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The insurer acknowledged additional claims in 2025 would be “reasonably possible”. -
Other backers include Arch Specialty, Allianz, Allied World and HDI.
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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business.
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Ballan has prior experience at Liberty Mutual, Alliant Insurance and Davis Polk & Wardwell.
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Sources said that Archer Transactional and BlueChip Underwriting will continue operating with existing paper providers.
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There has been increased W&I appetite in South American jurisdictions.
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Liberty GTS saw a 21% YoY decrease in R&W notifications across all its regions in 2023.
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The deal is the latest in a string of investments by the MGA platform.
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Sources said that a deal between the two sides could be reached in the next couple of weeks.
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Current rates at 2% to 2.5% translate to an 86% incurred loss ratio.
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Deal flow is still far below levels seen in 2021.
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Sources expect at least $80mn-$90mn of insured losses stemming from the case.
