Fronting
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Its risk management of US captive reinsurance contracts has improved, the agency said.
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The segment represents approximately 11% of the overall P&C market.
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The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.
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The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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AM Best’s decision to remove second-largest front Clear Blue from under review is a small positive development for the fronting sector, but caution is still needed.
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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 agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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Clear Blue has successfully moved active programs to either new reinsurers or the reinsurers on its existing panels have taken higher percentages, the agency said.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said MGA multiples are holding in the mid-to-high teens range while they still see strong PE and strategic appetite for the fronting sector.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
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Inside P&C’s news team runs you through the key highlights of the week.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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The consequences of Vesttoo will hurt the fronting companies, but the changes are less important than the role it plays in uncovering what was already there.
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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 business is set to launch as the fronting market passes through a tumultuous period following the revelation of a major fraud involving Vesttoo.
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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 777 Partners-backed fronting company retained Howden Tiger Capital Markets & Advisory last year as it was brought to market for a potential recap.
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The executive said Vesttoo’s crisis “may delineate some parts of the fronting market”.
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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 firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The ratings agency is currently in discussions with Clear Blue’s management regarding the company’s ability to replace certain programs or letters of credit.
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The agency said it will take rating actions where warranted.
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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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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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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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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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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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Sources said the Pine Brook-backed firm has retained Piper Sandler and will look to formally kick off following the summer.
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Ciano was most recently practice leader for management liability with USI Insurance Services.
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The fronting carrier’s reinsurance write-down is the first crack in the segment’s impressive edifice – it won’t be the last.
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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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Dijak joins the firm’s executive team less than five months after he moved to AI-based insurance-linked investment platform Vesttoo as VP.
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The fronts are highly leveraged balance sheet firms taking significant underwriting risk, with high levels of counterparty credit risk.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Based in Austin and Dallas, Texas, the new company will provide fronting insurance to four US carriers.
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The executive will continue reporting to CEO William Jewett based in New York.
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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.