Insurance

Florida and Texas surplus lines offices record 27% premium growth in 2022

The stamping lines offices in both Florida and Texas closed 2022 with annual premium volume increases of at least 27 percent reflecting the continued hardening within the E&S marketplace.

Skyward Specialty shares close up 27%+ after first day of trading

Shares in Skyward Specialty Insurance Group ended their first day of trading up over 27 percent at $19.10 after the carrier had earlier rang the bell and successfully went public on Nasdaq on Friday morning with an upsized IPO at $15 a share which could raise up to $154mn including a green shoe option.

Skyward Specialty prices upsized $154mn IPO

Skyward Specialty Insurance Group has priced its upsized initial public offering (IPO) at $15 a share which will raise up to $154mn including a green shoe option with the stock set to begin trading under the ticker SKWD on the Nasdaq Global Select Market on Friday.

Applied Underwriters rails against California regulator after NAC AM Best downgrade

AM Best has downgraded North American Casualty (NAC) insurance companies from A to A- in a move that management of the carriers said reflects the slow resolution of a long-running conflict with the California Department of Insurance (CDI) rather than its financial strength or operating performance.

Global Indemnity puts its four brokerage divisions into run-off

Global Indemnity (GBLI) advised distribution partners on Tuesday it is immediately exiting its four brokerage divisions – excess casualty, professional liability, environmental, and middle market property – in the latest strategic shake up for the company after it replaced its CEO and COO in October, The Insurer can reveal.

Property cat insurance rates up 15-150% in H1 2023: USI

Hurricane Ian combined with a challenging reinsurance market shattered hopes for a swift return to a more stable property insurance market environment, such that 2023 could prove to be the most difficult property renewal season yet for insureds, according to USI.

AM Best: Insurers increase structured securities investments to $1.14trn

The insurance industry continues to increase its holdings of structured securities investments with a 3 percent growth year on year to $1.14trn in 2021, according to an AM Best report.

Ategrity CEO Miller to retire and be succeeded by Cohen

The co-founder and CEO of E&S start-up Ategrity Specialty Mike Miller is retiring and will be succeeded by deputy chief executive Jason Cohen, effective 1 January 2023.

November surplus lines premium up 52% in Texas and 27% in Florida

The surplus lines stamping offices of Texas and Florida have recorded premium increases of 51.5 percent and 27 percent, respectively, for November, with year-to-date growth of nearly 30 percent for both.

Ex-StarStone exec Hendrickson joins fronting start-up Concert as CEO

Start-up specialty fronting carrier Concert Group has appointed former StarStone head John Hendrickson as its new CEO, succeeding Jonathan Reiss in the role.

Chubb targets further E&S growth through Westchester and Lloyd’s

Global insurance giant Chubb has identified E&S as a segment to be targeted for revenue growth, according to an investor presentation earlier this month.

MGA Fusion and io.insure launch online M&A solution for SMEs

Specialist MGA Fusion Specialty and insurance purchasing platform io.insure have come together to launch an online M&A insurance product for small to mid-sized businesses, in a move the firms say will address the significant risk protection gap in the SME market.

NextEra’s Palms seeks UW director as AM Best endorses third-party business strategy

NextEra Energy’s Palms Insurance Company is looking to recruit an E&S-focused director of underwriting to add to the growing management team of its third-party business after the recent hires of former Aspen executives Tim Kania, Daniel Murphy and Robert Rokicki.

QBE NA takes more prior-year pain as it pulls back from E&S and pivots to retail

QBE recorded $190mn of adverse prior-year development in its under-performing North America unit in its H2 results, including $70mn on a discontinued habitational portfolio amid what sources have described as a wider withdrawal from E&S brokerage business as it repositions its book.

Data points highlight E&S momentum as new players line up

US commercial insurance pricing was always likely to be a strong focus for investors during the Q4 earnings season, and the indication from early reporting carriers and brokers is that the momentum that is drawing new players to the E&S segment is holding on strong.

The E&S pull

After a number of start-ups and scale-ups were unveiled in 2020, Upland Capital Group has emerged as the first of a potential Class of 2021 to target the fast-hardening US excess and surplus lines market as investors and industry figures continue to be drawn to the sector.

E&S enters “margin phase” after price hikes push past loss costs: Noonan

Excess and surplus lines pricing has exceeded the rising loss costs of recent years and the market has now entered “the margin phase”, according to Core Specialty’s executive chairman Ed Noonan.

Axa XL shutters Dublin excess casualty unit and restructures in the US

Axa XL has closed its Dublin, Ireland based excess casualty underwriting centre and also realigned the management of its E&S primary and excess casualty units to report into overall product line heads, The Insurer can reveal.

IGI reports improved Q2 core income and Wall Street beat

International General Insurance Holdings (IGI) has ended its first full quarter of being traded on Nasdaq by recording an increase in core income and top line growth that included business written on its new E&S platform.

Kinsale considering capital raise to take advantage of E&S opportunities

Kinsale Capital Group could look to raise “a modest” amount of equity capital before the end of the year as the carrier seeks to take advantage of the opportunities that have arisen from the widespread E&S market hardening, president and CEO Michael Kehoe told analysts on Friday.