Coalition adds affirmative AI endorsement to cyber policiesCyber insurtech Coalition has added a new affirmative artificial intelligence endorsement to clarify what is covered by its US surplus and Canada cyber insurance policies.
Conifer transfers to Nasdaq Capital Market as KBRA warns over policyholder surplus adequacyConifer Holdings has transferred its common shares to the Nasdaq Capital Market, while KBRA has followed AM Best in downgrading the Michigan-based carrier and warning over its surplus levels and ability to continue as an operating enterprise.
Alliant raids NFP for 12+ Pestana-led real estate team ahead of Aon deal closingAlliant has raided rival mid-market broking house NFP for a 12-plus real estate broking team led by Gary Pestana that also includes Tim Edwards, Ramy Morcos, and Margot Spera, The Insurer can reveal.
Incline’s new E&S carrier secures A- rating ahead of beginning writing in Q2AM Best has assigned a financial strength rating of A- to Incline Americas Insurance Company, the new E&S carrier from Incline P&C that is expected to start writing business in Q2.
Significant P&I claim likely after Britannia-registered Dali causes Baltimore’s Key Bridge collapseA significant P&I claim that may trigger the International Group of P&I Clubs reinsurance arrangements is likely, after the container ship Dali caused the collapse of Baltimore’s Francis Scott Key Bridge and a subsequent “mass casualty event”.
Alliant launches national specialty lending insurance brokerage practiceAlliant has launched a national specialty lending insurance brokerage practice designed to address the needs of lending institutions operating in specialised sectors.
AM Best: US P&C industry sees a $21.2bn net underwriting loss in 2023According to a new report by AM Best, the US property and casualty industry experienced a net underwriting loss of $21.2bn in 2023, marking a slight improvement from the $24.9bn loss reported in the previous year.
Acrisure launches Plunkett-led New England regionAcrisure has established its New England region, consolidating its operations in Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.
CRC adds USLI’s Louderback and B&W’s CrawfordCRC Group has added two new underwriting professionals, with Michael Louderback joining the Denver, Colorado office as underwriting team leader and Sam Crawford joining the Tampa Bayport, Florida office as an underwriter.
AJG: “Meaningful” US casualty increases could push 10% for sustained periodGrowing concerns among carriers about casualty loss cost trends could see premium rate increases push 10 percent as part of a “measured, rational step-up in rate” over the longer term, rather than a “knee-jerk reaction in one period”, according to Arthur J Gallagher CFO Doug Howell.
Dellwood building E&S property team for mid-market launchE&S start-up Dellwood Insurance Group is staffing up its property unit ahead of a launch into the mid-market space, with Felicia Rawlin from Aspen and Kyle Garrett from Chubb Westchester among those set to join, E&S Insurer can reveal.
CEJ: Up to 10 states may opt out of NAIC homeowners data callThe Center for Economic Justice has raised concerns over up to 10 states opting out of the homeowners data call recently announced by the National Association of Insurance Commissioners and the US Treasury’s Federal Insurance Office.
LSM bolsters US and LatAm with Frontado as war and terror headLiberty Specialty Markets has appointed Anabella Frontado as head of war and terrorism for the US and Latin America.
Arcadian Capital enters mid-market E&S casualty with Joy on new US platformBermudian MGA Arcadian Risk Capital has been approved for its new legal entity in the US and confirmed the hire of Biju Joy, who will head up its mid-market E&S casualty initiative.
Cerio states Citizens “will always be able to pay claims” amid Senate committee probeThe CEO of Citizens Property Insurance Corporation has responded to a renewed investigation by Senate budget committee chairman Sheldon Whitehouse by stating the Florida carrier has addressed the concerns raised and “will always be able to pay claims”.
RPS’ Cavaness and Lexington’s Levinson honoured at E&S Insurer AwardsRisk Placement Services co-founder Joel Cavaness received the E&S Insurer award for Lifetime Achievement, with Lou Levinson of Lexington named Outstanding Contributor of the Year, as RSUI and RT Specialty took home the major company honours at the ceremony in New York City last night.
Heritage board authorises new $10mn share buyback programmeThe board of directors of Florida-based carrier Heritage Insurance Holdings has authorised a new $10mn share repurchase plan, commencing upon the 31 December 2023 expiration of the prior $10mn programme.
Howden partners with NYC-based insurtech Cyberwrite to enhance cyber resiliencyHowden has launched a new partnership with New York-based insurtech Cyberwrite, aimed at providing insights into cyber threats for its clients.
SureChoice completes California homeowners surplus lines product launchSureChoice Underwriters Reciprocal Exchange in partnership with catastrophe-focused managing general underwriter SageSure has completed the launch of its surplus lines homeowners insurance products in California, making it the first Demotech-rated insurer in the state to do so.