Fronting
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Live since May 2023, the reinsurer has over 40 trading relationships currently. -
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Consolidation options include fronts merging, competition, larger fronts becoming carriers and fronts being acquired by carriers.
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The company is on target to write around $700mn in premiums this year.
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The change comes after an ownership restructuring.
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The transaction comes after Kestrel explored a deal last quarter to raise ~$150mn of capital.
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The new, publicly listed specialty program group will be led by Luke Ledbetter.
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Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.
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The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.
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Sources said that the AmTrust-backed fronting carrier has retained Evercore to run the process.
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Capacity conversations centered around comp, trucking and cat, while new names emerged in collateralized re.
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It is understood that the cut programs include Yachtinsure, Rhino, Paramount, Pinpoint and NTA.
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