US / Americas

Root stock ends week up 87% after “best ever” Q4 results

Root ended the week with its share price having soared almost 87 percent as investors responded positively to the auto specialist’s Q4 2023 results which the firm’s CEO Alex Timm described as its “best ever”.

Vantage parts ways with Chicago-based cyber chief underwriting officer Lea

Vantage Risk and Andy Lea, the senior vice president and CUO of its cyber book, have parted ways, with the carrier understood to remain strongly committed to the segment as it continues to grow and add personnel, Cyber Risk Insurer can reveal.

Well-performing P&I records saw rate reductions at 2024 renewals: Aon

Underwriters have been more willing to come down from general increases at this year’s P&I renewals, with an increased number of rate reductions on well-performing records, said Aon.

B&W: Hab rate rises slow but T&Cs continue to tighten

Rate rises across the habitational insurance market have started to slow but terms and conditions continue to tighten as carriers look to minimize their exposure to assault and battery and sexual abuse, among other exposures, a panel of Burns & Wilcox sector specialists have detailed.

AscotPro head Walter describes cyber as “the new digital property”, warns on AI

The head of Ascot’s cyber and professional liability team in the US has drawn parallels between cyber and property risk, calling the cyber segment “the digital property” as he also expressed concerns about the potential of AI to shake up the cyber market.

King strengthens NJ presence with acquisition of Mehta Insurance Agency

King Insurance Partners has acquired Mehta Insurance Agency, a Absecon, New Jersey-based brokerage firm.

Everest bolsters global reinsurance unit with Beggs and Voralia promotions

Everest Group has announced the dual promotions of Jill Beggs to reinsurance EVP and reinsurance chief operating officer, with Jiten Voralia appointed head of North America treaty reinsurance.

Sompo International recruits Ironshore’s Wamiti to lead US healthcare

Bermuda-based P&C reinsurer Sompo International has appointed Njoki Wamiti as SVP, head of US healthcare in its North American insurance team.

Beazley appoints Johnson as independent non-exec director

Lloyd’s largest insurer Beazley has appointed Carolyn Johnson as an independent non-executive director.

Venture partners with Mitsui Sumitomo-backed parametric specialist Vortex

Venture Insurance Programs has partnered with parametric specialist Vortex Weather Insurance in a move which broadens its product offerings to its predominantly private club clients.

MMA acquires two Louisiana-based agencies

Marsh McLennan Agency (MMA) has doubled its presence in Louisiana by signing agreements to acquire two middle-market agencies: Querbes & Nelson (Q&N) and Louisiana Companies.

Kin falls to Q4 operating loss despite loss ratio improving 20 points

Kin ended Q4 2023 by posting an operating loss of $5.8mn even as the homeowners’ insurtech’s adjusted loss ratio for the period improved by 20.2 points to 28.9 percent.

DoJ chooses not to block $13.4bn Aon-NFP deal as tie-up passes key antitrust hurdle

Aon’s acquisition of middle market-focused retail broker NFP has passed its first antitrust milestone after the expiry of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Resilience acquires incident response platform BreachQuest

Resilience has acquired BreachQuest, an incident response technology solution that will allow the cyber insurtech to help clients combat the rise of business email compromise and increase incident preparedness, The Insurer can reveal.

Skyward in narrow Q4 earnings beat as CR improves 170bps to 90.7%

Skyward Specialty Insurance Group eked out a narrow Q4 2023 earnings beat as its combined ratio improved 1.7 points to 90.7 percent on the back of lower catastrophe and non-catastrophe loss ratios.

TWIA to seek $3.35bn in reinsurance as 1:100 PML confirmed at $6.5bn

The Texas Windstorm Insurance Association (TWIA) board met Tuesday and confirmed the residual insurer’s 1:100 probable maximum loss (PML) for the upcoming storm season at $6.5bn, which will require $3.35bn of traditional and non-traditional reinsurance capacity to fund to the statutory minimum.

Truist’s Howard: Insurance business will be “more agile” following bank separation

Truist Insurance Holdings chairman and CEO John Howard said the unit’s acquisition by Stone Point Capital and CD&R will allow it to be “more agile” moving forward, and that staff will be able to participate in the value the business is creating.

Root hands CTO Bonakdarpour additional president title

Auto insurtech Root has promoted Matt Bonakdarpour to president, a role he will assume alongside his existing responsibilities as the firm’s chief technology officer.