Whitespace eyes US launch and fields interest from Singapore and BermudaDigital placing platform Whitespace is planning to expand its offering to the US market with interest also growing from other international insurance hubs such as Bermuda and Singapore, according to chief platform officer Marcus Broome.
Solar Insure launches Zurich NA-backed residential warranty programRenewable energy monitoring and warranty specialist Solar Insure has launched a new program targeted at residential buyers, with the Zurich North America-backed offering now available in a quartet of states, with others coming on line later this year.
LIO Specialty unveils dedicated cannabis and nutraceutical coverageLIO Specialty Insurance Company has introduced a new passthrough casualty product to the market, specifically tailored to the unique needs of the fast-growing cannabis and nutraceutical sectors.
Berkley provides bullish 2024 outlook but believes property cat “has peaked”WR Berkley CEO Robert Berkley is bullish on the outlook for 2024 with his firm confident it is exceeding loss trend by “a meaningful margin”, while the executive believes the property catastrophe reinsurance market “has peaked”.
Kemper expects to report $45mn - $55mn in Q4 operating income with no reserve chargeBeleaguered auto insurer Kemper expects to record between $45mn and $55mn in net operating income when it reports its fourth quarter results in early February, with the carrier also set to post positive underwriting income in its three key auto divisions.
WR Berkley UW income up 8% in Q4 in comfortable earnings beatWR Berkley ended Q4 2023 with record pre-tax underwriting income that increased 8.2 percent to $315.9mn despite a slight uptick in catastrophe losses, while its operating income per diluted share of $1.45 was comfortably ahead of analysts’ consensus estimate.
The Hartford halts writing California new homeowners businessThe Hartford is the latest to retrench from California’s beleaguered homeowners insurance market after initiating plans to halt writing new policies in the line of business in the Golden State from 1 February.
Beazley names Diamond group chief claims and litigation officerSpecialty (re)insurer Beazley has expanded the role of Beth Diamond to group chief claims and litigation officer.
Inszone expands into Kansas market with American Heritage acquisitionInszone Insurance Services has acquired American Heritage Agency, with the deal marking the fast-growing broker’s entry into the Kansas market.
Proposed Florida bills contain “harsh” post-cat rules that could constrain capacity, trade body warnsThe Florida Surplus Lines Association has been left “disappointed” after the Florida Association of Insurance Agents filed bills which it claims would impose the most expansive post-catastrophe restrictions in all 50 states, and has warned they could dissuade E&S carriers from operating in the state.
Progressive CR improves to 88.7% in Q4Progressive has reported a combined ratio of 88.7 percent for the fourth quarter of 2023, a 5.2 percentage point improvement year on year, with the US personal lines giant’s share price rising in response to its lowest loss frequency for a December in 20 years.
Coalition hires AIG’s Robert Jones as global head of claimsCoalition has hired AIG’s EVP for financial lines specialty claims Robert Jones as global head of claims.
Ivans: Major commercial lines rate increases accelerate in Q4Commercial auto, business owner’s policy, general liability, commercial property and umbrella rate increases all picked up in the fourth quarter of 2023, while reductions in workers’ compensation slowed, according to the latest Ivans index.
Breckenridge appoints Rettberg head of transportationBreckenridge has recruited Kevin Rettberg to lead its long-established transportation practice after he and his Sunforest Transportation Insurance Group team joined the expansive, Accretive-owned wholesale broker and programs specialist.
APCIA praises FL Senate committee’s passage of litigation financing transparency billThe American Property Casualty Insurance Association has praised the Florida Senate Judiciary Committee for the passage of a new Florida bill designed to restrict the influence of third-party litigation funding.
Truist-owned retailer McGriff trims staff by around ~80 in move to drive efficiencyTruist-owned retail broker McGriff parted ways with north of 80 staff across the US in November, in a move understood to be aimed at centralising the management of accounts, boosting efficiency and slimming down admin roles, The Insurer can reveal.
Brown & Brown CEO: Cat property rates “are nearing their peak”Investors sent Brown & Brown’s share price up around 5 percent on Tuesday morning following a strong earnings beat, while the broker’s CEO on an investor call suggested that cat property rates are nearing their peak after signs of moderation in December, especially from London markets.
HCI reworks Centerbridge relationship in restructure to support growthFlorida-based homeowners insurer HCI Group and its subsidiary TypTap Insurance Group is taking a number of strategic steps to increase operational and capital flexibility to better position itself for growth opportunities, including a change in its relationship with backer Centerbridge Partners.
Global Aerospace leads $250mn grounding covers for Boeing and Spirit AeroSystemsGlobal Aerospace leads the product liability cover for aerospace manufacturer Spirit AeroSystems, the supplier partly responsible for the installation of the Boeing door plug that suffered a blowout during an Alaska Airlines flight, The Insurer can reveal.
Acrisure establishes Northwest region with latest rebrand launchAcrisure has announced the establishment of its Northwest region, covering its operations in Alaska, Colorado, Idaho, Montana, Oregon, Utah, Washington, and Wyoming.