E&S

Selective targets E&S growth as it looks to broaden sector distribution

Selective Insurance Group is looking to build upon the recent success of its growing E&S portfolio by expanding distribution, CEO John Marchioni has declared.

April Galda Joyce leaves Beat Capital Partners

April Galda Joyce has left her position as CEO of Beat Capital Partners Americas after just over two years in the role at the MGA and carrier platform, E&S Insurer can reveal.

Cavaness: RPS’s organic growth expected to slow to 8% in Q3

The president of Risk Placement Services expects the high level of growth in the E&S market to continue, although the Arthur J Gallagher wholesale subsidiary’s organic growth is expected to dip in the third quarter both sequentially and year over year.

Strong growth trajectory to continue in $100bn+ E&S market as property leads the way

The record growth seen in the surplus lines market in recent years is forecast to continue into 2024 with property leading the way as the business line at the forefront of the sector’s expansion with constrained capacity and a rethinking of the risk pushing rates even higher.

WSIA ’23: with greater power comes greater responsibility

Record numbers of official delegates descended on San Diego for the WSIA Annual Marketplace last week, and reports from ratings agencies and other commentators highlighted the continued strong growth trajectory of a sector that is also broadly delivering bottom line performance.

AM Best: Surplus lines DPW grew 19% to $98.5bn in 2022 while results “vastly improved”

Annual surplus lines market direct premiums written (DPW) grew 19.2 percent in 2022 to a record $98.5bn while results were “vastly improved”, according to a new report from AM Best that predicts the segment’s growth will “continue outpacing the overall commercial lines market in the coming years”.

Beazley’s Cox: Evolution into international specialty carrier fuelled by US property growth

Beazley CEO Adrian Cox hailed the firm’s evolution from a Lloyd’s syndicate to an international specialty insurer as he unveiled further details around how the group’s new US E&S carrier will capitalise on the growth of its expansive North American platform.

Argo names Prestimonico as NY construction head after Hobbs exit

Argo Group has added Coaction Global’s Marissa Prestimonico to its ranks, with the new hire filling the head of New York construction role that has been vacant ever since Justin Hobbs left the specialty carrier earlier this year.

FL extends lead over CA as TX narrows gap with continued surplus lines growth

Florida extended its lead over California as the largest surplus lines market in the US in July as the Sunshine State’s stamping office recorded $1.34bn of premium during the period, while Texas closed in on the Golden State after $1.41bn flowed into its E&S channel last month.

Cloutier: Aspen remains bullish on US market including E&S

Despite taking a cautious approach to the rock-hard E&S property segment and pulling back in softening financial and professional lines, Aspen is still “very bullish” on the US insurance market, according to the Bermudian’s CEO Mark Cloutier.

WSIA’s Kelley: Record conference registration highlights health of E&S market

With this year’s Wholesale & Specialty Insurance Association’s Annual Marketplace just weeks away, the organization’s executive director Brady Kelley has told E&S Insurer a record number of registered attendees for the event points to the market’s health and continued success as evidenced by its 15.9 percent H1 2023 growth.

Lloyd’s carriers plant E&S flags on the ground in the US

Despite shrinking market share in recent years, Lloyd’s remains by some distance the biggest writer of US surplus lines business when measured at the group level, according to AM Best data.

WSIA ‘23: guarding the goose that laid the golden egg

With premium volume on course to go beyond $120bn this year, harder for longer pricing conditions in most lines and another record attendance expected at the upcoming WSIA Annual Marketplace, the E&S market appears to be in rude health.

OIP promotes Subasic to chief product officer

Outsource Insurance Professionals (OIP) has named Mladen Subasic as its chief product officer, with a remit to direct product strategies and fuel the process outsourcing company’s path “towards groundbreaking innovation”, it said in a statement.

Incline working on E&S acquisition as it looks to launch ILS fund

Hybrid fronting carrier Incline P&C Group is acquiring a platform to help fuel its E&S ambitions in a move expected to also spur its support of insurtech MGAs, while the business is also establishing an ILS vehicle allowing investors to have a set participation across the programs it backs.

Ategrity adds Hiscox USA’s Karpp to lead new SME-focused M&PL offering

Ategrity Specialty Insurance Company has unveiled a new management and professional liability product that is targeted at small- to mid-sized business, with the E&S carrier recruiting Doug Karpp from Hiscox USA to lead the offering.

Hamilton Select adds to excess casualty roster with N2G’s Tague

Hamilton Insurance Group’s US E&S-focused platform Hamilton Select has added Daniel Tague to its ranks as senior vice president, excess casualty, with the new hire joining from N2G Worldwide Insurance Services.

MSI launches nationwide E&S HNW program with A rated Transverse paper

Millennial Specialty Insurance is targeting the cat-exposed high net worth market with a new program, supported by the AM Best A rated paper of Transverse and a panel of reinsurers, to meet a significant need created by the widespread retrenchment of admitted carriers, Program Manager can reveal.

Insurtech At-Bay begins issuing policies on its own E&S paper

San Francisco-based cyber insurtech At-Bay has become operational as a full-stack E&S carrier having started to issue policies on its own paper as of this week.

Global Indemnity M&A discussions “continuing”, says CEO Brown

Global Indemnity Group continues to hold discussions with interested parties over a potential acquisition of all or part of the business, while the firm is itself open to undertaking possible M&A deals if an opportunity arises.