US / Americas

Inszone expands into entertainment insurance with Truman Van Dyke acquisition

Fast-growing US broker Inszone Insurance Services has acquired Truman Van Dyke Company, a Los Angeles-based entertainment insurance agency.

Truist to sell remaining stake in TIH to Stone Point, CD&R, Mubadala in $15.5bn deal

Truist Financial has signed a definitive agreement to sell its remaining stake in Truist Insurance Holdings to an investor group led by Stone Point, Clayton Dubilier & Rice and Mubadala Investment Company, in a deal valuing the business at $15.5bn or 18x core Ebitda.

BMS Re’s Brad Nebel joins PA client ISC as chief of staff

Expansive AI and data analytics-focused program administrator Integrated Specialty Coverages has added Brad Nebel from its reinsurance broker BMS Re as chief of staff, with a focus on building out the platform’s wholesale division and managing its growing list of exclusive programs, Program Manager can reveal.

Prem Watsa: “Market has spoken” as Fairfax stock bounces back after short-seller report

Fairfax Financial chairman and CEO Prem Watsa used the company’s earnings call this morning to reiterate the Canadian holding company’s categorical denial and refuting of claims made by short seller Muddy Waters about asset valuations and the performance of its P&C operations.

K2 Cyber’s Hannes: New MGA starting with “blank slate” and power of existing platform

K2 Cyber’s Meghan Hannes said that the newly-launched venture plans to combine the power of incumbency brought about by K2’s existing industry relationships and product set with the opportunity to take a “blank slate” approach to cyber.

Watsa declares best-ever year as Fairfax P&C ops deliver $1.5bn UW profit

Days after refuting short-seller claims about performance and asset values, Fairfax Financial has unveiled Q4 results that contributed to what chairman and CEO Prem Watsa said was the company’s best-ever year, including record adjusted operating income of $3.94bn from its P&C (re)insurance operations.

US Risk founder Randall Goss passes away

Wholesale broker and MGA platform US Risk’s founder and long-time leader Randall Goss has died suddenly.

Braverman joins Lockton from Aon’s PSP unit

Eric Braverman is leaving Aon’s Professional Services Practice to take up a role at rival Lockton, The Insurer can reveal.

Vesttoo creditors committee and Clear Blue agree settlement over $10mn funds

Fronting carrier Clear Blue has agreed to support the plan proposed by the official committee of unsecured creditors in the Vesttoo bankruptcy case to wind down and liquidate the failed insurtech, after reaching a settlement in relation to around $10mn of cash held in debtor vehicle Vesttoo Bay XIV Limited.

Progressive January CR improves to 87.3% driven by reserve releases

US personal lines giant Progressive has reported an 8.7 improvement in its combined ratio for January, which benefited from favourable reserve development of $76.5mn.

Allstate estimates $276mn of January cat losses

Allstate has estimated catastrophe losses for the month of January at $276mn, with the personal lines giant also revealing that its rate increases for Allstate-brand auto insurance resulted in a premium impact of 1.4 percent.

Palomar CR improves to 74.2% in Q4 earnings beat

Catastrophe-focused specialty insurer Palomar Holdings has reported a 1.3 point improvement in its Q4 combined ratio to 74.2 percent, while gross written premiums increased by 29.4 percent to $1.1bn.

AM Best downgrades and withdraws TRUE ratings following Gallatin Point deal

AM Best has downgraded and withdrawn the ratings of Trusted Resource Underwriters Exchange (TRUE), which has opted out of the rating process after Gallatin Point acquired a majority stake in its attorney-in-fact.

NAIC announces 2024 strategic priorities

The National Association of Insurance Commissioners has announced its strategic priorities for 2024, including climate risks and resilience; insurer financial oversight and transparency; the use of AI by insurers; cyber risk; race and insurance; financial inclusion, and protection gaps.

AIG sees signs of a floor in financial lines

Significant softening in financial lines – largely led by public D&O – has been a dominant theme of the last year or more and was an offsetting factor in both NPW growth and rate at AIG.

AIG share price reaction muted as investors react to latest earnings beat and capital return

Shares in AIG initially traded up around 3 percent Wednesday morning in New York before ending the day down 1 percent as investors gave a muted response to another quarterly earnings beat and continued improvement in the firm’s general insurance underwriting results, as well as commentary on pricing and profitable growth opportunities.

Mercury General swings to $63.6mn operating income in Q4 as CR improves 17.2 pts

Mercury General has reported operating income of $63.6mn compared with an operating loss of $80.4mn in the prior-year period, with its combined ratio improving 17.2 points to 98.6 percent.

UFG CR improves 4.7 pts to 99.2% in Q4

United Fire Group has reported a Q4 combined ratio of 99.2 percent, its best in seven quarters, while net premiums written increased by 5.2 percent to $246.8mn.

Hagerty pushes ahead on risk-taking plans with $18.4mn deal for Everspan unit

Hagerty has agreed an $18.4mn deal to acquire a Colorado-domiciled subsidiary of Everspan Insurance Company, a transaction which the classic car insurance specialist said will drive its written premium growth and allow it to better retain underwriting profits.

WTW expands coverage area for Hawai'i coral reef policy, doubles minimum payout

WTW has upgraded its coral reef insurance policy with the Nature Conservancy to expand coverage to a larger area around the main Hawaiian islands, with the minimum payout doubling to $200,000.

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