Insurance

WR Berkley UW income dips 15% to $234mn as GWP grows 7% to $3.1bn

WR Berkley’s underwriting profits slipped by 15 percent to $234mn in the first quarter and gross written premiums grew by 7 percent to $3.1bn, as higher catastrophe losses - both in the current quarter and from prior-periods - pushed the firm’s combined ratio up 2.8 points to 90.6 percent.

Aspen swings to $190mn UW gain and grows GWP 10% in impressive ’22 results

Aspen Insurance Holdings has reported a $190mn underwriting gain for 2022 - after generating a $30mn underwriting loss the year before - and grew gross written premiums by 10 percent on the year to $4.34bn as the Bermudian nears the finish line in its turnaround.

Argo shareholders approve $1.1bn sale to Brookfield Re

Bermuda specialty insurer Argo announced Wednesday that shareholders have approved the firm’s $1.1bn sale to (re)insurance platform Brookfield Re, clearing one of the final hurdles for a transaction that will result in the carrier being taken private.

Hart named MRSI CEO after Kerner’s Munich Re board appointment

Munich Re Specialty Insurance has named Sabrina Hart as president and CEO, a role she has held on an interim basis since January when former CEO Michael Kerner was appointed as a member of the Munich Re board of management overseeing the global specialty insurance division.

Q1 preview: Cats, reserves, pricing, MTM make for complex industry picture

With the US P&C earnings season getting underway this week, there will be many areas of focus for investors in carriers and brokers as they look to unpack a potentially messy quarter and evaluate prospects for individual stocks and the broader sector.

Pathpoint doubles property limits after partnering with Canopius’ Vave

Digital wholesaler Pathpoint has doubled the total insured value limit it can offer across its monoline property and lessors’ risk only verticals to $5mn after agreeing a partnership with Canopius-owned MGA Vave, with the tie-up also providing wind coverage in coastal states.

GuideOne surplus falls 15% to $389mn in ’22 as combined ratio rises to 108.6%

GuideOne’s underwriting loss swelled to $55mn and the insurer’s combined ratio jumped to 108.6 percent in 2022 as the firm said it was “getting back-to-basics” in its underwriting focus, while its policyholder surplus dropped by $70mn - equal to 15 percent - on the year to $389mn.

Sompo Intl’s John Goodloe exits as head of E&S casualty in North America

Sompo International’s head of E&S casualty in North America John Goodloe has stepped down from his role with the firm, The Insurer can reveal.

AM Best revises expansive surplus lines writer KW Specialty’s outlook up to stable

KW Specialty Insurance Company’s “good” 2022 operating results have led to AM Best revising the outlook on the surplus lines carrier’s A- financial strength rating (FSR) to stable from negative.

RPS’ McNitt: Litigation funding “a huge problem” for healthcare liability market

Third party litigation funding remains a “huge problem” for the healthcare liability market with the fast-growing industry helping to fuel record breaking nuclear verdicts, although despite the challenges carriers remain in growth mode with insurers hunting for new business along with rate increases, according to Risk Placement Services’ James McNitt.

Nationwide and Generali JV N2G taps The Hartford’s Strong as new CEO

N2G Worldwide Insurance Services – Nationwide and Generali’s multinational insurance-focused joint venture – has hired The Hartford’s Kevin Strong as its new CEO, with the recruit succeeding the retiring Bill Skapof.

Travelers confirms hire of Argo’s Duncan as president of E&S ops Northfield

Travelers has announced the appointment of Argo’s former head of US E&S Marsh Duncan as the president of its E&S business Northfield, confirming The Insurer’s reporting last month.

XPT: Oil and gas casualty coverage facing price hikes as carriers scale back or exit entirely

Oil and gas industry casualty insurance renewal revenues are increasing by 30 to 40 percent with some auto and excess-focused carriers pulling back from the space entirely while others are scaling back the limits they are willing to deploy in response to rising nuclear verdicts, according to wholesaler XPT Specialty.

MRSI expands E&S lawyers PL offering to include smaller firms

Munich Re Specialty Insurance (MRSI) has broadened its E&S lawyers professional liability appetite with the carrier now open to writing primary and excess coverage for smaller law firms with 11 or more attorneys.

Vantage names Watkins head of excess casualty and BDA healthcare

Vantage Group has appointed Denise Watkins as head of excess casualty and Bermuda Healthcare, based on the island and reporting to the expansive carrier’s chief officer of insurance Alex Blanco.

Orion180 taps new $42.5mn Regions credit facility to top up carrier subsidiaries

Coastal homeowners writer Orion180 has closed on a $42.5mn senior secured credit facility led by Regions Bank that will add to the capital base of its recently launched carrier platform.

Richmond National raises $30mn from existing backers to fuel E&S growth

E&S carrier Richmond National Group has closed an oversubscribed fund raise that adds $30mn in common equity capital from existing shareholders including HF Capital, Bonhill Capital, WT Holdings and employees, taking the total raised since its launch in October 2021 to more than $100mn.

The Hartford launches specialty and wholesale digital unit led by Azzolino

The Hartford announced Monday that it is launching Global Specialty Digital Solutions, a new business unit focused on offering specialty and wholesale insurance products in a fully digitized, end-to-end manner, and that is to be led by Mark Azzolino.

E&S market leaders aim technology at major small commercial opportunity

Small commercial represents the next major growth opportunity for the burgeoning E&S sector as technology investments are made to cut friction from the process of placing and writing the business, according to leaders of wholesale brokers and carriers at the E&S Insurer conference last week.

US quake market shifts to harder phase amid capacity retrenchment

Leading quake writer Arrowhead is among a number of MGAs and carriers adjusting appetite in response to rising costs of capital by reducing line sizes, pushing 20 percent plus rate increases on top of higher insurance to value, restricting new business and imposing tighter T&Cs, E&S Insurer can reveal.