US / Americas

TWIA committee recommends big jump in PML to $6.5bn for 2024 storm season

The Texas Windstorm Insurance Association’s actuarial and underwriting committee Tuesday voted unanimously to recommend that the residual insurer’s board of directors set the probable maximum loss for the 2024 storm season at $6.5bn.

AIG delivers another earnings beat in Q4 as GI CR improves to 89.1%

AIG reported Q4 adjusted after-tax income of $1.79 a share that beat Wall Street forecasts for the 15 th quarter in a row as the carrier delivered a general insurance (GI) combined ratio that improved 80 basis points to 89.1 percent, or by 50 bps on an adjusted accident year basis to 87.9 percent.

Zurich NA cyber product lead Lewis joining Lockton Re

Zurich North America cyber product leader Brian Lewis is heading to reinsurance broker Lockton Re, The Insurer can reveal.

Full Truist Insurance Holdings sale “imminent” with Glaser set for major role

The sale of the remaining 80 percent of Truist Insurance Holdings is imminent, with investors expected to include Stone Point Capital and Clayton Dubilier & Rice, and Dan Glaser earmarked for a major role at the parent of CRC Group, McGriff and AmRisc following the deal, The Insurer understands.

ShoreOne hires Narragansett Bay’s Voss as chief claims officer

ShoreOne Insurance Company has hired Brendan Voss from Narragansett Bay Insurance Company as chief claims officer.

S&P expects slightly increased broker margins in ‘24, US P&C CR to improve to 100-102%

Analysts at S&P Global Ratings expect broker margins to slightly improve this year as the sector continues to benefit from tailwinds such as strong premium growth, while the US property casualty sector’s combined ratio will improve slightly to between 100 and 102 percent.

Kemper unit Trinity Universal confirms missing data contains personal info

Kemper Insurance subsidiary Trinity Universal Insurance Company has confirmed backup tapes that went missing last year during a company office relocation did contain personal information.

Kemper names Camden EVP and CFO

Kemper has named Bradley Camden executive vice president and chief financial officer, having previously held the role on an interim basis.

Stamping office surplus lines premium volume hits record high of $73bn in 2023

Surplus lines premium tracked by the US Surplus Lines Service and Stamping Offices reached another record high in 2023 after it increased 14.6 percent year on year in 2023 to hit $72.7bn.

Bain Capital Insurance in Ryze Claim Solutions recap deal

Bain Capital’s dedicated insurance investing arm has recapitalised Ryze Claim Solutions in a deal which the parties said will be used to drive organic and inorganic growth at the full-service claims management platform.

TWIA could need $3.7bn in reinsurance based on RMS v23 PML output

With the Texas Windstorm Insurance Association’s actuarial and underwriting committee meeting tomorrow to recommend on the probable maximum loss for statutory funding of the 2024 storm season, broker Aon has modelled that up to $3.7bn of limit could be required, using RMS v23.

CA insurance commissioner Lara targets rate approval process in proposed rule changes

California insurance commissioner Ricardo Lara has proposed regulatory rule changes aimed at the rate approval process in the state which it is claimed will lead to a “more transparent and accountable insurance market”.

Fairfax denies “false and misleading” claims in Muddy Waters report

Fairfax has described allegations by short seller Muddy Waters that it has manipulated its asset values and overstated its book value as “false and misleading” in a strongly worded statement.

$500mn+ US cyber loss index used for first ILS and ILW transactions

The US Cyber Industry Loss Index from CyberAcuView and Perils has enabled the first cyber industry risk transactions to be placed using an industry loss trigger, its founders have said.

Allstate writing again in CA but expects to shrink in NJ

Allstate has begun writing new auto business in California after being approved for a 30 percent rate rise in December, but the personal lines giant remains cautious in New York and will continue to reduce its writings in New Jersey.

Allstate moving in “right direction” as auto and HO results improve

Allstate’s Q4 2023 earnings show it is moving “in the right direction” with analysts bullish on the company’s near-term prospects following improved auto and homeowners results.

DUAEs and surplus lines: Clear winners in the hard market

David Blades, associate director, industry research and analytics at AM Best, examines the relationship between the rapidly growing DUAE and E&S markets…

Aon: Insurers’ focus on capacity deployment creating “healthy competition”

Insurers continued to focus their appetite and capacity deployment during 2023 “creating healthy competition and options for preferred risk types”, according to a new global insurance report from Aon.

Upland adds Indigo and Validus staff to spearhead PL E&O and excess cyber moves

Upland Capital Group has hired a Kate Walas-led team from Indigo Specialty Underwriters to spearhead the E&S carrier’s entry into the professional liability E&O sector and also recruited a pair of Validus Specialty staff to lead its push into the excess cyber liability segment.

GuideOne ratings lose AM Best under negative review status after Bain deal

GuideOne’s financial strength rating (FSR) of A- from AM Best is no longer under review with negative implications in the wake of the West Des Moines, Iowa-based carrier receiving a $200mn strategic capital investment from Bain Capital Insurance late last year.

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