Core Specialty
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing. -
The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The second PRF program to receive Core Specialty paper will provide excess coverage limits up to $5mn, attaching between $1mn and $5mn.
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The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.
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Core Specialty CEO Jeff Consolino noted that the recent Hallmark deal places the firm among the 20 largest E&S writers.
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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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AM Best placed Hallmark under review with negative implications immediately after the confirmation of the deal with Core.
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The deal would add upwards of 200 staff to the specialty insurer’s staff, and take its E&S business close to $1bn of premiums.
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The ratings agency also affirmed the company’s financial strength rating (FSR) of A- and long-term issuer credit ratings of a-.
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The executive will report to Bill Fischer, president of the company’s agriculture unit.
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