Core Specialty reaches D&O program underwriting deal with Celerity Pro
Successor carrier to StarStone US, Core Specialty, has agreed to a directors’ and officer’s underwriting agreement with specialist MGA Celerity Pro.
As part of the deal, Celerity will write public and private D&O insurance for Core on a non-admitted basis. The program will be available to the wholesale insurance market in the northeast and mid-Atlantic regions of the US.
Celerity Pro also has capacity from Munich Re, and was launched in late 2019 by former Liberty Mutual executive Carl Pursiano.
Core Specialty is the Jeff Consolino and Ed Noonan-led carrier that took over the operations of StarStone US last November through a PE-backed recapitalization deal.
Since then, the company has made a string of senior underwriting hires and pursued aggressive growth in the primary insurance market. Core’s management professional liability business segment is led by veteran underwriter Stephen White.
Commenting on the D&O underwriting agreement, Core Specialty CEO Jeff Consolino, said: "We have taken significant steps in 2020 and 2021 to augment our staffing and recruit new leadership for our management professional liability business.”
“With respect to D&O, more careful limits management on the part of incumbent carriers has resulted in the need for additional market capacity and market sources indicate that the third quarter of 2020 was the 11th consecutive quarter of year-over-year price improvement for D&O at a time when terms and conditions are also improving.”
“Our D&O business achieved rate increases of approximately 50% through the first nine months of 2020, and we are pleased to be expanding our reach in this market,” he added.
Celerity Pro president and founder Carl Pursiano, said: “Celerity Pro is excited to be working with Core Specialty, providing wholesale brokers much needed capacity at a critical time in the insurance cycle, and beyond.”