Core Specialty
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The transaction for the financial services book leaves the legacy behind.
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The Specialty Markets Group produced DWP of $388mn in 2023.
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Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.
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The specialty insurer agreed to pay $2.5mn in cash for the exclusive right to underwrite the security and alarm business through October 2025, and the unit’s renewal rights.
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After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.
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Anat health insurance leader Jim Stelling will join Core as part of the deal.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The second PRF program to receive Core Specialty paper will provide excess coverage limits up to $5mn, attaching between $1mn and $5mn.