US / Americas

Howden: Commercial insurance pricing to stabilise further in 2024

Global commercial insurance pricing is expected to stabilize further in 2024 with rate rises generally slowing further amid what Howden has forecast will be “a fluid and increasingly segmented marketplace”.

Church Mutual promotes Ogilvie to CEO, succeeding Poirier

Church Mutual Insurance Company has promoted Alan Ogilvie from president to president and CEO, assuming the latter role from Rich Poirier, who has retired after 12 years at the company.

Tokio Marine’s Philadelphia promotes Czap and Killeen to SVP

Philadelphia Insurance Companies has handed new titles to surety claims specialist Kimberly Czap and underwriting-focused Douglas Killeen, with the pair now serving the Tokio Marine Group subsidiary as senior vice president.

Amwins confirms Armijo as new underwriting president as Petrilli steps back

Amwins has announced that Ryan Armijo has succeeded Bob Petrilli as the president of its underwriting operation, with the wholesaler confirming this publication’s exclusive reporting from last November that he was due to take on the role.

Alliant’s SES appoints Shenouda new president

SES Risk Solutions has named Shaun Shenouda as its new president, with the executive succeeding Bill Mecklenburg after he took on a new role at parent Alliant Underwriting Solutions late last year.

Howden: Property cat renewal “stable and orderly” as rates rise 3%

The 1 January reinsurance renewals were “relatively stable and orderly” with the dislocation that characterised last year’s renewal “far less acute”, as global property catastrophe pricing increased 3 percent on a risk-adjusted basis while rates for retrocession and D&F business were flat, Howden has reported.

Blitz Insurance adds Ategrity’s Gent as product director

Start-up E&S MGA and carrier Blitz Insurance has added Sandra Gent to its ranks as product director, with the new hire joining from Ategrity Specialty Insurance Company.

Neptune Flood expands to Kentucky

Neptune Flood is now offering coverage in 49 US states and Washington DC after the MGA was approved to begin writing business in Kentucky.

The 12 themes of 2023 – Part 3

The Insurer’s editorial team chooses 12 of the most significant events or trends that emerged in 2023, following parts one and two earlier this week.

In Memoriam: Remembering those we lost during 2023

As the year draws to a close, we pay tribute to the senior industry figures that died in 2023.

Reinsurance entering 2024 from position of strength: Guy Carpenter

The reinsurance market will begin 2024 “from a position of strength” with pricing firm and capital in plentiful supply, executives from Guy Carpenter have declared.

TransRe: Further US public D&O price cuts will push market LR beyond profit point

Continued US public D&O price decreases will in 2024 push the market’s loss ratio past the point where it will return a profit, according to TransRe, with the reinsurer “confused” by the current state of the underlying sector and its recent 18 months of rate decreases.

GC: Global cat rates near-flat to up 30% with pressure on casualty at 1.1

The 1 January property market has seen global cat risk-adjusted rate changes averaging from near-flat to single-digits up for loss-free programs and 10-30 percent for those impacted by losses, as there was also pressure on quota share cedes and excess of loss pricing in casualty, according to Guy Carpenter.

Brown & Brown adds Caton-Hosey in Florida

Brown & Brown has added to its footprint in its home state of Florida with the acquisition of Caton-Hosey Insurance in a deal set to close in the new year.

Inszone acquires LPL Insurance following Lightyear buy-in

Expansive US retail broker consolidator Inszone Insurance Services has completed the acquisition of LPL Insurance Agency in the Sacramento-based firm’s first transaction since last month’s investment by Lightyear Capital.

Continued focus on auto liability rate and limit adequacy in 2024: Petersen

The upcoming year is set to see similar trends in terms of coverage and rates in US casualty lines, with additional capacity continuing to return to excess layers while primary lines appear stable, McGill and Partners’ Casey Petersen has predicted.

CCRIF pays out $4.9mn in 2023 Atlantic storm season

The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) paid out $4.9mn to member countries during the 2023 Atlantic hurricane season.

Wells Fargo: 2024 key themes in P&C will be pricing and loss trends

Pricing and loss trends will be the defining themes in the P&C carrier sector for 2024, along with organic revenue growth and cash conversion for insurance brokers, while reinsurance is expected to be “still rocking” next year, according to Wells Fargo analyst Elyse Greenspan.

AM Best: Castel PA-2 unchanged by Ryan Specialty deal

AM Best has said that the performance assessment of PA-2 (Excellent) it assigned to Castel Underwriting Agencies Limited and its subsidiary Castel Underwriting Europe is unchanged following its announced acquisition by Ryan Specialty.

Kinsale to appeal $140mn wrongful death jury verdict

Kinsale Capital Group is standing by its position that exclusions on a $1mn general liability policy issued by its carrier subsidiary to Venetian Hills Apartments apply after a jury in a Georgia state court awarded $140mn to the plaintiff in a wrongful death claim.

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