News

James River says Uber overhang eliminated after actuarial work and reserve charge

Recently appointed James River Group Holdings CEO Frank D’Orazio has said the specialty carrier “got it wrong” when it led the way in underwriting rideshare business but that the reserving actions it has taken have eliminated the overhang and positioned it for profitable growth in its core E&S business.

Texas surplus lines premium slightly up year-over-year in April

The Surplus Lines Stamping Office of Texas (SLTX) has recorded premium in April that inched up 0.8 percent over the same month last year, with premium year-to-date in 2021 up 14.2 percent.

Palomar GWP rises 44% in Q1 with E&S fuelled expansion

Palomar’s new E&S carrier ended 2021’s first quarter with annualized gross written premium (GWP) approaching $100mn and accounting for 23 percent of the insurer’s overall GWP, while the business also added $25mn of aggregate excess of loss protection in the period.

Kinsale grows GWP 36% in Q1 as rate increases stay in low-teens

Kinsale Capital Group has reported a 48.1 percent increase in operating earnings and 36.2 percent growth in gross written premiums in the first quarter year on year, although the excess and surplus lines specialist saw submissions growth slow when compared with the fourth quarter.

WR Berkley eyes exposure growth after compounding rate rises

Repeated rate increases in certain segments of its portfolio mean WR Berkley is once again looking for exposure growth as the US specialty insurer becomes increasingly comfortable with the pricing and margin being achieved.

GuideOne hires property specialist Simeoni from Swiss Re

Fast-growing US insurer GuideOne has brought in property focused Joseph Simeoni from Swiss Re as the latest addition to its ranks, The Insurer can reveal.

Upland launches public entity excess liability offering

Upland Capital Group will begin offering excess liability coverage for public entities from the middle of next month as the newly launched E&S start-up continues to build out its platform.

Texas surplus lines premium up 20% in Q1

The Surplus Lines Stamping Office of Texas (SLTX) recorded $2bn in premium for the first quarter, up 20 percent over the same period of 2020, with the office recording the largest monthly premium in its history in March.

IMA’s wholesaler Towerstone acquires Jacobs & Associates

IMA Financial Group’s wholesaler platform Towerstone has acquired managing general agent and E&S broker Jacobs & Associates.

Everest names Cipolla E&S primary casualty head

Everest Insurance has promoted Michael Cipolla to lead its excess and surplus primary casualty offering as the company looks to continue to build out its presence in the auto and general liability markets.

Great American names DeSoto specialty E&S divisional president

Great American Insurance Group has promoted Brian DeSoto to divisional president for its specialty excess and surplus (E&S) lines business.

Nuclear mutual gets AM Best A rating for new Bermudian E&S carrier

Nuclear Electric Insurance Limited (NEIL) has secured an A financial strength and “a+” credit rating for Cedar Hamilton Limited, a new Bermuda-based insurer that will provide specialty lines capacity on an E&S basis in the US to the mutual’s members.

Former US specialty president Wilson to leave SiriusPoint

Former Sirius Group US specialty president Dan Wilson is leaving the newly merged SiriusPoint operation, The Insurer can reveal.

Hamilton makes US professional liability move with Secor hire

Hamilton Insurance Group has hired Jamie Secor from Kinsale as head of professional liability at its US MGA as it continues its expansion into the US E&S market.

Roberts succeeds retiring Charlton as Westchester small business SVP

Westchester, Chubb’s wholesale E&S insurance business, has appointed Dave Roberts as senior vice president of its small business division.

Anand working on tech-driven SME E&S platform

Former Hallmark Financial Services CEO Naveen Anand is in the early stages of working on a new SME-focused E&S platform that is expected to include a tech-driven MGA structure and potentially a participatory fronting carrier, The Insurer can reveal.

Upland Specialty gets AM Best A- rating

AM Best has assigned a financial strength rating of A- and a long-term issuer credit rating of “a-” to E&S start-up Upland Specialty.

SiriusPoint targets path to improved rating: Sankaran

SiriusPoint chairman and CEO Sid Sankaran has welcomed the AM Best affirmation this week that resolved the ratings overhang on the two pre-merger companies and said that if the newly formed (re)insurer executes its strategy it should set itself on a trajectory towards an upgrade over time.

Excess casualty E&S entrants are tempering rate increases: AmWINS

The steep ascent of casualty excess and surplus lines (E&S) pricing will slow this year as new capacity continues to temper rates and many accounts enter their second renewal cycle of large increases, AmWINS believes.

CRC continues binding push with Griffin deal

US wholesaler CRC Group has hired the team and purchased the renewal rights for Houston, Texas-based MGA Griffin General Agency as it continues to build out its binding platform through M&A, The Insurer can reveal.