US / Americas

Everest’s Williamson: Further reinsurance rate rises and hardening after “psychological change”

A “psychological change” among underwriters, along with a capital gap, will cause increases and hard reinsurance market conditions to persist throughout 2024 and into 2025, particularly in property catastrophe, while the need for ceding commission decreases in casualty and pro rata property is “accelerating”, Everest Group’s Jim Williamson believes.

Inszone enters Washington state through Hawks View acquisition

Private equity-backed Inszone Insurance Services has entered the Washington state market through the acquisition of Hawks View Insurance, an agency that was established in 1985.

Falcon strengthens leadership with Argo’s Stefas and AIG’s Shah

Falcon Risk Services has bolstered its leadership team with the hires of Ted Stefas from Argo and Gopika Shah from AIG.

Starboard Value sells off WTW stake in Q3

Starboard Value has sold off its holding in WTW, some two years after the activist investor built up a position in the company following the broking giant’s aborted combination with Aon.

Amwins confirms $1bn recap as PSP sells down and other backers increase stakes

Amwins Group has confirmed the completion of a recapitalisation transaction with its existing shareholder group, with Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and employee shareholders purchasing $1.0bn in equity from more than 375 Amwins employee shareholders and Public Sector Pension Investment Board.

Stone Ridge raising $1.5bn for cat reinsurance-focused fund

Asset management firm Stone Ridge is in the process of raising a total of $1.5bn for the cat reinsurance-focused fund it launched last year, as it addresses 2024 opportunities to deploy on a quota share basis after generating strong returns for investors in 2023, The Insurer can reveal.

Moody’s cuts Nationwide to A2, says E&S shift could take “couple years” to hit target UW results

Moody's has downgraded the insurance financial strength ratings of Nationwide Mutual Insurance Company and its property casualty affiliates to A2 from A1, with the rating agency citing weak profitability in standard personal and standard commercial lines over the past several years.

Orion180 adds four, including Liberty’s Javanbarg as specialty risk SVP

Homeowners writer Orion180 has named four leaders, including former Liberty Mutual executive Mohammad Javanbarg as senior vice president of specialty risk.

Hamilton to receive net proceeds of $80.6mn as IPO closes

Hamilton Insurance Group has announced the closing of its initial public offering, with the Bermudian company to receive net proceeds of $80.6mn after deducting underwriting discounts and commissions and estimated offering expenses.

Hallmark Q3 CR improves to 150.1% including 36.9 pt cat impact

Hallmark Financial Services has reported a 150.1 percent combined ratio for the third quarter, including a 36.9 point impact from catastrophes and 9.7 points of reserve strengthening, although this was an improvement on the 177.7 percent in the same period of last year.

Florida reciprocal start-up Orange secures BBB KBRA rating

KBRA has assigned a BBB insurance financial strength rating to Orange Insurance Exchange, the new Don Matz-led reciprocal insurer that formally launched operations in Florida earlier this month.

BHSI promotes Walker to US contract surety head

Berkshire Hathaway Specialty Insurance has appointed Courtney Turnage Walker to the newly created role of US head of contract surety.

UK and Florida sign pact to boost trade and investment

UK Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis have signed a memorandum of understanding to boost trade and investment between the UK and Florida in areas including reinsurance.

QBE NA lands Beazley’s Livatino to lead healthcare liability

QBE North America has added John Livatino to its roster, with the new hire from Beazley joining the company as head of healthcare liability.

Amwins in $1bn equity recap as PSP sells down and other backers increase stakes

Amwins has completed a $1bn equity recapitalisation that has seen PSP Investments and some employees sell down their stakes while others and existing institutional investors Dragoneer Investment Group, Genstar Capital and SkyKnight Capital increased their holdings, The Insurer can reveal.

Liberty Company promotes chief strategy officer Adam Baillie to COO

Privately held retailer Liberty Company has promoted its chief strategy officer Adam Baillie to chief operating officer, The Insurer can reveal.

WTW: Casualty carriers to seek higher rate increases while new capacity may enter property market

The property segment’s efforts to lean into the hard market may be counteracted by new capacity, while the moderate rate environment in the casualty market “could be pushed into harder conditions”, WTW has forecast in its new ‘Insurance Marketplace Realities’ 2024 report.

Swiss Re America completes $100mn LPT for Kookmin Best Insurance Company

Swiss Re America has completed a loss portfolio transfer on behalf of Kookmin Best Insurance Company that will see the reinsurer assume approximately $100mn in net loss and unearned premium reserves.

Berkley Technology Underwriters adds AHT’s Balch as president

Berkley Technology Underwriters (BTU) has brought in Christopher Balch from BRP-subsidiary AHT Insurance, with the new hire appointed president of the WR Berkley-owned business.

Skyward doubles down on specialty hard market with ~$65mn equity raise

Skyward Specialty has launched a capital raise through the public offering of 4.5mn of its common shares as it looks to target further growth opportunities including in the E&S sector during the prolonged hard market phase of the cycle.

Region

Topics

Events & Conferences

Content Types