E&S
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The casualty segment posted $18mn of favorable reserve development across multiple accident years, most notably in general liability, professional liability and umbrella.
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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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Laura Johnson most recently served as head of E&S primary casualty.
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Florida saw the largest increase, up 18.5% year-over-year for January.
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Tom Bredahl, president of the surplus and specialty division at Crum & Forster, said the company has received more E&S submissions in the last 12 months than in the company’s entire history.
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The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.
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December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The revision reflects Ategrity’s pivot away from more volatile property cat business to focus on medium-sized commercial clients.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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Underwriters’ concern surrounding the volatility of secondary perils is sustaining caution over rate adequacy.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.
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Issues over reinsurance pricing and capacity continued to plague commercial property.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.
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The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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RPS said higher excess layers in the E&S property sector are still seeing increases north of 50% while primary and lower buffer layers are seeing average increases of 10%-15%.
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Sutton’s financial strength rating and long-term issuer credit rating are both under review by Best, with negative implications.
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A quick roundup of this week’s biggest stories.
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Around 85% of companies mistakenly believe that their property insurance covers some, all or most types of flooding.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company targets specialty markets that it believes are underserved by larger insurers and focuses on niche business lines and fee-oriented services.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The ratings agency cited increased business due to declining capacity in commercial lines and some personal lines markets.
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The carrier is now working with Stonybrook Capital on a mix of equity and debt as it looks to expand its capital base beyond $100mn.
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California E&S premiums, however, fell 20% year over year for the month and declined 1% for the first 10 months of 2023.
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At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The stock closed at $342.87 per share, down 19.56% from yesterday’s close of $426.22.
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Investors must weigh a differentiated investment strategy and true specialty opportunity against partial third-party investment control and historical losses.
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The Brown & Brown CEO noted that property cat remains "the most challenging" line, while workers' comp decreases have continued to slow.
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With record attendance, the conference was a reflection of how much the MGA space has grown and continues to grow.
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Parent Cowbell Cyber launched the E&S carrier a little over a year ago as part of Cowbell’s transition from an MGA to a full-stack insurance carrier.
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The broker’s “State of the Market: Real Estate” report says little change is expected in the property insurance marketplace for the rest of the year, but talk of more moderate rate increases in 2024 is “gaining momentum” specific to loss-free, properly valued and attractive accounts.
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Carlton Maner is stepping down after having served at AXIS for almost 22 years.
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The executive will lead a new specialty business line focused on global credit and political risk.
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The rating reflects “the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States”, AM Best said.
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A 19-year veteran of the insurance industry, he has held executive positions in finance, operations and underwriting within property and casualty lines of business.
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An RPS report cites a drop in demand from Covid highs, along with increasing competition among carriers and near-record capacity as among the challenges currently facing transportation insurers.
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Inside P&C explores topics that will likely be addressed at the Target Markets 2023 annual conference.
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Inside P&C’s news team brings you all the top news from the week.
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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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Nearly half of the over 300 small business owners and CEOs surveyed say the US economy has improved.
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Inside P&C takes a closer look at the NY construction market, which represents a unique challenge to insurers and insureds due to density and strict labor laws.
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AM Best recorded 2022 US E&S direct written premium at just under $100bn in another year of strong growth.
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Inside P&C’s news team brings you all the top news from the week.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.