting business also delivering a second consecutive quarterly pre-tax profit.

Texas wildfire insured losses “could reach into hundreds of millions”

Insured losses from the wildfires that have been burning in Texas since 26 February could reach into the hundreds of millions of dollars, Aon’s Impact Forecasting unit has commented, while AM Best has provided figures on the insurers most exposed to losses by line.

RT Connector adds cyber with other ML and commercial auto in the works

RT Specialty has added cyber liability to its proprietary digital platform RT Connector, with other management liability products, along with commercial auto, set to join the offering in the coming months.

American Coastal set for upsized June cat placement and updates on Interboro sale

Repositioned commercial residential property-focused insurer American Coastal expects a “much bigger” core cat placement at 1 June on improved terms as it targets growth opportunities, with management also updating on the sale of its remaining personal lines business Interboro.

Lemonade: ’24 won’t have “same magnitude of overachievement” as last year

The management of Lemonade has stressed that there is optimism for its results in 2024 but it does not expect the same level of overachievement as last year, as investors responded to the insurtech’s guidance by sending the share price down 28 percent on Wednesday.

James River board continues to explore strategic alternatives as Q4 earnings miss

Another E&S reserve charge drove a fourth quarter earnings miss at James River as the US specialty insurer said its board is continuing to explore strategic alternatives for the company.

New Amwins acquisition Connected generated $34mn revs/$5mn Ebitda in 2023

BRP Group’s divestment of Connected Risk Solutions to Amwins will bring the wholesale giant a business that generated $34mn of gross revenue and $5mn of adjusted Ebitda in 2023, the seller has revealed.

Fortegra Q4 CR flat as E&S and admitted lines growth fuel GPWPE surge

Fortegra Group closed out the final three months of 2024 with a combined ratio that at 89.8 percent was unchanged from the prior year period, while gross premiums written and premium equivalents (GPWPE) increased 37.5 percent to $724.1mn.

Amwins acquires wholesale business Connected Risk Solutions from BRP Group

Amwins has agreed a deal to buy Connected Risk Solutions, the wholesale E&S insurance brokerage operated by New York-listed insurance distribution firm BRP Group, in a deal that will generate net cash proceeds of around $59mn for the seller.

ProAssurance’s Rand: Rate rises needed across MPL market

Rate rises are needed across the entire medical professional liability (MPL) market with the sector’s loss environment showing no sign of improvement as social and medical inflation continue to push judgments and settlements higher, according to ProAssurance president and CEO Ned Rand.

CORRECTION: Rokstone pulls out of US construction casualty as Simone-led team exits

Expansive Rokstone has pulled out of US construction casualty with a team led by Michael Simone exiting the firm, Program Manager can reveal.

CRC bolsters ExecPro team with former AGCS exec Azzara

CRC Group has recruited former Allianz Global Corporate & Specialty executive Matthew Azzara as a professional lines broker within the wholesaler’s Los Angeles office.

McGowan acquires FL-based program manager Parks Plus/Intersure

The McGowan Companies has acquired Brooksville, Florida-based Parks Plus Underwriting Agency and Intersure Insurance Brokers Corp.

WR Berkley expects 10-15% growth in 2024 as E&S momentum continues

The CEO of WR Berkley has suggested his company could accelerate growth to 10-15 percent in 2024 as a result of “great opportunity” in the excess and surplus lines market, despite taking a more defensive posture in some areas such as D&O and workers’ compensation.

Lemonade shares plummet on 2024 guidance despite improved Q4 loss ratio

Investors sent Lemonade's share price down more than 25 percent on Wednesday morning after the insurtech reported an improvement in its Q4 gross loss ratio and issued guidance for 2024 that included a doubling of its growth budget.

Adroit inks capacity deal with Nationwide to support WC offering

Nationwide’s recent bid to grow its footprint in the workers’ compensation sector has seen the carrier agree a new capacity partnership with insurtech MGA Adroit General Agency.

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