US / Americas

Patriot adds to agriculture offering with Momentum Ag deal

Patriot Growth Insurance Services has boosted its capabilities in the farming sector with the acquisition of crop and livestock specialist Momentum Ag.

Allstate reveals $199mn personal auto-driven reserve charge for Q4

US personal lines giant Allstate has announced $68mn of estimated catastrophe losses and $199mn of prior year reserve re-estimates for the fourth quarter.

Truist continuing to evaluate alternatives for insurance business: CEO Rogers

Truist Financial Corporation CEO Bill Rogers provided little in the way of an update on the expected divestment of the bank’s insurance operations during his firm’s Q4 2023 earnings call on Thursday, but confirmed the company is “always evaluating alternatives”.

Gallagher acquires New Hampshire-based The Rowley Agency

Arthur J Gallagher has acquired Concord, New Hampshire-based The Rowley Agency, a retail insurance broker providing property/casualty, surety and employee benefits products to commercial and personal lines clients.

World adds Aon’s Peterson as chief growth officer with Costa named national growth leader

Fast-growing US insurance broker World Insurance Associates has hired John Peterson from Aon as its new chief growth officer, taking over the role from Frank Costa, who becomes national growth leader.

Trade groups praise bill to clarify insurance exemption from CFPB regulation

Republican Senator Tim Scott and Democrat Senator Joe Manchin have introduced legislation aimed at protecting the US’s state-based insurance regulatory system and ensuring the Consumer Financial Protection Bureau does not overstep its statutory authority.

Truist Insurance Holdings sees organic growth pick up to 7.3% in Q4

Truist Insurance Holdings reported organic revenue growth of 7.3 percent in the fourth quarter, accelerating from 6.3 percent in the third quarter and 5.6 percent in the prior-year period, in what is likely to be seen as a positive read-across for the broker sector as earnings season gets underway.

WTW launches large and complex CRB NA client growth team

WTW has formed a five-member team of strategic client engagement leaders focused on driving growth of large, complex clients within the 12 industry vertical divisions of its Corporate Risk and Broking, North America business.

Forward-looking commentary to garner more interest in Q4 reporting than the quarter itself

Ahead of the start of the fourth quarter earnings season, equity analysts have suggested the modest catastrophe losses in the quarter mean that investor focus will be on more forward-looking issues such as inflation, casualty reserves, pricing sustainability and the earthquakes in Japan this year.

Zimmer takes over from Corbett as Alliant CEO

Fast-growing retail broker Alliant has appointed current president Greg Zimmer as CEO, taking over from long-time leader Tom Corbett, who will remain at the Stone Point Capital-backed company as executive chairman.

Rokstone launches $21mn bundled US farm and ranch proposition

Expansive specialty MGA Rokstone has launched a new $21mn US farm and ranch package policy under Rokstone Farm Risks Underwriting.

Reflecting on the Northridge earthquake, 30 years on…

Today marks the 30th anniversary of the 1994 Northridge earthquake, an event which destroyed more than 87,000 properties in California.

Hub increases total debt by around $600mn in partial recap

Hub is issuing new debt as well as repricing and upsizing existing debt in a move that increases its overall borrowings by around $600mn, with proceeds used to repay loans and notes, fund acquisitions, and redeem stock.

RB Jones adds cannabis offering to expansive platform

RB Jones has added another program to its expansive roster with the MGU unveiling a new property and liability offering targeted at the cannabis industry which Program Manager understands will be underwritten on the capacity of HW Kaufman Group bedfellow Atain Insurance Companies.

Everest Insurance names Hazelton to lead US retail casualty as Sandler exits

Everest Insurance has appointed Bill Hazelton to head of US retail casualty in North America including its industry practices segment, with the former Chubb executive taking over from David Sandler, who is leaving the carrier.

Amwins adds Hiscox USA’s Kunert as claims head

Amwins has recruited industry veteran Jason Kunert from Hiscox USA to fill its newly created head of claims position.

LSM promotes Bolaños and Moreno to new exec roles

Liberty Specialty Markets has appointed Ronald Bolaños as chief underwriting officer, while Manuel Moreno has been named president for the US and Latin America, in addition to his existing responsibilities as CUO for the region.

Foxquilt inks long-term capacity deal with Markel

Foxquilt has agreed a new “strategic and long-term” capacity partnership with Markel, a tie-up that the small business-focused insurtech MGA said will spearhead its embedded insurance offering across North America.

KAP upsizes debt facility with $330mn Apogem-led financing

Fast-growing insurance brokerage platform Keystone Agency Partners has amended and upsized its existing debt facility by securing an additional $330mn of financing led by Apogem Capital and jointly arranged by Crescent Capital.

CAC Specialty promotes TL team’s Tamchin, Barnes and Mutter to EVP

CAC Specialty has handed promotions to transactional liability trio Jordan Tamchin, David Barnes and Andrew Mutter, in moves which the expansive broker said highlight the firm’s approach to risk management.

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