US / Americas

American Coastal renews AOP cat XoL tower for 9% lower cost

American Coastal Insurance Corporation has renewed its 1 January-incepting all other perils cat excess of loss cover with up to $100mn of limit excess of $10mn per occurrence.

AssuredPartners: Transportation rates on the rise as capacity exits

The US transportation insurance market has shifted markedly since the beginning of last year, with carriers and programs exiting andrates for clean accounts trending up 5 to 7 percent, AssuredPartners’ Andy Engardio has detailed.

HDI Global Specialty takes majority stake in Falcon from Griffin Highline

HDI Global Specialty has taken a majority stake in Falcon Risk Services, buying out founding investor Griffin Highline’s stake, with the firm saying it expects the financial lines and cyber-focused MGA to be “a major growth driver” for it in the US.

Canopius bolsters distribution capabilities with Crane and Schoberth hires

Canopius Group has recruited former Q Underwriting and Amwins executive Matthew Crane and ex-Joyn and QBE staffer Uwe Schoberth in hires designed to boost the (re)insurer’s distribution capabilities on both sides of the Atlantic.

Axis continues wholesale buildout with Navigators’ casualty specialist Tan

Axis Capital’s recent spate of senior insurance hires has continued with the arrival of Anna Tan from The Hartford’s Navigators to lead its wholesale casualty business.

Swiss Re: Personal auto to drive improved profitability for US P&C market in 2024

The US P&C market will end this year with a 98.5 percent combined ratio – a marked improvement on 2023 which Swiss Re believes was fuelled by the personal auto segment, while the reinsurer also predicted the industry will benefit from premium growth and lower inflation.

Alliant recruits WTW personal lines head Banks to lead private client build out

Alliant has recruited WTW’s Tyler Banks as the expansive broker looks to build out its private client business on the US west coast.

Florida legislative session begins with major insurance changes viewed as unlikely

Florida’s legislative session has commenced, a number of insurance-related bills under consideration, as well as the state governor proposing a one-year tax exemption on policies, but no major homeowners insurance market changes are expected following sweeping reform in recent years.

WTW names Buganski head of personal lines within CRB

WTW has promoted Despina Buganski to head of personal lines within its Corporate Risk & Broking division, replacing Tyler Banks who has joined Alliant.

K2’s Aegis Financial Lines launches as Lloyd’s coverholder with Leach at helm

Aegis Financial Lines in partnership with sister company K2 Financial has been approved as a Lloyd’s coverholder and has been launched under the leadership of former Hanover Group executive Kevin Leach.

Former Dual transactional liability team launches new MGU Sands Point Risk

Former Dual Transactional Liability executives Dennis Kearns, Patrick Darragh and Dan Simnowitz, have teamed up to launch the new MGU Sands Point Risk.

K2 hires Beazley’s Hannes to launch cyber MGA

K2 Insurance Services has hired Beazley’s US cyber underwriting management head Meghan Hannes as chief underwriting and claims officer for the launch of the new cyber MGA K2 Cyber, marking a major statement of intent by the PE-backed platform, The Insurer can reveal.

MarshBerry: Macro environment could drive broker M&A upswing in ’24

Despite a drop-off in deal volume, 2023 looks set to be the third most active year ever for US broker M&A amid valuations that continue to rise, while a more positive economic outlook could lead to interest rate cuts in 2024 that trigger increased buyer demand, according to MarshBerry.

Rokstone adds Lyons, Tippins and Latta to aviation practice

Expansive MGA Rokstone has landed another trio of hires in the US, with Carson Lyons joining from AIG, Jeffrey Tippins from Starr and Chris Latta from Lockton, as it builds out its aviation practice under Jordan Lanford, The Insurer can reveal.

Frederick Mutual secures Mutual Capital backing amid commercial lines refocus

Frederick Mutual Group has secured “significant” long-term capital support from Mutual Capital Investment Fund (MCIF) in a deal that will be used to bolster the company’s surplus and support its go-forward commercial lines-focused business plan.

Guy Carpenter: Global property cat RoL index up 5.4% year-on-year

Guy Carpenter’s global property cat rate-on-line index increased by 5.4 percent at the 1.1 renewal – including a 5.25 percent rise in the US and 7.6 percent increase in Europe – which the broker said was driven by regional loss activity, structure adjustments and ongoing scrutiny of pricing adequacy.

MarketScout: commercial P&C rates up 5.6% in Q4 with personal lines up 4.75%

Rate increases for US commercial P&C business accelerated in the fourth quarter of 2023 to 5.6 percent, from 3.7 percent in Q3, with the increase for the full year coming to 4.6 percent, according to the MarketScout barometer.

AssuredPartners promotes Dierking to COO of retail

AssuredPartners has promoted Will Dierking to chief operations officer of its retail division, with the executive stepping up from his previous role as chief financial officer for the broker’s central states region.

NFP hires AIG’s Ruback to lead P&C in central region

NFP has hired Amanda Ruback from AIG to lead the firm’s P&C business within its central region.

Commercial and personal liability markets to remain constrained: B&W

Burns & Wilcox’s Rebecca Roberts and Bill Gatewood predict that the current constrained conditions in the wholesale commercial and personal liability segments will continue for the foreseeable future, as carriers respond to elevated losses and nuclear verdicts by scaling back their involvement.

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