US / Americas

Cover Whale to explore capital raise in ’24 following expected $225mn GWP this year

New York-based insurtech Cover Whale will likely explore a $20mn+ capital raise next year, founder and CEO Dan Abrahamsen has told The Insurer, noting that the commercial auto MGA is expected to pass $225mn of gross written premium this year.

HCI’s condo-focused reciprocal exchange CORE secures FLOIR approval

HCI Group’s newly formed Condo Owners Reciprocal Exchange has received approval from Florida’s regulator to begin operating as a property and casualty insurer in the Sunshine State.

Lloyd’s broker HW Wood cites “inability to pay” to avoid $22mn+ in DoJ bribery fines

HW Wood disclosed that it would be unable to pay more than $22mn in fines imposed by the US Department of Justice after it admitted to participating in a scheme to bribe Ecuadorian government officials, with the London-based firm posting after-tax profits of £73,438 last year.

Trucking-focused Southwind RRG gets A FSR from Demotech

Trucking liability specialist Southwind Risk Retention Group has been assigned a financial stability rating of A (Exceptional) by Demotech.

AM Best ends Clear Blue review and affirms A- rating after $25mn capital injection

AM Best has concluded its review on the members of Clear Blue Insurance Group and affirmed its A- financial strength rating on the fronting carrier with a stable outlook after it took steps to address fallout from the Vesttoo fraud including replacing reinsurance capacity and injecting $25mn of capital.

JLT paid $29mn to settle probes into Ecuador bribes

US prosecutors did not pursue criminal charges against JLT over the more than $3mn in bribes the company paid to public officials in Ecuador after the Marsh McLennan-owned intermediary agreed to settle a separate probe in the UK.

Root’s Timm: Auto insurtech had “the best quarter the company has ever posted”

Root CEO Alex Timm has lauded his firm’s recent results as the “best” in its history, while also giving a bullish outlook on its trajectory, predicting further “pain” in personal auto and expressing optimism that investors will reward the company’s progress.

Neptune targets $500mn PIF by 2027, looks to expand partnerships next year

Neptune Flood is looking to grow its premium in force to over $500mn by 2027, its CEO Trevor Burgess has told this publication, while the flood insurance MGA expects its number of carrier and reinsurer partners to grow to around 30 next year from 23 today.

Gallagher adds to Northeast US capabilities with Hughes Insurance Agency deal

Arthur J Gallagher has added to its footprint in the Northeast US with the acquisition of Queensbury, New York-based Hughes Insurance Agency, Inc.

Root earnings confirm improved personal auto loss ratio

Analysis from The Insurer of Root’s US statutory filings shows the insurtech has significantly reduced incurred losses, and is now outperforming incumbents as well as other segment competitors.

Liberty Mutual Re bolsters US casualty team with Swiss Re’s Chisolm

Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, has appointed Dionne Chisolm as a senior underwriting executive.

HCI’s Homeowners Choice assumes 53,750 policies from Citizens

HCI Group’s Homeowners Choice Property & Casualty Insurance Company has assumed approximately 53,750 policies from Florida’s state-backed Citizens Property Insurance Corporation.

Insurtech MGA Oyster launches Great American-backed rental program

Embedded insurtech MGA Oyster has launched a new insurance program that provides shops and marketplaces with theft and damage coverage for rental bikes, ebikes, kayaks and paddleboards, with the offering backed by capacity from Great American Insurance Company.

The Hanover adds CNA’s Marohn as president of specialty P&C

The Hanover Insurance Group has recruited Stephen Marohn from CNA as its new president of specialty property and casualty, with the new hire filling the role that was previously held by Frank Baron prior to his exit earlier this year.

Aon’s Peiser: Umbrella will be a “difficult story for clients” in 2024

Aon’s Joe Peiser said cat-exposed property business remains “very challenged” and that umbrella placements will be “a difficult story for clients” in 2024, and outlined key “white spaces” that he thinks remain critical for the industry to tackle.

McGriff grew organic revenues by 11% in Q3 driven by vertical strategy: sources

Truist-owned retailer McGriff recorded 11 percent organic growth in the third quarter, with a strong contribution from the firm’s specialty segment, including its energy, construction, real estate, transportation and public entity units, The Insurer can reveal.

Marsh hires DaSilva, Paragon hires Allen from Aon’s PSP unit

Marsh has hired New York-based Miguel DaSilva from Aon’s Professional Services Practice, while London-based Paragon Brokers has hired Joshua Allen from the same unit, The Insurer can reveal.

Everest Insurance names Hagerty head of US retail property

Everest Insurance has promoted Patrick Hagerty to senior vice president and head of US retail property, a role in which he will be responsible for all aspects of the carrier’s retail, middle market and builder’s risk businesses.

Florida Farm Bureau’s B++ FSR under negative review by AM Best

AM Best has placed Florida Farm Bureau Group’s B++ financial strength rating and bbb+ long-term issuer credit rating under review with negative implications, by following “a considerable decline” in the group’s key balance sheet strength metrics, partly from Hurricane Idalia losses.

GuideOne laying off 43 staff “to streamline operations” as retrenchment continues

GuideOne is letting 43 staff go as part of its latest reduction in force since 1.1, as work on a potential sale or capital injection led by KBW continues.

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