Fronting
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The executive will continue reporting to CEO William Jewett based in New York. -
The company hired Ambac’s Scott Snyder as president of fronted programs.
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Core customers for ISC’s program are small general contractors and artisan contractors that are unable to secure coverage in the admitted market.
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The three carriers are 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company of New Jersey.
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Fast-growing fronting company Incline P&C Group has agreed to back a trucking and transportation program for Strategic Insurance Underwriters, a unit of wholesaler intermediary US Risk.
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A report said that the programs market had been “battle-tested” by the pandemic, and despite the growth, the percentage of program administrators reporting premium increases declined.
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Executives spoke about the increasing sophistication of the programs market, and the heightened expectations placed upon MGAs looking to secure capacity.
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“The fronts are having a material effect and business is absolutely roaring within the MGA program space at this point in time,” the Acrisure Re CEO said.
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Late-stage interest had come from New Mountain, Atlas Merchant and Centerbridge.
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The three-way tug of war over fronting business Clear Blue is the latest example of the appetite of buyout firms for insurance assets.
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Sources suggested that the business will fall short of the $600mn-$650mn valuation that was being targeted.
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The program will focus on the self-storage market.
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