US / Americas

AM Best stays negative on US personal lines amid results deterioration

AM Best has maintained its negative market segment outlook on the US personal lines insurance segment for 2024 because of continuing deterioration in results for the personal auto and homeowners’ lines of business, along with rising loss costs driven by inflationary pressures.

Marine succeeds Bender as Allied World Re CEO

Kevin Marine has taken over as CEO at Allied World Reinsurance Company, succeeding John Bender, who has become chairman at the Fairfax-owned company.

Clear Blue sues Aon over alleged role in Vesttoo collateral scandal

Clear Blue has sued Aon in a New York court over the broker’s involvement in allegedly facilitating the Vesttoo collateral scandal, an event the fronting carrier described in the lawsuit as “one of the most mendacious, colossal, and broad-reaching frauds since Charles Ponzi and, more recently, Bernie Madoff, burst onto the scene”.

AIG to sell $718mn-worth of Corebridge shares in latest secondary offering

AIG has launched a secondary offering of 35 million existing shares of Corebridge Financial common stock at a price of $20.50 per share, which corresponds to $717.5mn of proceeds.

HCI’s condo-focused CORE targets February for new business

HCI Group has confirmed its newly minted Condo Owners Reciprocal Exchange intends to commence operations in February 2024 by assuming policies representing $75mn of in-force premium from Citizens Property Insurance Corporation.

USI acquires BOK Financial Insurance

USI has acquired risk management and employee benefits broker BOK Financial Insurance in a deal that seller BOK Financial Corporation said will result in a pre-tax gain of $28mn after considering transaction-related expenses.

NOW launches new Arch capacity-backed physicians and physician group programs

Medical professional liability-focused insurtech MGA NOW Insurance has launched two new programs targeted at physicians and physician groups that will be written on the capacity of Arch Insurance, Program Manager can reveal.

Beazley’s Cox: Continued hard property market into 2024 will drive further discipline

Beazley CEO Adrian Cox has said the group expects to deliver further property growth in 2024 as it looks to expand its US portfolio.

UFG begins search for new CUO as Bahl takes newly created field operations role

United Fire Group is on the hunt for a new chief underwriting officer with the incumbent Jeremy Bahl poised to take on the newly created role of vice president of field operations from 1 December 2023.

P&C (re)insurers’ shares propelled by best November in three years for global stocks

A broad-based equity rally and muted loss activity in November boosted P&C (re)insurers’ stocks on both sides of the Atlantic.

Markel insurance president and COO Cox to leave at year-end

Bob Cox, president and chief operating officer, global insurance operations, at Markel will leave his role at the end of the year, at which time the specialty and international divisions will report directly to Jeremy Noble.

AIG names Glazer permanent GC after Walsh opts to remain at Stripe

AIG has named Rose Marie Glazer as its new general counsel, with the executive taking on the position after Patricia Walsh, who the company had announced in late September would be taking the role, decided to remain with her current employer Stripe.

Judge upholds Lara’s push to broaden Cali FAIR Plan coverage

A judge has upheld a ruling from California’s insurance commissioner that broadens coverage options from the state’s residual insurer beyond its currently limited bare-bones protection.

Republican Senator Britt introduces bill to remove FIO subpoena authority

US Senator Katie Britt has introduced the Insurance Data Protection Act, which she said would address moves by the Federal Insurance Office to “overstep” into the state-regulated insurance industry.

McGowan acquires assets of lawyers and accountants program specialist Protexure

The McGowan Companies has added to its footprint in Illinois with the acquisition of the assets belonging to lawyers and accountants insurance specialist Protexure Insurance Agency.

AWS launches cyber insurance initiative with five partners

Amazon Web Services has launched the AWS Cyber Insurance Competency to make it easier for its customers to find affordable policies from insurers, with At-Bay, Marsh, Cowbell, Resilience and Measured announced as partners in the initiative.

Atlantic hurricane season delivers welcome break from large losses

Today marks the official end of the 2023 Atlantic hurricane season, which generated the fourth-largest number of named storms on record. Given that statistic, the industry will welcome the paucity of insured loss activity which has arisen.

Crum & Forster hires Chubb’s Masterson as surety unit’s COO

Crum & Forster has recruited long-time Chubb engineering and construction specialist Brock Masterson to serve on its surety division’s executive leadership team.

Becker: Distinguished Executive Lines to launch with focus on exclusive distribution

The president of Distinguished Programs’ new executive lines business Ryan Becker has highlighted the importance of launching the offering with an exclusive wholesale-only distribution strategy as it prepares to begin accepting submissions in the new year, writing on the A++ paper of an RSUI subsidiary.

CRC’s Insurisk tees up builder’s risk facility led by Turgeon

CRC’s in-house MGA Insurisk is set to launch a US builder’s risk facility at 1 January 2024 that will provide up to $7.5mn of exclusive capacity to its brokers, with AIG’s Ryan Turgeon appointed to run the program, E&S Insurer can reveal.

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