Fronting

The company hired Ambac’s Scott Snyder as president of fronted programs.

Core customers for ISC’s program are small general contractors and artisan contractors that are unable to secure coverage in the admitted market.

The three carriers are 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company of New Jersey.

Fast-growing fronting company Incline P&C Group has agreed to back a trucking and transportation program for Strategic Insurance Underwriters, a unit of wholesaler intermediary US Risk.

A report said that the programs market had been “battle-tested” by the pandemic, and despite the growth, the percentage of program administrators reporting premium increases declined.

Executives spoke about the increasing sophistication of the programs market, and the heightened expectations placed upon MGAs looking to secure capacity.

“The fronts are having a material effect and business is absolutely roaring within the MGA program space at this point in time,” the Acrisure Re CEO said.

Late-stage interest had come from New Mountain, Atlas Merchant and Centerbridge.

The three-way tug of war over fronting business Clear Blue is the latest example of the appetite of buyout firms for insurance assets.

Sources suggested that the business will fall short of the $600mn-$650mn valuation that was being targeted.

The program will focus on the self-storage market.

The Austin-based insurance firm recently provided capacity to CRC-owned 5Star Specialty, and it plans to write business in all 50 states by the end of next year.