Commercial E&S

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.

Underwriters’ concern surrounding the volatility of secondary perils is sustaining caution over rate adequacy.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.

Issues over reinsurance pricing and capacity continued to plague commercial property.

Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.

The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.

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.

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%.

Sutton’s financial strength rating and long-term issuer credit rating are both under review by Best, with negative implications.