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Current rates at 2% to 2.5% translate to an 86% incurred loss ratio. -
Nationwide vet Mike Miller is launching the MGA, which focuses on the E&S market.
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The raise includes minority investments from Nationwide, Enstar and others.
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He replaces Richard Goldfarb, who will remain as head of strategy.
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Interest in these vehicles has increased recently, but market softening could throw a curve ball at growth.
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The executive has over 20 years’ worth of actuarial and analytics experience.
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This follows a spate of program manager deals Ryan Specialty has made.
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The change comes after the firm hit $1bn of in-force written premium.
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He was most recently head of excess casualty, east zone, at Axa XL.
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Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
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A large number of new entrants and the growth of litigation finance challenge E&S enthusiasm.
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Bishop Street acquired Conifer Insurance earlier this month.
