Commercial E&S
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In Q2, median property price increases decelerated to 2.3%.
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The carrier’s initial casualty offering will be wholesale-only, the executive said.
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Coverage options will extend up to $5mn.
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Andrew Rowland will oversee the portfolio, offering up to $7mn per risk.
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The deal provides Honeycomb with up to $24mn of capacity.
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The future of E&S, the wholesale landscape and casualty pricing are topics up for discussion.
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The 17.4% DWP growth, however, was a deceleration from 2021’s 25% peak.
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Andrew Knight will fill the newly created role of country manager.
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Expansion of the middle-market book is an ongoing focus.
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The top three states averaged a 3.7% year-over-year gain, compared to July's 16.1%.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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The top four lines posted low-single digit to high-single digit policy count growth.
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The CEO said there’s only one public pure wholesale broker, Ryan Specialty, and its IPO was in “favorable conditions”.
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Stephen Buonpane will lead the division, with Danielle Stewart as COO.
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James River will also oppose a Fleming motion to uncover additional documents.
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Commercial liability and commercial property continue to dominate.
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Dellwood claims allegations in AIG’s latest filing are still barred by res judicata.
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The top three states averaged a 14% YoY gain, compared to June’s 3.3%.
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As property momentum slows, personal lines excess and surplus could start outperforming.
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The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
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The arrangement enables PCS to expedite growth.
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Axa's newly formed teams join the company's "complex cyber" unit.
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Executives flagged elevated packaged auto loss activity in Q2.
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For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
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Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
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The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.
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The tower now represents a 47% increase from 2023.
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State National is providing $160mn of adverse development reinsurance coverage.
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It is understood that the executive will report to Scott Meyer, now COO for NA Insurance.
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Dellwood recently appointed Aspen’s Felicia Rawlin as head of property.
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The top three states averaged a 3.3% YoY gain, down from May’s 15.8%.
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Tara Hill launched last month and is headed by Core Specialty’s Peter McKeegan.
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This follows AIG’s voluntary dismissal of claims against Dellwood’s top execs.
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AM Best assessed Dellwood’s balance sheet strength as “very strong”.
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Industry veteran Peter McKeegan will lead the firm.
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Ryan Specialty CEO Pat Ryan opened the event, which was held last week in New York.
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In high-capacity, global E&S property, London has continued to be aggressive.
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Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.
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Ryan Specialty’s CEO opened the Insurance Insider US 2024 conference.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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In an interview with Insurance Insider US, Robinson spoke about life after the IPO, talent, litigation financing and cat.
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His experience includes HPR engineering, facultative reinsurance and E&S underwriting.
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The acquisition allows AM Specialty to expand its E&S offerings.
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The review reflects the group’s ongoing ownership-level restructuring.
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The H2 rate predictions mark a slight moderation from those in H1.
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Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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Business written in California, Florida and Texas averaged a 15.2% YoY gain.
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The firm has zero pre-2020 reserves, no MGA relationships, and management with a strong record.
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The distribution model itself prioritizes the need for due diligence.
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An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
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The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
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The firm will no longer have to compete with one hand tied behind its back.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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The appointment is part of Axa XL's plans for a more client-centric approach.
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Business written in California, Florida, and Texas averaged a 22.7% YoY gain last month.
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The policy offering expands third-party liability coverage and wage and hour liability.
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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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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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