US / Americas

SURE and SageSure unveil surplus lines HO offering in California

Coastal property-focused SureChoice Underwriters Reciprocal Exchange (SURE) and its affiliate MGU SageSure have entered the beleaguered California homeowners’ insurance market and begun offering surplus lines coverage in the Golden State.

BofA’s Shanker says P&C insurance UW margins have peaked as he downgrades CNA

BofA Securities analyst Josh Shanker has downgraded CNA Financial to “underperform” after the stock benefited from a strong three-month rally, while also commenting that underwriting margins in P&C insurance have peaked.

AccuWeather says CA storms will bring up to $11bn in economic losses

AccuWeather has estimated the preliminary damage and economic loss from intense storms and record rainfall hitting California this week at between $9bn and $11bn.

Falvey rehires Olsen as it eyes California cargo expansion

Falvey Insurance Group has rehired Jason Olsen to build out a book of California-based ocean marine business.

CAC Specialty hires WTW’s Gallegos as SVP in natural resources platform

CAC Specialty has added Annette Gallegos to its natural resources unit with the recruit joining the expansive broker having spent the past close-to seven years at WTW.

Chubb’s Greenberg bemoans impact on customers of business shift to E&S

Evan Greenberg has commented that he does not like the trend of more business moving to excess and surplus lines from the admitted market – despite Chubb benefiting from growing E&S premiums – as this makes it harder for customers to place business.

Heffernan acquires California-based Calco Commercial Insurance Services

Heffernan Insurance Brokers has acquired Calco Commercial Insurance Services, a Sherman Oaks, California-based firm that specializes in the vape, medical spa, and cryotherapy sectors.

Risk Strategies enters Michigan market with Ralph C Wilson acquisition

Risk Strategies has acquired Southfield, Michigan-based Ralph C Wilson Agency, a full-service risk management and employee benefits consulting firm and insurance agency.

Hub acquires New Hampshire-based Morin Insurance Agency

Hub International has acquired the assets of Morin Insurance Agency, based in Alton Bay, New Hampshire.

Gallagher acquires VA-based FarmPLUS and FL-based John Galt Insurance

Arthur J Gallagher has acquired Blairs, Virginia-based Shelton & Alderson Insurance Agency, which does business as FarmPLUS Insurance Services, and Fort Lauderdale, Florida-based John Galt Commercial Insurance Agency.

Texas surplus lines premium increases 2% in January to $1.1bn

Surplus lines premium tracked by Texas’ stamping office increased 1.9 percent year on year to $1.1bn in January, with the largest growth recorded within the state’s commercial fire and allied lines class.

CNA’s Robusto calls market “largely rational” with loss cost trends up to 6.5%

CNA chairman and CEO Dino Robusto has described market conditions as “largely rational”, while also highlighting longer claim development patterns and estimating his firm’s loss cost inflation trends at between 6 and 6.5 percent.

CEO Marchioni: Selective’s expected casualty loss cost trend up 2 pts from a year ago to 8%

The CEO of Selective Insurance has revealed that its overall expected loss trend is now 7 percent compared with 6.5 percent a year ago, while for casualty it has increased 2 points to 8 percent.

Kin secures $15mn Activate investment at valuation “greater than $1bn”

Homeowners insurtech Kin has closed $15mn in financing from new investor Activate Capital, a growth-stage VC firm focused on the sustainable, resilient transformation of the global economy.

CNA P&C UW gain up 39% to $186mn in Q4 as cat losses fall 71% to $22mn

CNA’s underwriting income grew by 39 percent in the fourth quarter to $186mn as cat losses fell 71 percent to $22mn and net earned premiums grew 12 percent to $2.4bn, offsetting slower reserve releases.

The Hartford renewed $1.4bn cat XoL treaty at 1.1 with 5% risk-adjusted drop in pricing

The Hartford’s management revealed on Friday that the carrier renewed its per occurrence catastrophe excess of loss treaty with a 5 percent risk-adjusted rate decrease, while also highlighting that it grew firm-wide property written premiums by 20 percent in 2023 to $2.5bn.

CRC hires Markel’s Colosimo in NYC to build casualty book

CRC Group has drafted in Vince Colosimo from Markel as an executive vice president in its New York City office to build a book of casualty business with a focus on construction, The Insurer can reveal.

Amwins names Core Specialty’s Lancer as carrier on two trucking programs

Amwins Underwriting has announced a new carrier relationship with Lancer Insurance Company on two trucking programs provided through Amwins Transportation Underwriters.

Noble: Markel to exit unprofitable subsegments in casualty construction and PL lines

Markel’s management has stressed that it is “withdrawing or reducing certain lines of business” following a 6 percentage point deterioration in its 2023 combined ratio driven by general liability and professional liability reserve strengthening, with the insurer shedding $100mn of premium in challenged lines in the fourth quarter.

Liberty Mutual cuts additional 250 roles in latest broad-based restructure

Liberty Mutual has undertaken an additional restructure that is thought to involve the elimination of around 250 positions firm-wide, impacting personal and commercial lines, along with claims, marketing, legal and talent resource functions.

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