News

Kuhn: Westfield Specialty binding business in four lines already

Westfield Specialty has quickly got up and running since launching in July, already putting business on the books in four of the five lines it has entered, with president Jack Kuhn telling this publication that the new venture is expected to be a “significant piece” of its 173-year-old parent’s portfolio.

Vantage builds out construction team for launch

Vantage Group Holdings has officially launched its construction business, confirming the hiring of Jason Lamonica from Axa XL and revealed the addition of two of his former colleagues as it also reported momentum in its political risk business and expanded distribution capabilities.

RPS: Habitational is hardest area of “unpredictable” casualty market

US casualty rate increases are lower in 2021 but the market remains unpredictable with habitational the hardest sector, according to a new report from Risk Placement Services (RPS).

Hamilton continues E&S push with Ironshore’s Marzec

Hamilton Insurance Group has brought in Kevin Marzec from Ironshore to lead its management liability excess and surplus lines (E&S) offering as the carrier continues its bid to grow its book of specialty business.

Brokerage CUO Goodloe in Ategrity exit

Expansive E&S carrier Ategrity Specialty Insurance Company and its chief underwriting officer of brokerage business John Goodloe have parted ways, The Insurer can reveal.

AM Best: Surplus lines grew 17.5% in 2020 but UW profitability “elusive”

The US surplus lines market saw direct premiums written grow 17.5 percent in 2020, the largest year-over-year increase since 2003, while operating performance deteriorated from 2019 and the segment is set to stay “tight” in 2022 with continued pricing momentum, according to a new AM Best report.

Sequentis leads $75mn raise at expansive E&S carrier Ategrity

Expansive E&S carrier Ategrity Specialty Insurance Company has completed a $75mn capital raise led by Sequentis Financial, with the proceeds to be deployed towards continuing its growth after it reported top line that more than doubled last year.

Texas records highest August E&S premium total of $767mn

The Surplus Lines Stamping Office of Texas (SLTX) recorded $767.1mn of surplus lines premium in August, a 6.9 percent increase over the same period last year and the highest August total on record.

Argo sells contract binding P&C renewal rights to Selective’s E&S unit

Argo Group International Holdings has continued the refocus of its business with a deal to sell the renewal rights of its contract binding P&C business to Mesa Underwriters Specialty Insurance Company (Music), the E&S subsidiary of Selective Insurance Group.

Westfield Specialty adds Rainone with excess casualty team from Vantage

Newly launched Jack Kuhn-led Westfield Specialty has added further senior underwriting talent from Vantage with the hiring of Joe Rainone and Steve Parker as part of a 10+ strong E&S excess casualty team from the Bermudian’s fledgling US insurance platform, The Insurer can reveal.

Chubb appoints Meyer and Booker to property leadership roles

Chubb has promoted Bob Meyer and Matt Booker to leadership positions in its North America property business unit and Westchester wholesale excess and surplus lines division, respectively.

New CRC index shows moderating excess/umbrella rate increases

Wholesale giant CRC Group’s new monthly REDY index for excess casualty and umbrella business shows that rate increases eased back to 15.5 percent in June from 16.5 percent in April and 18.5 percent in May in the latest sign of moderation of hardening in the US commercial insurance sector.

Kuhn takes Cooper from Vantage to Westfield Specialty

Newly launched Jack Kuhn-led Westfield Specialty has continued to build out its ranks with the hire of Fred Cooper from Vantage to head up a new financial lines division, as well as Ray Ash and Ryan Canning from Sompo to work with the executive, The Insurer can reveal.

Axis adds trio to US E&S property team

Axis Insurance has appointed Michael Worman and David Malcolm as senior vice presidents and Lisa Finch as a vice president within its US E&S property team.

Munich Re Specialty Insurance adds new E&S management liability solution

Munich Re Specialty Insurance (MRSI) has released a new E&S management liability solution for private companies and non-profit organizations, marking the latest product in the build out of the North American commercial insurance unit of the German reinsurer.

ProSight set for pivot to specialty verticals model under new ownership

Newly taken private ProSight Global is creating a vertical structure largely focused on the specialty E&S market that will include the build out of property, primary/excess casualty and professional lines offerings and addition of senior underwriting executives to run them, The Insurer understands.

Texas surplus lines premium up 15.6% in July

The Surplus Lines Stamping Office of Texas (SLTX) has recorded $836.1mn in premium for July, up 15.6 percent over July 2020 but breaking the run of largest ever single months for premium set in May and June.

Galanski named chairman of ProSight as take-private deal closes

Stan Galanski has been appointed chairman of ProSight Global with Jonathan Ritz as CEO following the close of the $586mn acquisition of the US insurer by private equity firms TowerBrook and Further Global Capital.

Orchid partner CrossCover enters E&S property market

CrossCover Insurance Services, an MGU targeting middle market commercial business established in partnership with Orchid Underwriters Agency, will begin writing middle market, E&S property business this month.

Lloyd’s wrote 20% of Q2 Texas E&S premium while Berkshire increased share

The Surplus Lines Stamping Office of Texas (SLTX) has recorded a 13.4 percent increase in premium for the second quarter of this year, with Lloyd’s the top insurer with a 20 percent share of premium and Berkshire Hathaway moving up into the second spot.