US / Americas

Coverdash raises $13.5mn in Series A round

Embedded business insurance-focused Coverdash has raised $13.5mn in a Series A round, with the new financing set to support the further build-out of the start-up’s partner network, along with growing its staff count and broadening its insurance carrier panel.

Workers’ comp claims costs drive up ProAssurance CR by 7.8 pts in Q4

ProAssurance Corporation fell to an operating loss of $2.5mn for the fourth quarter as its combined ratio jumped by 7.8 points to 112.0 percent on a consolidated basis driven by an increase in the current accident year net loss ratio in its workers’ compensation insurance segment.

Progressive feeling “really good” about rates as it targets growth in 2024

Progressive feels “really good” about the rates it is charging across much of the US with the company looking to grow its policy count even as it continues to work with regulators to secure rate increases to be “fully open” in certain states, CEO Tricia Griffith has told analysts.

Progressive forecasts “positive” June reinsurance results

Progressive predicts its mid-year catastrophe reinsurance renewal will yield “positive results”, with two of the company’s staff currently in London talking to partners on the program.

Pat Ryan: Growing opportunity for M&A deals in 2024

M&A remains Ryan Specialty’s “top priority” in relation to capital allocation with the company buoyed by “an uptick” in the number of people ready, or preparing, to sell their businesses, the firm’s chairman and CEO Pat Ryan has declared.

Ryan Specialty organic revenue growth accelerates to 16% in Q4

Ryan Specialty has reported organic growth of 16.0 percent for the fourth quarter, which was up both sequentially over Q3 and compared to the prior-year period, as the intermediary also provided guidance for full-year 2024 organic revenue growth of 12.0-13.5 percent.

Insurer’s US Supreme Court win viewed as upholding maritime policy integrity

A US Supreme Court ruling in favour of a Munich Re subsidiary has clarified that the choice of law or venue for bringing suit in a maritime policy matter is fixed by the contract of insurance.

Munich Re to focus on how long-tail cyber is handled in 2024 after war exclusion progress at 1.1

Munich Re will have “a very big focus” on how cyber cedants are handling the long tail for third-party litigation claims, according to the reinsurer’s US cyber practice lead Annamaria Landaverde, who also highlighted that the reinsurer made “a lot of progress” on war exclusions at the 1 January renewal.

K2 Insurance appoints Coello as K2 International CEO

K2 Insurance has appointed Richard Coello as CEO of K2 International, effective 1 March 2024.

Crescent Specialty adds energy veteran Carrillo as MD of downstream

Crescent Specialty has added energy insurance market veteran Carlos Carrillo to its underwriting ranks with the recruit set to join the MGA from Global Special Risks.

Root share price up 34% as insurtech’s stock maintains upwards momentum

Root’s share price has maintained its sudden surge upwards after the auto insurtech’s stock increased 34.2 percent during Monday trading.

Munich Re shuffles E&S property management structure

Munich Re Specialty Insurance has shuffled its regional E&S property management structure, with Vanessa Sullivan set to lead its operations on the west coast and southeast and Joe Bonanno joining the platform to oversee the Midwest and northeast.

Reagan Consulting: Independent agent/broker channel delivered 10.3% organic growth in ’23

The US independent insurance agent and broker channel posted organic growth of 10.3 percent in 2023, according to Reagan Consulting – the highest annual level achieved since the advisory firm launched its quarterly Growth & Profitability Survey in 2008.

RB Jones adds Hiscox USA’s McWaters and C&F’s Hogeda

RB Jones has made two additions to its ranks, bringing in Amanda McWaters from Hiscox USA and Zach Hogeda from Crum & Forster.

Universal CEO: Florida reform impact “becoming clearer” with claims trends improving

The CEO of Universal Insurance Holdings has commented that the impact of the reforms passed in Florida in late 2022 is showing up in improved claims trends “across the board”, while also noting that the carrier’s first event 2024-2025 reinsurance tower is already 90 percent secured.

AM Best goes negative on Westfield Insurance’s ICR after storm and cat losses

AM Best has revised its outlook to negative from stable for the “a+” long-term issuer credit ratings of Westfield Insurance Company and its affiliates, with the rating agency also affirming the A financial strength ratings with a stable outlook.

Markel appoints Heaton as group chief operating officer

Markel Group has appointed Mike Heaton as chief operating officer alongside his existing position as executive vice president.

Acrisure Re names BMS’s Botsis as head of Chicago

Acrisure Re has confirmed the appointment of BMS’s Jim Botsis as its Chicago office head and as a member of its North American executive committee.

Report unveils insurance industry’s involvement in “climate chaos” gas terminals

At least 35 insurance companies, including AIG, Chubb and Liberty Mutual, are involved in underwriting the proposed expansion of liquefied methane export terminals along the US Gulf Coast, a move which environmental protest groups have slammed as “climate chaos”.

Buffett says Munger was Berkshire architect and P&C ops “carried the day” in ’23

Warren Buffett in his annual shareholder letter described the late Charlie Munger as the “architect” of the present Berkshire Hathaway, while also pouring praise on the investment conglomerate’s P&C operations, which he said “carried the day” in 2023.

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