News

Jencap adds Special Risk and MJ Kelly to new MGA platform Jencap Insurance Services

Private equity-owned wholesale program management and binding authority specialist Jencap Group has pulled together its Special Risks Facilities, MJ Kelly and Genesee General subsidiaries and rebranded them Jencap Insurance Services Inc (JCIS).

Kinsale sees “steady” E&S submissions growth after Q2 GWP soars 45%

Excess and surplus lines insurer Kinsale Group has reported a 44.7 percent increase in gross written premiums in the second quarter, the result of higher broker submissions and rate increases which it said have not yet started to moderate.

RLI: rising risk levels to drive sustained rate momentum

RLI has warned of the potential long-term impact of social inflation as well as loss cost inflation associated with rising building, material and labour costs that could prove challenging in this year’s hurricane season as it said it expects rate momentum to continue in the insurance sector.

Vantage confirms surplus lines acquisition with A- rating as “critical” step in US strategy

Vantage Group Holdings has confirmed it has bought a surplus lines insurer that has been given an A- rating by AM Best allowing it to write on its own non-admitted paper in the US in addition to an existing strategic carrier partnership understood to have been struck with State National earlier this year.

Amwins: Cannabis insurance will remain a surplus lines product for 5-10 years

Despite more states legalising cannabis and Congress considering legislation that would allow cannabis-related businesses to access banking products, Amwins has commented that insurance for this area will remain a surplus lines product for the foreseeable future.

E&S excess casualty head Long leaves Sompo International

Sompo International’s head of E&S excess casualty Jarrett Long is leaving the carrier along with a number of his team, The Insurer can reveal.

Vantage’s $100mn-capitalised E&S company gets A- rating

AM Best has assigned an A- (Excellent) financial strength rating to Vantage Risk Specialty Insurance Company, which was acquired to write excess and surplus lines business in the US for the Greg Hendrick-led Vantage Group Holdings.

Pat Ryan’s RSG stake worth as much as $3.5bn on indicative IPO pricing

Ryan Specialty Group (RSG) chairman and CEO Pat Ryan’s stake in the fast-growing wholesale broker and underwriting platform he founded could be worth as much as $3.5bn based on the top of the indicative pricing range for its IPO.

Ryan Specialty launches $1.27bn IPO at $6.0bn valuation

Ryan Specialty Group Holdings (Ryan Specialty) has launched its IPO and said that pricing is expected to be in the range of $22.00 and $25.00 a share of Class A common stock, which at a midpoint of $23.50 would raise net proceeds of up to $1.27bn, or $1.46bn including additional grants to underwriters of the offering.

Texas surplus lines premiums set new monthly record of $950mn in June

The Surplus Lines Stamping Office of Texas (SLTX) recorded $947.5mn in premium in June – the largest single-month reported in the office’s 33-year history – bringing the total for the first half of the year to $4.58bn.

Insurance CEO Kuhn to leave Vantage Risk

Vantage Risk’s global insurance CEO Jack Kuhn is leaving the private equity-backed Bermudian start-up, The Insurer can reveal.

Palomar partners with Pure Programs on complex construction project offering

Palomar Holdings is looking to grow its recently established E&S carrier platform with a new partnership to provide capacity to Pure Programs to offer owners of high-value homes undergoing complex construction projects an insurance and risk management solution.

E&S insurtech Pathpoint raises $30mn

Digital wholesale distribution platform Pathpoint has raised $30mn in a Series A round led by Caffeinated Capital, with participation from repeat investors Chubb, Hiscox and other carriers along with SciFi VC and Founders Fund.

Lex names Chmieleski to new position of head of professional lines

AIG’s E&S platform Lexington Insurance has promoted Susan Chmieleski to the newly created position of head of professional lines in a move that will see her have oversight of the carrier’s healthcare, architects and engineers, and LexPro businesses.

Texas E&S premiums jump 14.5% YOY in May

In the latest evidence that growth in the E&S market shows no sign of slowing down, data from the Surplus Lines Stamping Office of Texas (SLTX) revealed a record-breaking $884.75mn in premium for May, up 14.5 percent compared to the same month last year.

Aspen hires Spain to lead Atlanta E&S property

Aspen has hired Nigel Spain to lead its Atlanta excess and surplus lines (E&S) property team with the new arrival making the move from GuideOne, The Insurer has learned.

RPS’s Cho: New entrants helping slow down excess D&O rate hikes

The impact of the new capacity that has entered the D&O liability market is being felt in excess layers with a tempering of rate increases, Manny Cho of Risk Placement Services (RPS) has told The Insurer, but the new entrants have had less of an impact in the cyber market.

Upland continues management build out with hire of PwC’s Jones

Upland Capital Group has hired Mark Jones from PwC as chief risk officer, chief actuary and head of analytics, with the appointment the E&S start-up’s latest of a former Hallmark Financial services executive.

RPS adds Chauhan from Hylant as casualty EVP

Aashish “AC” Chauhan has joined the Chicago office of the brokerage division of Risk Placement Services (RPS) as executive vice president of casualty.

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.