US / Americas

Brown & Brown vice chair Hays expected to step down from board of directors

Brown & Brown’s vice chair Jim Hays is stepping down from the Daytona Beach, Florida-based brokerage’s board of directors, after joining the company in 2018 through its $700mn-plus acquisition of Hays Companies, The Insurer can reveal.

Bridge Specialty brings together personal lines teams into single platform

Brown & Brown’s Bridge Specialty Group has confirmed it is combining all of the personal lines teams across 12 of its regional binding businesses into a single platform, in a move that is expected to provide a more comprehensive set of products to retail brokers seeking affordable solutions for their clients.

Aon’s Rieder: US insurers halting product, geographic expansion to focus on core ops

US insurers will put product and geographic expansion plans on hold in 2024 and focus on what they “do best” to navigate challenges including increased frequency and volatility of losses and an inability to secure adequate rates, Aon’s Jeffrey Rieder has predicted.

PE-backed MGT adds talent ahead of planned 2024 build out

MGT Insurance – the new name for the recently rebooted CM Select – has made two senior additions to its executive team as the business prepares to go on an expansion drive in 2024.

Ebix share price plummets after Chapter 11 filing

Insurance software platform Ebix has seen its share price plummet after the firm and some of its US affiliates filed for protection under Chapter 11 of the US Bankruptcy Code.

McGriff names Hodo president for specialty and middle market in slew of appointments

McGriff has named Carolyn Littlefield COO and Doug Hodo president of specialty and middle market as part of seven executive appointments, which include presidents for the South, East and West regions.

JP Morgan: Aon’s NFP deal “dilutive financially”

Aon’s $13.4bn purchase of NFP “will be dilutive financially”, with the bigger business’ ability to surpass breakeven “will depend as much on the performance of the acquired business as assumed deal synergies”, JP Morgan analysts believe.

Bowhead Specialty eyes 2024 capital event through potential IPO

Bowhead Specialty is teeing up a possible IPO in 2024 as it explores options to raise capital for its insurance company subsidiary to support a strong growth trajectory that is expected to see it end the year close to $500mn in gross written premium.

HCI surpasses $1bn on in-force premium after TypTap assumes Citizens policies

HCI Group now has over $1bn of in-force premium on its books after its TypTap Insurance Company subsidiary assumed around $30mn of in-force premium from Florida’s state-backed insurer Citizens.

Aon looks to unlock $30bn middle market with NFP acquisition

Aon will look to enhance NFP’s “strong” existing distribution with content and capabilities from its Aon Business Services platform as it takes aim at the $30bn US middle market in risk, health and wealth following the acquisition of its smaller rival.

Bain Capital Insurance injects $200mn into GuideOne and launches The Mutual Group

Bain Capital Insurance is investing $200mn into GuideOne and is launching “an innovative new insurance platform” called The Mutual Group, with the new venture acquiring GuideOne’s “operational platform” as its “inaugural member”.

Aspen names Tate inland marine head of product and underwriting

Aspen Insurance Holdings has appointed Michael Tate as head of product and underwriting for inland marine.

Bain insurance arm in talks with GuideOne over capital injection

Bain Capital’s recently launched insurance arm is in talks with GuideOne over a deal that would involve the private equity house making a capital injection into the beleaguered mutual company, The Insurer can reveal.

Aon in $13.4bn deal to acquire US mid-market specialist NFP

Aon has announced a watershed $13.4bn deal to buy middle market-focused retail broker NFP from private equity firm Madison Dearborn, confirming The Insurer’s earlier coverage that a transaction between the firms was close.

BDA RT 2: Casualty reinsurers more focused on underlying pricing and loss trends

Although reinsurers are looking to further trim ceding commissions by a point or two on US casualty quota shares at renewal, their primary focus is on what cedants are doing to push for more underlying rate and their assumptions around loss trends, according to senior underwriting executives.

Axa XL and EPIC’s Oversea partner for marine artisans GL program

EPIC’s Oversea Insurance Agency has teamed up with Axa XL to launch a new marine general liability program targeted at US-based marine artisans.

Start-up broker Birch makes renewables move with Lauterbach hire

Transactional risk-focused broker Birch Risk Advisors has made a move into the renewable energy sector with the hire of Troy Lauterbach from NovaSource Power Services.

Markel names Costanzo new CFO ahead of Gendron exit at year end

Markel Group has appointed Brian Costanzo as its new CFO with the executive stepping up into the role vacated by Teri Gendron who will leave the business at year end after a short stint with the firm.

CAC Specialty adds Axis’ Neumann as managing claims counsel for FL

Risk Strategies bolsters upstate NY presence with Robert Alan Agency acquisition

Risk Strategies has acquired Robert Alan Agency, a New York City-based retail insurance agency that operates across New York, Connecticut and Pennsylvania.

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