US / Americas

Axis’ Freeman: Cyber cat bond will “accelerate” market, paving the way for more transactions

Axis’ Kyle Freeman hopes the company’s world-first 144A cyber cat bond – a $75mn Long Walk Re transaction – will be used as a template by its peers and “help accelerate the build-out of this cyber cat bond market”.

Liberty CEO says outside capital raise under consideration, still eyeing IPO

Liberty Company CEO Bill Johnson said that the firm has no need to raise outside equity capital after sealing a $340mn JP Morgan-led credit facility in August – but would still consider it, with a new timeline for a potential IPO on the horizon in 18 to 24 months.

Trucking insurtech Nirvana launches non-fleet program on SiriusPoint paper

SiriusPoint and US commercial auto insurtech Nirvana Insurance have expanded their strategic partnership with the launch of a new non-fleet program on the Bermudian (re)insurer’s paper.

SiriusPoint provides capacity to PL program administrator ProVerity

SiriusPoint and program administrator ProVerity Underwriters have agreed a strategic partnership under which the Bermudian (re)insurer will provide capacity to and collaborate with ProVerity to develop customised professional liability solutions.

HCI raises $85mn in net proceeds as public offering closes

HCI Group has closed a public offering of 1.15 million shares, bringing in total net proceeds for the Florida-based carrier of $85mn after underwriting discounts and commissions and estimated offering expenses.

TSR forecasts “very active” 2024 North Atlantic hurricane season

Tropical Storm Risk has forecast a “very active” North Atlantic hurricane season in 2024.

WTW Clips: US commercial price increases remained above 6% in Q3

The US aggregate commercial price increase was just above 6 percent in the third quarter, consistent with the second quarter, according to WTW's Commercial Lines Insurance Pricing Survey (Clips).

Cover Whale trims headcount by 15%, eyes 2024 Series A

Cover Whale let go around 15 percent of its workforce on Friday in a move to put the trucking insurtech on a profitable trajectory ahead of a Series A fundraise in 2024.

Aon names Williams NY head, Hoffman global specialty and financial products head

Aon has appointed Christine Williams as New York region leader, naming Christian Hoffman to succeed her as global head of specialty and financial products.

Brown & Brown Dealer Services inks ABS deal

Brown & Brown’s finance and insurance-focused Dealer Services unit has agreed a deal to acquire Denver, Colorado-based Automotive Business Solutions.

AM Best: US P&C 9M underwriting loss 31% deterioration driven by personal lines

The US P&C industry’s underwriting loss deteriorated by 31 percent in the first nine months of 2023 to $32.2bn, largely driven by worse results in personal and homeowners lines, despite the US market growing net earned premiums by 9.7 percent for the period.

Nationwide P&C Group’s FSR downgraded to A by AM Best

AM Best has downgraded Nationwide Property & Casualty Group’s financial strength rating to A from A+ after the agency revised its business profile assessment on the carrier to neutral from favourable.

US casualty concerns spur Swiss Re to continue pruning portfolio

Swiss Re continues to trim its US casualty reinsurance portfolio as its appetite for large corporate-focused programs diminishes due to concerns over rising loss costs in the sector, Monica Ningen has told The Insurer.

Global Indemnity closes down 15% after sales plan halted

Investors sent Global Indemnity’s share price down 14.89 percent on Thursday as they responded to the carrier’s decision to suspend its exploration of a sale or merger of either itself or insurance subsidiary Penn-America.

United Heritage’s UHPC and Sublimity subsidiaries have FSRs cut by AM Best

United Heritage Financial Group’s operating subsidiaries United Heritage Property & Casualty Company (UHPC) and Sublimity Insurance Company have had their financial strength ratings (FSR) downgraded to C++ and B respectively by AM Best following a “material decline” in their policyholder surpluses in Q3 2023.

Concert promotes Davidsen to COO

Fronting carrier Concert Insurance Group has promoted Alison Davidsen to the newly created role of chief operating officer.

Reagan: Public and private broker multiples both holding steady

Valuation multiples have not changed significantly for public brokers despite organic growth and stock price movement, while M&A valuations for private brokers are also steady, according to Reagan Consulting.

Higginbotham expands Ohio presence with Botson acquisition

US independent insurance, financial and HR services firm Higginbotham has acquired Botson Insurance Group, a multi-line independent insurance agency located in Avon, Ohio.

BRP-backed Juniper Re’s Irvan says “a hard market always favours the challenger”

Juniper Re’s Jeff Irvan and BRP CEO Trevor Baldwin have said that hard market conditions are optimal for the launch of the reinsurance intermediary because they demand fresh, creative thinking.

HCI trades up after announcing public offering plans and Citizens depop drive

HCI Group’s share price was up by more than 7 percent early on Thursday, as investors responded to the carrier announcing plans for an underwritten public offering, with part of the proceeds intended to facilitate the carrier’s continued assumption of policies from Florida’s residual insurer Citizens.

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