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Rokstone Underwriting has announced a $25mn North American marine facility backed by Allianz Commercial. -
The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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Booten has been COO at Citizens since May 2020, and at the public insurer in various positions since 2002.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
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The departure less than a month after GBLI announced it was halting the sale process for subsidiary Penn-America, parent company of Penn-Patriot.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
