US / Americas

James River beats Q3 Wall Street estimates after “very strong quarter”

James River Group’s outgoing CEO has called the company’s results for 2020’s third quarter “very strong” after the business’ operating profit per share comfortably beat the average of analysts’ estimates.

WR Berkley’s Nautilus names Joyce president as Kuzma steps up to chairman

WR Berkley’s excess and surplus (E&S) lines insurer Nautilus Insurance Group has announced Thomas Joyce will serve as its new president from the beginning of next year, succeeding the long-standing Thomas Kuzma who will be appointed chairman.

D’Orazio named new James River Group CEO

Former Allied World executive Frank D’Orazio has been named CEO of James River Group Holdings, with the specialty (re)insurer’s founder J Adam Abram retiring from the position but continuing as non-executive chairman.

Sills start-up Bowhead continues team build ahead of 1 November launch

Stephen Sills’s start-up Bowhead Specialty Underwriters is close to adding excess casualty underwriters to its recently hired professional liability team which is set for a 1 November start, but is expected to wait for further improvement in healthcare market conditions before launching in that segment.

Golden Bear upgraded to A by AM Best

Golden Bear has had its financial strength rating upgraded from A- to A by AM Best as the agency highlighted the US specialty insurer’s consistent profitability and outperformance of the commercial casualty segment over the last five years, and its ability to target opportunities in improving segments.

Hiscox, Beazley and Brit among carriers to sign up to Pathpoint broking platform

Hiscox, Beazley and Brit are among the carriers signed up to a digital wholesale platform launched in San Francisco targeting the US excess and surplus lines retail market.

RLI says its Q3 cat losses will be up to $45mn

US specialty insurer RLI has preannounced an estimated range of pre-tax cat losses for the third quarter of $35mn to $45mn, including the impact of a quartet of landfalling hurricanes.

Axa XL shutters Dublin excess casualty unit and restructures in the US

Axa XL has closed its Dublin, Ireland based excess casualty underwriting centre and also realigned the management of its E&S primary and excess casualty units to report into overall product line heads, The Insurer can reveal.

Fac writers and Bermuda step in as property writers retrench: CRC

Rate increases in the US property market as existing markets retrench are attracting new carriers and facilities as well as capacity from facultative reinsurance, alternative capital and Bermudians looking to fill gaps in placements, according to CRC.

Covid temporarily halts E&S market’s profitability push: Fitch

Denali Specialty hires Krutek to head brokerage operations

Start-up MGA and wholesale brokerage platform Denali Specialty Group has hired former RPS executive Paul Krutek as president of its brokerage operations, The Insurer can reveal.

Stephen Sills start-up to target low excess layers

Stephen Sills’s specialty start-up with American Family will initially have a focus on writing low excess layers as it looks to build a sustainable professional liability, excess casualty and medical liability portfolio and get access to primary opportunities, The Insurer can reveal.

Comment: E&S outlook underrated

AM Best holds a negative outlook on the US surplus lines sector. But the data for the first half of 2020 shows strong momentum, despite the challenges of Covid-19.

Ascot US launches E&S casualty division with Roy hire

Ascot has continued the buildout of its US insurance platform by launching an E&S casualty division with the hiring of Matthew Roy from Axa XL as senior vice president.

Sirius plans to launch E&S platform in 2020

Sirius Group has been working on a new E&S insurance platform that it hopes to go live with later this year as it continues to add capabilities ahead of its combination with Third Point Re in Q1 2021, The Insurer can reveal.

HIIG launches E&S brokerage unit with Boland hire

Houston International Insurance Group (HIIG) has launched an excess and surplus (E&S) lines brokerage business unit led by Mark Boland, former president of E&S at The Hanover.

StarStone US brings in ex-Velocity CUO Oliphant as E&S property president

StarStone US has brought in Alison Oliphant as president of its newly-formed excess & surplus (E&S) property division.

IGI reports improved Q2 core income and Wall Street beat

International General Insurance Holdings (IGI) has ended its first full quarter of being traded on Nasdaq by recording an increase in core income and top line growth that included business written on its new E&S platform.

P&C market most rapid changing in a generation in Q2: Burns & Wilcox

The US P&C insurance market in Q2 will be looked back upon as having been “the most rapid changing in a generation” amid Covid-19, with some segments like excess liability harder than they have been since the mid-80s, according to wholesale broker Burns & Wilcox.

Kinsale considering capital raise to take advantage of E&S opportunities

Kinsale Capital Group could look to raise “a modest” amount of equity capital before the end of the year as the carrier seeks to take advantage of the opportunities that have arisen from the widespread E&S market hardening, president and CEO Michael Kehoe told analysts on Friday.