Fronting

The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.

The review reflects the group’s ongoing ownership-level restructuring.

The move comes as the wait for a deal for the whole group passes the six-month mark.

Its risk management of US captive reinsurance contracts has improved, the agency said.

The segment represents approximately 11% of the overall P&C market.

The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.

The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.

Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.

Just over half of votes cast were in favour of the $465mn sale to Onex.

AM Best’s decision to remove second-largest front Clear Blue from under review is a small positive development for the fronting sector, but caution is still needed.

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The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.