US / Americas

Gramercy Risk secures Core Specialty investment and capacity

Gramercy Risk Holdings is set to receive a minority investment from Core Specialty, with the insurer also offering capacity to MGA subsidiary Gramercy Risk Management.

Lancashire’s launch into US E&S well-timed: Jefferies

Consensus-beating results posted by early US reporters such as Travelers and Chubb mark a positive read-across for London-listed Lancashire, which is launching a new North American E&S platform this year, according to Jefferies analysts.

Axis management lifts loss trend assumptions to high single digits

Axis Capital’s management team said on Thursday that it is factoring in longer loss development patterns in its claims estimates, and is modelling for loss cost inflation in the “high single digits” as it also highlighted to analysts a shift in its business mix.

Scor promotes Rose to deputy head of global cyber and head of Americas cyber

Paris-based reinsurer Scor has promoted Margaret Rose to deputy global line head of cyber and head of cyber for the Americas.

E&S property start-up Arris secures Obsidian paper for March launch

The start-up property MGA led by Liz Coakley and Caitlin Murphy on the Doxa Insurance Holdings platform is set to open for business on 1 March, after landing A- paper from hybrid carrier Obsidian supported by a panel of blue-chip reinsurers, E&S Insurer can reveal.

Darag completes workers’ comp transaction with Hawaii-based captive

Legacy specialist Darag Group has completed its acquisition of an undisclosed Hawaii-based captive insurer.

Investments help Markel to higher Q4 operating profit as UW deteriorates

Markel Group generated operating income of $1.13bn for the fourth quarter, up from $1.06bn in the prior-year period, but the results were driven by higher income and gains on investments, with its insurance and reinsurance operations both loss-making.

RenRe raises Validus retention target to $3bn after “overwhelmingly successful” 1.1

RenaissanceRe has increased the target for the amount of Validus portfolio premium it expects to retain from $2.7bn to at least $3bn after a 1 January renewal that was “overwhelmingly successful” in achieving objectives laid out for the combined business, according to Kevin O’Donnell.

Gallagher acquires Connecticut-based Ericson Insurance Advisors

Arthur J Gallagher has acquired Washington Depot, Connecticut-based Ericson Insurance Services, operating as Ericson Insurance Advisors.

Wright’s ResiFlood loses Zurich capacity in seven states and offers E&S alternative

Wright National Flood Insurance Company’s ResiFlood program has lost the capacity support of Zurich in seven states, with the Brown & Brown-owned MGA offering policyholders the possibility of switching to its newly launched Lloyd’s-backed FocusFlood offering.

CRC: Hab market challenges remain as capacity continues to tighten

There is little sign of the tough habitational market conditions seen last year easing, with CRC noting the surplus lines market has become an increasingly attractive option to brokers looking to source coverage for clients as capacity tightens – particularly in coastal regions – and deductibles move up.

Vesttoo creditors rail against late-arriving Chaucer in bankruptcy proceedings

The official committee of unsecured creditors in the Vesttoo Chapter 11 bankruptcy proceedings has filed requesting the court to deny “last-minute requests” by Chaucer, which it claims are aimed at taking for itself “a large portion of the debtors’ remaining cash”.

CAC Group president Denson stepping down

CAC Group’s Bruce Denson is stepping down from his current position as president and transitioning into a strategic advisory role supporting the expansive broking business’ executive committee and CEO, The Insurer can reveal.

Vesttoo seeks to have Chapter 11 cases dismissed and insolvency proceedings filed in Israel

Beleaguered insurtech Vesttoo last week filed in the Delaware Bankruptcy Court to have Chapter 11 cases brought against it and its affiliated debtors dismissed to enable “more efficient” insolvency proceedings to be filed in Israel.

Embroker unveils new accountants, bookkeepers and tax preparers programs

Insurtech MGA Embroker has added new professional financial services programs to its product suite, with the new offerings providing accountants, bookkeepers, and tax preparers with coverages including professional liability, cyber liability and other key business owners’ protections.

CAC revenues up 40% in 2023, with further growth and possible M&A forecast

CAC Group’s revenues increased almost 40 percent to $263mn in 2023 as the fast-growing broking business recorded significant expansion across its operating platforms, with further growth forecast and potential M&A on the cards, management has told The Insurer.

London MGA Brace Underwriting launches Dorr-led Brace USA

Beat Capital Partners-backed MGA Brace Underwriting has launched Brace USA, led by Glenn Dorr as president and head of marketing.

Gallagher acquires Iowa-based retail agency Horak

Arthur J Gallagher has acquired Washington, Iowa-based Horak Insurance, a retail P&C insurance agency serving commercial and personal lines clients, as well as farms, in its home state.

Cobbs Allen strengthens Philadelphia team with McGriff’s Van Horn

CAC Group’s agency business Cobbs Allen has appointed Sabrina Van Horn as senior account executive, with the recruit joining the company having spent the past two years at McGriff.

Risk Theory affiliate E&S carrier Amherst Specialty assigned PCA of A-

AM Best has assigned a preliminary credit assessment with a financial strength assessment of A- pca to new Texas-based surplus lines carrier Amherst Specialty Insurance Company, which is affiliated to MGA platform Risk Theory Holdings.

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