US / Americas

Argo CEO Buss: Private ownership under Brookfield will allow focus on profitability

Newly-installed CEO Jessica (Snyder) Buss has said that being privately held will allow Argo to prioritise bottom-line profit over growth, and that the company is expected to be “a long-term hold” for new owner Brookfield Re, resisting comparison to Brit and Aspen.

Amwins launches new livestock insurance program

Equisure, part of the Amwins Underwriting division, has introduced a new livestock insurance program.

Mike Morrissey added to Skyward Specialty board of directors

Skyward Specialty Insurance Group has appointed former International Insurance Society CEO Mike Morrissey to its board of directors.

World continues acquisition run with deal for NJ-based Calhoun

World Insurance Associates has acquired the business of Haddonfield, New Jersey-based Calhoun Agency, in the latest of a series of acquisitions by the Goldman Sachs- and Charlesbank Capital-backed broker.

Heritage shares trade down after public offering launched to raise $25mn proceeds

Heritage Insurance Holdings has priced a public offering of 3.7 million shares of common stock at $6.75 per share, with the Florida carrier expecting gross proceeds of $25mn, with investors responding on Friday by sending its share price down over 10 percent.

UFG names CNA’s Walsh as CUO

United Fire Group has hired Kelly Walsh from CNA as chief underwriting officer, taking the role vacated by Jeremey Bahl after he became vice president of field operations at the start of this month.

Mackay to retire from Falvey chief relationship officer role

Daryl Mackay will retire from his role as chief relationship officer at Falvey Insurance Group at the end of the year and transition into a board position at the marine-focused MGA.

Berkley Entertainment promotes Schuermann to president

WR Berkley has named Mark Schuermann president of Berkley Entertainment, after the executive joined the entertainment and sports-focused subsidiary as chief operating officer in 2021.

Insurance sector dominates S&P worst performers as market reacts to Fed holding rates steady

Several (re)insurance and broking companies saw significant share price falls during Thursday trading, with the sector accounting for five of the 10 worst-performing S&P 500 stocks.

BRP’s AHT Insurance launches psychedelic therapy malpractice program

BRP-owned Armfield, Harrison & Thomas has launched TheraCover Psychedelics Insurance to provide insurance coverage to professionals and companies bringing lawful uses of psychedelic medical therapies to the market.

Former Argo exec Borst named president of expansive MGU Convelo

Andy Borst has been signed up as president of Convelo Insurance Group, the MGU division of Signers National, which specialises in programs for niche insurance segments.

Ascend’s Wynn: Insurtech now targeting MGAs, wholesalers after success with retailers

Ascend CEO Andrew Wynn has said that following broad success with retailers, the payments platform has now pivoted its focus to MGAs and wholesalers, which he described as a natural progression in the insurtech’s evolution.

Mercury General promotes Joseph to president

Mercury General Corporation has appointed Victor Joseph as president, adding to his existing roles as chief operating officer.

Florida building codes can reduce hurricane damage by 90%: Lockton Re

Homes built to recent specifications of Florida’s building code will see as much as 90 percent less damage in the event of a hurricane, according to Lockton Re.

Moody’s: USI grew revenues 14% to $2bn in 9M 2023

USI grew overall revenue 14.6 percent in the first nine months of this year to $2.0bn, according to Moody’s, which expects the US broker’s organic growth rates to decline in the year ahead.

Truist and Stone Point negotiating over valuation with no strategics entering the picture

Truist Financial remains locked in negotiations with private equity firm Stone Point Capital over the valuation of Truist Insurance Holdings as it works on the divestiture of the business, with no strategic acquirers yet emerging to disrupt the process, The Insurer can reveal.

Ategrity Specialty’s rating outlook revised from negative to stable by AM Best

Ategrity Specialty has had the outlook on its key A- financial strength rating revised from negative to stable by AM Best, with the agency pointing to the ability of the E&S carrier’s management to execute on steps to reduce underwriting volatility and improve profitability.

TWIA set to seek around $1bn in additional reinsurance

The Texas Windstorm Insurance Association (TWIA) has begun to prepare for its 2024 reinsurance placement with Gallagher Re and Gallagher Securities, with the expectation it will need to secure around $1bn in additional limit from traditional and capital markets sources to meet its statutory funding requirement for a 1-in-100-year event.

Beazley increases PoleStar Re cyber cat bond target size to $140mn

Beazley has increased the target size of Pole Star Re, its debut 144A cyber cat bond, to $140mn.

Bridge Specialty brings together personal lines teams into single platform

Brown & Brown’s Bridge Specialty Group has combined all of the personal lines teams across 12 of its regional binding businesses into a single platform, in a move to provide a more comprehensive set of products to retail brokers seeking affordable solutions for their clients, The Insurer can reveal.

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