Insurance

Blitz Insurance adds Ategrity’s Gent as product director

Start-up E&S MGA and carrier Blitz Insurance has added Sandra Gent to its ranks as product director, with the new hire joining from Ategrity Specialty Insurance Company.

Kinsale to appeal $140mn wrongful death jury verdict

Kinsale Capital Group is standing by its position that exclusions on a $1mn general liability policy issued by its carrier subsidiary to Venetian Hills Apartments apply after a jury in a Georgia state court awarded $140mn to the plaintiff in a wrongful death claim.

2023 review: Another bumper year but signs of slowing momentum

As the curtain comes down on 2023, it is hard not to look beyond sustained best-ever E&S market conditions in a review of the year, with a 2024 outlook endorsed by rating agency AM Best as it went from stable to positive on the sector last month.

Bowhead Specialty eyes 2024 capital event through potential IPO

Bowhead Specialty is teeing up a possible IPO in 2024 as it explores options to raise capital for its insurance company subsidiary to support a strong growth trajectory that is expected to see it end the year close to $500mn in gross written premium.

Ategrity Specialty’s rating outlook revised from negative to stable by AM Best

Ategrity Specialty has had the outlook on its key A- financial strength rating revised from negative to stable by AM Best, with the agency pointing to the ability of the E&S carrier’s management to execute on steps to reduce underwriting volatility and improve profitability.

Atain adds MacNeill’s Delestienne as head of binding authority

Atain Insurance Companies has hired Cara Delestienne as head of binding authority, with the recruit joining the HW Kaufman Group-owned carrier from Florida-based wholesaler and managing general agent MacNeill Group.

Truist splits CRC wholesale operation into two divisions led by Kessler and Goldstein

Truist Insurance Holdings is splitting its CRC wholesale operations into two distinct divisions – wholesale and underwriting – with the former led by Neil Kessler and the new underwriting division led by Bill Goldstein.

The new capital question…

In this month’s Editor’s letter, we look at some of the topics that are likely to top the bill at E&S Insurer’s second New York conference and awards event on 20 March next year. And we ask why – despite best-ever E&S market conditions – there isn’t a flood of new capital in the form of start-ups entering the sector.

Skyward’s Robinson: Specialisation over scale key to success amid E&S market boom

Skyward Specialty CEO Andrew Robinson has said that having a strongly specialised product set is more crucial to success than scale in the current market, while also commenting on the trend of business flooding into the E&S channel.

Becker: Distinguished Executive Lines to launch with focus on exclusive distribution

The president of Distinguished Programs’ new executive lines business Ryan Becker has highlighted the importance of launching the offering with an exclusive wholesale-only distribution strategy as it prepares to begin accepting submissions in the new year, writing on the A++ paper of an RSUI subsidiary.

CRC’s Insurisk tees up builder’s risk facility led by Turgeon

CRC’s in-house MGA Insurisk is set to launch a US builder’s risk facility at 1 January 2024 that will provide up to $7.5mn of exclusive capacity to its brokers, with AIG’s Ryan Turgeon appointed to run the program, E&S Insurer can reveal.

FL and TX surplus lines premium volume soars with CA stifled in October

Surplus lines premium volume once again soared in both Florida and Texas during October, with the two states recording substantial growth in their respective markets over the month, while California’s recent expansion reversed, according to stamping office data.

Rate momentum and admitted retrenchment signal bullish ’24 outlook for E&S sector

The move by AM Best to revise its outlook on the E&S sector from stable to positive, recent capital raising efforts and Q3 commentary on pricing and conditions from carriers and brokers all point to a bullish outlook for the fast-growing segment in 2024 and beyond.

Everest E&S division has “strong runway” for profitable growth

Everest Insurance’s newly formed E&S-focused platform “has a strong runway for profitable growth”, the carrier’s president of North America insurance Michael Mulray has declared.

Alesco: Early indications London’s US property appetite is on the rise

Early indicators suggest insurers in London will broaden their appetite for US property business in 2024 both in terms of capacity and aggregate, while clients are expected to increasingly look to alternative risk transfer mechanisms should they find affordability in the traditional market a challenge.

Fire and water damage loss trends are driving more property risks to the E&S market

In recent years, there’s been a noticeable migration of property risks to the E&S market, driven by higher premiums, stricter underwriting guidelines and – in part – caution among standard lines carriers to cover properties with loss trends, especially related to fire and water.

Reflections on the MOVEit cyber attack

Last May, the massive MOVEit cyber attack was discovered. To date, over 60 million individuals and more than 1,000 businesses have been impacted, leading to a surge of claim notices.

CRC sees “significant” habitational disruption as insureds continue to enter E&S market

Many habitational accounts are seeing 30-40 percent increases in premiums due to rate and insurance to value adjustments, according to CRC, which reports that triple-digit increases are possible for coastal areas where a carrier pulls capacity as well as for older real estate.

Distinguished Programs secures A++ RSUI paper for executive lines launch

Distinguished Programs will begin accepting submissions from wholesalers in the new year for its Ryan Becker-led Distinguished Executive Lines business after entering into a strategic partnership with RSUI subsidiary Covington Specialty Insurance Company, E&S Insurer can reveal.

AM Best ends Clear Blue review and affirms A- rating after $25mn capital injection

AM Best has concluded its review on the members of Clear Blue Insurance Group and affirmed its A- financial strength rating on the fronting carrier with a stable outlook after it took steps to address fallout from the Vesttoo fraud including replacing reinsurance capacity and injecting $25mn of capital.