US / Americas

Marine specialist Weiss launches start-up MGA Incarnation Specialty

Marine insurance market veteran and former Munich Re Specialty Group (MRSG) executive Steven Weiss has launched a new MGA called Incarnation Specialty Underwriters.

FloodFlash expands to 10 more US states, brings total to 15

Parametric insurtech FloodFlash has expanded into a further 10 US states, with minimum premiums for risks outside of the 15 states in which it operates reduced to $25,000.

Personal lines insurtech Branch undertakes second round of layoffs in past seven months

Personal lines-focused insurtech Branch has undertaken another round of layoffs, as the start-up takes further action to respond to tough underwriting conditions driven by elevated loss costs.

Dual North America forms Chamberlain-led specialty healthcare division

Howden-owned Dual North America has launched a specialty healthcare program led by Dwain Chamberlain as executive vice president and head of specialty healthcare.

Allianz leads liability cover for Airbus’s $74.5mn Grand Canyon heli crash settlement

Allianz is the lead on the product liability policy triggered by Airbus’s $75.4mn settlement payout for the deadly 2018 Grand Canyon helicopter crash, The Insurer can reveal.

Patriot Growth CEO: Upsized $500mn facility was vote of confidence in model and strategy

Patriot Growth Insurance Services will actively pursue larger acquisitions – including those with specialty capabilities – as it continues its evolution towards an integrated regional structure, supported by its recent oversubscribed $500mn debt financing, according to chairman and CEO Matt Gardner.

Former Argo CEO Bradley appointed to CopperPoint board

Former Argo CEO Tom Bradley has been appointed to the board of directors for CopperPoint Insurance Companies and will serve on the firm’s audit, finance and investment committees.

Markel chief retail officer Gavlick to depart firm months after appointment

Markel’s chief retail officer Sarah Gavlick is leaving the Virginia-based specialty carrier after being named to the role last year as part of a move to establish distinct distribution channels for retail and wholesale, The Insurer can reveal.

Representative Schiff introduces bill to create federal cat reinsurance program

Democrat Representative Adam Schiff has proposed legislation that would create a federal catastrophic reinsurance program, intended to address “the urgent crisis in the home insurance market”.

Lemonade extends “synthetic agents” financing agreement with General Catalyst

Lemonade has extended its “synthetic agents” financing agreement with General Catalyst, which sees the venture firm finance up to 80 percent of the insurtech’s customer acquisition costs in exchange for a 16 percent commission.

Jefferies: Admiral may delay commuting 2021 and 2022 reinsurance

Jefferies analysts have predicted that London-listed Admiral may delay commuting its prior-years quota share reinsurance, resulting in lower reserve releases and applying further pressure on the motor carrier’s earnings.

Falvey appoints Eldridge chief relationship officer and forms new board

Falvey Insurance Group has appointed Brad Eldridge as its new chief relationship officer with the executive succeeding the retiring Daryl Mackay in the role, while the marine-focused MGA has also established a new board of directors.

CRC’s Pro-Praxis secures A rated capacity for new HELP program

Healthcare-focused MGA Pro-Praxis Insurance has secured capacity from an AM Best A rated carrier to underwrite a book of excess professional liability business.

Boeing reduces grounding limit to $250mn per occurrence

Boeing has reduced its grounding limit to $250mn per occurrence after its two-year worldwide grounding in 2019 following two crashes, down from its previous limit of $500mn per occurrence, The Insurer understands.

Q4 earnings preview: analysts focus on pricing, loss trends and margin improvement

Analysts covering the non-life P&C industry have been raising earnings estimates for the fourth quarter to reflect low cat losses, ahead of a reporting season which is set to focus on pricing momentum versus loss trends and margins.

Further restrictive cyber policy wording expected in 2024

The war exclusion will remain a contentious issue in the cyber market this year, with brokers also expecting developments from carriers on policy wording for systemic risk, regulatory risk and wrongful collection.

Cyber reinsurance shifts in buyers’ favour at 1.1 renewals

Cyber reinsurance buyers grew more confident in reducing quota share cessions at 1.1, according to brokers, with Aon suggesting the market “is entering an exciting new phase” as demand for cyber catastrophe reinsurance protection is at an all-time high.

New Builders carriers get A AM Best ratings as group reveals record 2023 GWP

AM Best has assigned a financial strength rating of A to three new member companies of Builders Insurance which the US carrier says will provide “vital strategic value” to its near- and long-term expansion strategy, as it also revealed record GWP of $244mn in 2023.

Moody’s says Ryan Specialty ratings unchanged on debt repricing

Moody’s continues to hold a B1 corporate family rating and B1-PD probability of default rating with a positive outlook on Ryan Specialty after the wholesale giant said it is repricing its existing $1.65bn senior secured first lien term loan due September 2027.

H1 2024 cat property insurance rate increases to slow to 15-30%: USI

US non-cat property business will see price increases remain in the 5-15 percent range while increases for cat property will moderate to 15-30 percent, USI has forecast in a market outlook that also suggests there will be a return to minimal valuation increases in 2024.

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