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Fears of the oncoming soft market are causing a sector rotation away from P&C. -
CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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MultiStrat, the founder of casualty ILS, is focusing on committed capital to grow, said Bob Forness, CEO, MultiStrat.
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The selloff may hint at headwinds for equity investors.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The fundraising focus comes after it was acquired by The Baldwin Group in Q1.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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Third Point purchased 50,000 shares of the E&S insurer, which represents roughly 0.1% of its shares outstanding.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The president expects to see benefits from the deal in H2 2026.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The broker posted a 6.5% drop in organic growth YoY.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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P&C’s outperformance lead dwindles, while specialty rises above other segments.
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Additional buybacks are more feasible if P&C stocks slip and pricing moderates.
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Above-market organic growth, mid-market M&A and talent infusions were all heralded.
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The aggregate gross proceeds from the offering are expected to be $113.3mn.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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Insurance outperformance slows as markets recover from tariff shock.
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The latest E&S player planning to IPO remains a “show me” story.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The bond will provide named storm and quake coverage in the US.
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Unpacking how much excess capital there really is and dissecting the source of its returns.
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The program will succeed the previous buyback launched in 2023.
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The conglomerate’s insurance subsidiaries will have to make do without some of their prior strategic advantages.
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P&C held up better than the S&P 500, but there are causes for longer term concern.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Inflection sets in for insurance stocks as macro albatross gets heavier.
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Macroeconomic volatility could also create top-line headwinds.
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The firm acted as the front for Trouvaille Re, the E&S property sidecar for MGA AmRisc.
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The program will provide excess casualty coverage across a broad range of industries.
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The business will still look at large non-life deals in particular in-the-money ADCs.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
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Erik Manning is joining the business from BMS as head of ceded reinsurance.
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The announcement spurred a quick spike in stock market valuations.
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Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
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Markets have taken a battering across the globe following the “Liberation Day” announcement.
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Insurance’s demand inelasticity will be its greatest strength in 2025.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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Insurance share prices were resilient amid today’s market meltdown.
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The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
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The company’s stock jumped 14% within 30 minutes of the market’s open.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Industry sources estimate the market to be around $3bn.
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The insurance market remains generally immune to tariff uncertainty, but not all is well.
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The big brokers are lining up London capacity to write follow lines on US risks.
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On Monday, the firm reported a Q4 CoR of 155.1%, versus 98.1% a year ago.
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The investment firm’s holdings were down to $59mn at the end of Q4.
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Jana holds around 109,000 shares and 69,000 call options, at a $307mn total value.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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Insurance stocks are lukewarm amid earnings season, cats and political changes.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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The PE firm held over 6.7 million Axis shares, around 8.2% of shares outstanding.
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The carrier’s Q4 operating EPS declined to $0.41 from $0.77 in Q4 2023.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The activist investor’s position at the end of Q3 was valued around $116.3mn, SEC filings show.
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The firm had owned 3.45 million shares in Q2, then valued at over $256mn.
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Multiple reinsurance brokers have pitched the firm for sidecars.
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Republican tariffs and higher Democratic corporate taxes would hurt the sector.
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The stock was hovering around $40 per share just before closing.
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The loss tally is considerably lower than estimates issued by model vendors.
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The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.
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Grandisson's sudden retirement could mean a complicated future for Arch.
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Milton’s significant but less-than-expected hit shifts our expectations for industry recovery.
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Shares gained after Hurricane Milton did less damage than anticipated.
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Milton threatens to make landfall in Florida shortly after Helene.
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The raise includes minority investments from Nationwide, Enstar and others.
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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 move comes less than a year after AssuredPartners’ sale process reached a stalemate.
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While Republicans are typically perceived as best for business, there are several factors at play.
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The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time.
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Westaim reported roughly $79mn in net proceeds from the sale.
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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage.
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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S&P’s Insurance Select industry index had fallen by 2.7% at market close.
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The funds were contributed to support the specialty carrier’s growth.
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BHMS joins a group of Boost backers that includes Markel, Canopius US and management.
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With the deal, 1970 secured capital to boost its liquidity management services for insured companies.
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The Hartford and Aon also posted notable, though more muted, stock bumps.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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The carrier’s CoR increased 15.9 points YoY to 116.1% on unfavorable GL development.
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Longstanding investor Stone Point will continue as a partner and board member.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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Sources said the deal between the PE firms valued the broker at in excess of 16x Ebitda, or $4bn+.
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It is understood that the goal is to use a capital injection to form a reciprocal.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
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Insurance Insider US recently revealed the parties were in advanced sale talks.
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The executive gave his view on the (re)insurance landscape and the impact of PE on the sector.
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In January, this publication revealed that the Southern retailer retained Piper Sandler to run an auction to bring in a new PE investor.
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Onex has proposed an alternative sale structure, which includes R&Q’s potential liquidation.
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Analysis of company performance post-IPO shows varying trajectories over time
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The company increased its full year 2024 adjusted net income guidance.
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Changes in investment strategy and strong results show carriers can weather financial storms.
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The proposals include increasing either statutory or CRTF funds.
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The start-up's founder set out the new broker’s strategy, M&A goals and structure.
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PE house Vistria will back the buy-and-build strategy in the independent agency space.
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The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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The conglomerate exited its $620mn position in Markel, which it has held since 2022.
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An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
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New leaders of these reinsurers have started strong, but Axis still has work to do.
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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P&C buybacks have continued to decline, but large authorizations keep companies flexible.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.
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Shares had fallen over 20% since Monday.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
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This publication revealed that the company was raising capital earlier this year.
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The InsurTech’s shares gained over 50% in value on Thursday.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The company would ideally like to target a minority investment.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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The company provides a platform for brokers to value, buy and sell books of business.
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The company will hold its Q4 earnings call on Friday February 16.
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The company's reinsurance panel has expanded to over a dozen risk capital providers.
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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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Commercial carrier earnings continue to show mixed prior-year development.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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It is understood that the InsurTech began fundraising late last year.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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On Wednesday, the insurer reported 12% growth in net written premiums.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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Leading the decline was AJ Gallagher, with a 7.5% drop as of mid-afternoon, after having traded down over 8% earlier in the day.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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A quick roundup of this week’s biggest stories.
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The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.
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The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2.
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With the fundraising, Skyward will capitalize on market opportunities within existing lines of business, but also continue to expand into new products.
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Last month this publication reported that the 777 Partners-backed company was close to signing a deal with Charlesbank.
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James River’s stock price plummeted more than 30% on Thursday, after the firm sustained downgrades from equity analysts over concerns around the insurer’s E&S casualty reserves.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The new business unit will target firms with between $10mn and $50mn of Ebitda and will deploy up to $500mn of equity capital over time.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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First-round bids for the company were due in late September.
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