Commercial E&S
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Paragon CEO Ron Ganiats says the MGA is “leaning in aggressively” as it builds an extensive admitted lines portfolio.
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The strengthening is mostly tied to the Uber account in run-off and casualty reinsurance. -
The carrier has received regulatory approval to write E&S business through the company.
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The number of policies bound in the E&S market fell, while premium rocketed.
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Big ticket commercial insurance rates rose 22% in Q4 overall, Marsh data shows.
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Despite the record, the annual growth rate is lower than the 19% pickup reported last year.
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The move is the latest sign that InsurTech is becoming ever more integrated into existing commercial insurance distribution channels.
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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The month's total continues a record-setting stretch, in which monthly premiums have been their highest ever in all but one month of 2020.
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The structure simplifies access to Sirius E&S capacity for brokers.
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The rating for the new venture comes as the parent raises $108mn for expansion through a notes issue.
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The wholesale broking executive says plenty of capital remains to support both the admitted and E&S markets.
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