E&S
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The company reported 25.5% increase in GWP, down from the 40% growth in prior years.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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The US large property team will support middle-market and corporate clients.
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Focus on reserves to continue as gap between cautious reservists and others emerges.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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The unit has hired Everest’s Chris Curtin and Axa XL’s Brian Quinn.
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Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.
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Westchester’s Kyle Garrett was named VP, executive underwriter for property.
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California, Florida and Texas all saw year-over-year declines in premium growth.
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The oversubscription may signal additional capacity waiting on the sidelines.
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The global insurer also alleges breach of contract and fiduciary duty in the federal suit.
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The announcement confirms earlier reports from this publication.
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As admitted carriers pull out of riskier plays, E&S continues to expand and thrive.
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The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Joy had previously set up the casualty practice at Global Indemnity.
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Cove Street is 14th largest investor in Global Indemnity.
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Sources said that the E&S carriers are now poised to enter due diligence.
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Sure is the first Demotech-rated insurer to offer surplus lines homeowners.
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Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
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Catch up with the latest developments in this rapidly growing segment.
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Cycle management is key to the long-term success of any start-up carrier.
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Twin Maples is expected to make its market debut in the next few months.
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Bridge Specialty president Boyd and RT director Dawson join board.
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The Bermudian posted 18.5% top line growth in its first year as a public company.
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This continues a consecutive quarterly gain of over 6%.
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The business has raised $250mn from backers including PartnerRe, RenRe, Starr and Amwins.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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Florida again saw the largest increase, up 66.2% year-over-year.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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The company’s board continues evaluating strategic options, including a full sale.
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The carrier’s sales process is ongoing, and it will provide an update “in due course”.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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London underwriters are getting aggressive in the US.
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Both executives will report to Jim Wallace, head of E&S property.
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The executive was most recently president of Vouch Specialty.
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The firm’s Q4 GWP grew over 21% fueled by surety, transactional E&S and captives.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Given a number of complexities, the landing zone on a take-out price is small.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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The new line is in addition to its existing Bermuda and US excess casualty products.
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This follows a record-breaking $63bn of premium and 24.1% growth for 2022.
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RPS saw organic growth of 12% in Q4 of last year.
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At market close, WTW shares were up almost $18.
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