E&S

Falvey hitting wholesale targets amid growing marine market opportunity

Falvey Insurance Group’s start-up wholesale brokerage unit has already gained traction since its launch last year and the company is confident it will meet – and potentially exceed – the lofty growth targets it has set as the marine-focused MGA looks to broaden its client offerings.

ANALYSIS: Surplus lines stamping office premium hits record $63.3bn in 2022 despite H2 slowdown

Premium volume recorded in the 15 states with surplus lines stamping offices increased by 24.1 percent in 2022 to hit a record $63.3bn, despite the rate of growth falling sharply in the second half of the year, while early signs suggest 2023 will be another bumper year for the market.

Florida pain point as construction market battles coastal capacity concerns

Catastrophe losses have resulted in a dearth of coastal construction property capacity with carrier appetite for Florida business in particular very limited, while Sunshine State-focused casualty underwriters have also grown increasingly cautious in response to 2021’s Surfside condo collapse and the continued rise of nuclear verdicts.

Good times continue to roll for E&S operations in Q4

Excess casualty stays firm as reinsurance and claims trends drive UW discipline

A tight reinsurance market and concerns over the impact of social and economic inflation on both prior-year reserves and current underwriting are blunting competitive forces in excess casualty, despite the wave of new entrants in the last couple of years, according to sources canvassed by E&S Insurer.

CRC REDY: E&S property pricing rehardens in November and December

Anecdotal evidence of a meaningful acceleration in E&S property pricing increases through the last couple of months of 2022 has been proven out in the latest REDY Index data from broker CRC Group, with the firm warning adjustments to terms and conditions and pricing should accelerate through 2023.

Surplus lines stamping office premium hits record $63.3bn in 2022 despite H2 slowdown

Premium volume recorded in the 15 states with surplus lines stamping offices increased by 24.1 percent in 2022 to hit a record $63.3bn, but the rate of growth dropped off sharply in the second half of the year.

JMP: Tech-savvy Skyward Specialty should expand margin and multiple over time

JMP and KBW have both initiated coverage on recently listed Skyward Specialty with market “outperform” ratings, with JMP’s Matt Carletti stating the “tech-savvy niche specialty insurer” should be able to improve margin over the time with solid growth and strong ROEs warranting a higher trading multiple.

The Hanover hires Markel’s Williams as E&S president

The Hanover Insurance Group has appointed Kate Williams as president of excess and surplus (E&S), taking the role vacated by Steve Mills when he joined Ledgebrook last year.

Digital wholesaler Pathpoint in $13mn Caffeinated Capital-led fundraise

Digital wholesale platform Pathpoint Inc has raised $13mn in funding led by existing backer Caffeinated Capital, in a round that sets up the insurtech to invest more heavily in the build-out of its wholesale broking operation after starting out as a software provider, The Insurer can reveal.

JMP: E&S to show “some of strongest growth” in commercial lines despite slowing

Three of the largest states for excess and surplus line business have experienced a significant sequential deceleration in premium growth in the fourth quarter but the sector will remain one of the strongest for premium growth and margin improvement, believes JMP Securities equity analyst Matt Carletti.

CEO Robinson: Skyward well-positioned to capture flow in and out of E&S

The CEO of newly floated Skyward Specialty gave his opinion on whether there is a structural shift of business into the E&S channel, saying that he expects some business to migrate back into the admitted channel, but that his firm is positioned to capture flow in either direction.

Construction casualty sector hopeful infrastructure projects will offset macro headwinds

Increased competition means the significant E&S construction casualty price rises seen in recent years are slowing at a time when there is hope that demand from government-backed infrastructure spending will help offset a decrease in new residential and commercial projects amid macroeconomic pressures.

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Nationwide E&S confident of “substantial” profitable growth in brokerage casualty

Nationwide E&S senior executives have told E&S Insurer they are optimistic and opportunistic in their approach to the casualty and construction space and believe that the carrier’s brokerage and individual risk (IR) portfolio in those segments can be grown substantially and profitably over the next few years.

Dave Obenauer: letting the cat out of the bag

E&S Insurer talks to CRC’s CEO about finding cat capacity, 2023 priorities, and sector prospects...

Risksmith targets E&S property growth with Patel hire from Hallmark

Expansive MGU platform Risksmith Insurance Services has brought in Ravi Patel from Hallmark Financial Services to run its E&S property business with a remit to expand the book with talent acquisition and a broadening of appetite to include a greater primary focus, E&S Insurer can reveal.

WTW pursues bold consolidation of wholesale broking and carrier relationships

WTW is readying a request for proposal (RFP) to further consolidate its wholesale broker panel – potentially to as few as one or two preferred firms – as it also seeks to create a panel of a limited number of strategic carrier partners in the US with which it will place business, E&S Insurer can reveal.

Market access and the capacity quest

The ink is barely dry on the 1.1 cat reinsurance renewals (those that got placed on time) and it is already clear that one of the biggest challenges for brokers in 2023 will be finding sufficient cat capacity for clients at a cost which is economic.

Kalepa restructuring underwriting business following Germano departure

Kalepa Insurance Services (KIS) has ceased writing its excess casualty product as its commercial insurance software provider parent looks to restructure the recently launched underwriting platform following the exit of Connie Germano, The Insurer can reveal.