US / Americas

Inszone recap shows PE commitment remains strong for some brokers

The investment in Inszone Insurance Services by Lightyear Capital has continued a spate of private equity-backed recapitalisations of US brokers in the past three months.

CIAB: Q3 premium increases slowed to 8.1% with first D&O softening since Q1 2017

Overall US commercial P&C premiums increased by an average of 8.1 percent in Q3 2023 compared to 8.9 percent in Q2, according to the latest survey from the Council of Insurance Agents & Brokers, which noted that D&O premiums decreased for the first time since Q1 2017.

K2 launches lumber and building materials program with Fortegra and others

K2 Insurance Services’ Aegis General Insurance Agency has launched a lumber and building materials insurance program with partners Fortegra Specialty Insurance Company, Midwestern Insurance Alliance, QBE Insurance and Lancer Insurance.

The Hartford shuffles management with Tooker, Thompson and Hunt handed new roles

The Hartford has reshuffled some of its senior leadership with Mo Tooker named head of commercial lines, Melinda Thompson appointed personal lines lead, and Don Hunt taking up the role of general counsel.

MGT looking for talent after getting A- FSR from AM Best

MGT Insurance is on the hunt for new talent to join its growing team as the company prepares to build out its platform after the acquisition of CM Select from Church Mutual.

Patriot Growth agrees $500mn expansion to existing debt facility

Private equity-backed Patriot Growth Insurance Services has significantly expanded its existing debt facility after securing $500mn of financing led by existing lenders Golub Capital and jointly arranged by Antares Capital.

CRC sees “significant” habitational disruption as insureds continue to enter E&S market

Many habitational accounts are seeing 30-40 percent increases in premiums due to rate and insurance to value adjustments, according to CRC, which reports that triple-digit increases are possible for coastal areas where a carrier pulls capacity as well as for older real estate.

Distinguished Programs secures A++ RSUI paper for executive lines launch

Distinguished Programs will begin accepting submissions from wholesalers in the new year for its Ryan Becker-led Distinguished Executive Lines business after entering into a strategic partnership with RSUI subsidiary Covington Specialty Insurance Company, E&S Insurer can reveal.

Falvey formally announces arrival of new CUO Nasso from Ascot

Falvey Insurance Group has formally announced the hire of Thomas Nasso as its new chief underwriting officer, with the executive having officially started working at the marine-focused MGA on Monday.

CAC Specialty adds Lockton’s Stelly to nascent healthcare practice

CAC Specialty has added Lockton’s Liz Stelly to its growing healthcare practice, with the professional liability and medical malpractice specialist joining the broker as a senior vice president, The Insurer can reveal.

Alliant adds Hub’s Khalaf as SVP in San Diego

Alliant Insurance Services has appointed Martin Khalaf as senior vice president within the Americas division.

Slice expands PHLY-backed contractors GL coverage to 27 new states

Insurtech Slice Labs has expanded its Philadelphia Insurance capacity-backed E&S contractors general liability (GL) small business coverage to 27 new states.

AM Best assigns MGT’s newly acquired CM Select A- FSR

MGT Partners’ newly acquired CM Select Insurance Company has been assigned a financial strength rating of A- along with a long-term issuer credit rating of a-, with the outlook on both set at stable.

Root’s CEO Alex Timm predicts “a lot of pain” still to come in personal auto

Root CEO Alex Timm has predicted that the historic strain on major personal auto underwriters will continue, and that tough funding conditions could put a fair number of insurtechs out of business in the year ahead.

Inszone gets Lightyear Capital investment alongside BHMS in growth recap

Expansive US retail broker consolidator Inszone Insurance Services has secured a strategic investment from Lightyear Capital, while existing backer BHMS Investments will roll a “material portion” of its equity and put in additional capital.

Fitch estimates property cat rate rises of <10% at 1 Jan

Property catastrophe reinsurance rate increases will cap out at below 10 percent on average at the upcoming 1 January 2024 renewals, with underwriting margins in the business line set to peak in 2024, Fitch Ratings has forecast.

Scor appoints Bourrousse as CEO of investment arm

Scor Investment Partners, the asset management arm of global reinsurer Scor, has promoted Louis Bourrousse to CEO following the departure of Fabrice Rossary.

Risk exchange start-up CatX raises $2.7mn in seed funding

Alternative capital risk exchange start-up CatX has successfully raised $2.7mn in seed funding from backers including Silicon Valley venture capital firms and angel investors from proprietary trading firms and hedge funds.

AM Best remains positive on DUAE sector despite capacity pressures

AM Best is maintaining its positive outlook on the global delegated underwriting authority enterprise (DUAE) segment, pointing to sustained growth and performance, the sector’s ability to address underserved and emerging risks, and innovation driven by technology and talent.

Mission Underwriters secures Lloyd’s access with American Eagle acquisition

Program administrator Mission Underwriters has bought American Eagle Underwriting Managers in a move that gives it direct access to Lloyd’s capacity for its existing series along with new smaller programs it will launch on the acquired approved coverholder, Program Manager can reveal.

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