Negative margin code
Header
WSIA Annual Marketplace 2024
Intro
Insurance Insider US is excited to join WSIA 2024 from 22-25 September in San Diego. We'll deliver exclusive news and insights from the ground, available via this hub and our daily email newsletters. Subscribe now for access to our content or email us to connect at the event.
Latest News
Latest News
Miami MGA XS Global expands into US E&S property
Andrew Rowland will oversee the portfolio, offering up to $7mn per risk.
Honeycomb secures Builders capacity for E&S real estate program
The deal provides Honeycomb with up to $24mn of capacity.
WSIA in focus: Four questions the wholesale market needs to answer
The future of E&S, the wholesale landscape and casualty pricing are topics up for discussion.
-
-
Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
-
The top four lines posted low-single digit to high-single digit policy count growth.
-
The CEO said there’s only one public pure wholesale broker, Ryan Specialty, and its IPO was in “favorable conditions”.
-
Stephen Buonpane will lead the division, with Danielle Stewart as COO.
-
James River will also oppose a Fleming motion to uncover additional documents.
-
Commercial liability and commercial property continue to dominate.
-
Dellwood claims allegations in AIG’s latest filing are still barred by res judicata.
-
The top three states averaged a 14% YoY gain, compared to June’s 3.3%.
-
As property momentum slows, personal lines excess and surplus could start outperforming.
-
The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
-
The arrangement enables PCS to expedite growth.
-
Axa's newly formed teams join the company's "complex cyber" unit.
-
Executives flagged elevated packaged auto loss activity in Q2.
-
For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
-
Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
-
The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
-
Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.
-
The tower now represents a 47% increase from 2023.
-
State National is providing $160mn of adverse development reinsurance coverage.
-
It is understood that the executive will report to Scott Meyer, now COO for NA Insurance.
-
Dellwood recently appointed Aspen’s Felicia Rawlin as head of property.
-
The top three states averaged a 3.3% YoY gain, down from May’s 15.8%.
-
Tara Hill launched last month and is headed by Core Specialty’s Peter McKeegan.
-
-
This follows AIG’s voluntary dismissal of claims against Dellwood’s top execs.
-
AM Best assessed Dellwood’s balance sheet strength as “very strong”.
-
Industry veteran Peter McKeegan will lead the firm.
-
Ryan Specialty CEO Pat Ryan opened the event, which was held last week in New York.
-
In high-capacity, global E&S property, London has continued to be aggressive.
-
Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.
-
Ryan Specialty’s CEO opened the Insurance Insider US 2024 conference.
-
State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
-
In an interview with Insurance Insider US, Robinson spoke about life after the IPO, talent, litigation financing and cat.
-
His experience includes HPR engineering, facultative reinsurance and E&S underwriting.
-
The acquisition allows AM Specialty to expand its E&S offerings.
-
The review reflects the group’s ongoing ownership-level restructuring.
-
The H2 rate predictions mark a slight moderation from those in H1.
-
Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
-
The move comes as the wait for a deal for the whole group passes the six-month mark.
-
Business written in California, Florida and Texas averaged a 15.2% YoY gain.
-
The firm has zero pre-2020 reserves, no MGA relationships, and management with a strong record.
-
The distribution model itself prioritizes the need for due diligence.
-
An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
-
The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
-
The firm will no longer have to compete with one hand tied behind its back.
-
The partnership will increase K2's capacity for US hurricane and earthquake exposure.
-
The appointment is part of Axa XL's plans for a more client-centric approach.
-
Business written in California, Florida, and Texas averaged a 22.7% YoY gain last month.
-
The policy offering expands third-party liability coverage and wage and hour liability.
-
The company reported 25.5% increase in GWP, down from the 40% growth in prior years.
-
The carrier is also targeting E&S growth in property brokerage and global specialty.
-
The US large property team will support middle-market and corporate clients.
-
Focus on reserves to continue as gap between cautious reservists and others emerges.
-
The casualty segment posted $18mn of favorable reserve development across multiple accident years.
-
The MGA’s underwriting capacity for casualty programs now totals $17mn.
-
The unit has hired Everest’s Chris Curtin and Axa XL’s Brian Quinn.
-
Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.
-
Westchester’s Kyle Garrett was named VP, executive underwriter for property.
-
California, Florida and Texas all saw year-over-year declines in premium growth.
-
The oversubscription may signal additional capacity waiting on the sidelines.
-
The global insurer also alleges breach of contract and fiduciary duty in the federal suit.
-
The announcement confirms earlier reports from this publication.
-
As admitted carriers pull out of riskier plays, E&S continues to expand and thrive.
-
The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
-
Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
-
Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
-
A cleaned-up combined entity could make for an attractive investment in a few years.
-
Joy had previously set up the casualty practice at Global Indemnity.
-
Cove Street is 14th largest investor in Global Indemnity.
-
Sources said that the E&S carriers are now poised to enter due diligence.
-
Sure is the first Demotech-rated insurer to offer surplus lines homeowners.
-
-
Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
-
Catch up with the latest developments in this rapidly growing segment.
-
Cycle management is key to the long-term success of any start-up carrier.
-
Twin Maples is expected to make its market debut in the next few months.
-
Bridge Specialty president Boyd and RT director Dawson join board.
-
The Bermudian posted 18.5% top line growth in its first year as a public company.
-
This continues a consecutive quarterly gain of over 6%.
-
The business has raised $250mn from backers including PartnerRe, RenRe, Starr and Amwins.
-
The Truist-owned cat MGA had reduced its line size to $50mn last year.
-
Florida again saw the largest increase, up 66.2% year-over-year.
-
The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
-
The company’s board continues evaluating strategic options, including a full sale.
-
The carrier’s sales process is ongoing, and it will provide an update “in due course”.
-
The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
-
London underwriters are getting aggressive in the US.
-
Both executives will report to Jim Wallace, head of E&S property.
-
The executive was most recently president of Vouch Specialty.
-
The firm’s Q4 GWP grew over 21% fueled by surety, transactional E&S and captives.
-
Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
-
Given a number of complexities, the landing zone on a take-out price is small.
-
Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
-
The new line is in addition to its existing Bermuda and US excess casualty products.
-
This follows a record-breaking $63bn of premium and 24.1% growth for 2022.
-
RPS saw organic growth of 12% in Q4 of last year.
-
At market close, WTW shares were up almost $18.
-
Laura Johnson most recently served as head of E&S primary casualty.
-
Florida saw the largest increase, up 18.5% year-over-year for January.
-
Tom Bredahl, president of the surplus and specialty division at Crum & Forster, said the company has received more E&S submissions in the last 12 months than in the company’s entire history.
-
The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.
-
The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
-
Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.
-
December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
-
2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
-
The revision reflects Ategrity’s pivot away from more volatile property cat business to focus on medium-sized commercial clients.
-
For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.