RPS: Elevated loss costs driving middle-market casualty business to E&SCasualty business continues to make its way into the E&S market as standard carriers respond to elevated loss costs and shed middle market accounts as they seek to improve their profitability and reduce their combined ratios, according to Risk Placement Services’ Russ Stein.
Jencap adds Markel’s Gavlick to lead carrier relations and client distributionWholesale broker Jencap has hired Sarah Gavlick as executive vice president of carrier relations and client distribution, which follows The Insurer revealing she had left Markel in January.
RPS: E&S property rates down 5-12.5% in H1 on average but market remains fragileThe E&S property market has done a “180-degree turn” so far in 2024, according to Risk Placement Services, with rates steadily decreasing month by month for average reductions of 5 to 12.5 percent in the first half.
Mills leaves Ledgebrook to take head of casualty US role at CanopiusSteve Mills has taken the position of head of casualty, US at Canopius Group as the carrier looks to bring new E&S primary and excess product offerings to market, E&S Insurer understands.
Nationwide names Henderson head of claims, operations, and data & analyticsNationwide has appointed Clayton Henderson as the leader of claims, operations, and data & analytics for its commercial lines, E&S, and specialty lines of business.
Aegis Professional Risk partners with Sentry Insurance to launch new E&O programAegis Professional Risk, a division of Aegis General Insurance Agency and K2 Insurance Services, has partnered with Stevens Point, Wisconsin-based Sentry Insurance to launch a new E&O program.
Analysts at KBW, JMP, Truist say Skyward sell-off on R&Q concerns was overdoneA quartet of equity analysts have provided a bullish response to the recent sell-off of Skyward Specialty shares by suggesting concerns over any potential impact from the plight of loss portfolio transfer counterparty R&Q are overdone.
Dellwood hires Arrowhead’s Sellers and Markel’s Turk for primary casualty launchDellwood Insurance Group has hired Britt Sellers from Arrowhead as head of brokerage casualty and Tyler Turk from Markel as director for primary casualty, as the E&S start-up continues its rapid build-out after launching earlier this year, E&S Insurer can reveal.
Beazley “genuinely excited” by property opportunity in US E&S market: CoxLondon-listed insurer Beazley is on track to transfer around one-third of its property business written on Lloyd’s paper over to its new onshore E&S platform by the end of the year, with CEO Adrian Cox hailing the class as an “excellent investment”.
Liberty swings to $678mn operating profit as CR improves 9.8 ptsLiberty Mutual has reported pre-tax operating profit before limited partnerships income of $678mn for the second quarter, more than reversing a $610mn loss in the prior-year period, as it registered a 9.8 points improvement in its reported combined ratio to 99.6 percent.
D’Orazio: James River’s Q2 E&S submissions grew 30%+ for environmental and general casualtyJames River’s CEO has highlighted that E&S submission growth remains strong, while also noting excess property premiums fell 28 percent in Q2 amid aggressive competition and that his company continued re-underwriting large account excess casualty exposures.
Everest appoints Buonpane to lead US wholesale and programs businessEverest Insurance has ended the search for an executive to lead its US wholesale and programs business with the internal appointment of Stephen Buonpane, and has named Danielle Stewart as the unit’s COO.
Curotech Specialty to launch E&S commercial property program with Emerald Bay capacityRecently launched carrier Emerald Bay Risk Solutions has partnered with MGA Curotech Specialty to launch an E&S commercial property program supported by a panel of “market-leading” reinsurers.
Ryan Specialty share price closes up 10% after Q2 beat and raised guidanceShares in Ryan Specialty traded up 10 percent after the wholesale giant reported an earnings beat on Thursday evening, raised full-year 2024 guidance, provided a bullish outlook on the E&S market and unveiled the acquisition of US Assure for up to $1.5bn.
Tim Turner: Property risks remaining in E&S market as casualty inflow increasesRyan Specialty’s incoming CEO Tim Turner has said that flow of business into the non-admitted market will continue to be a significant driver of growth at the wholesaler, with property risks remaining in the E&S market despite moderating rates, and more casualty risks coming in.
Ryan Specialty could pay up to $1.5bn on “immediately accretive” US Assure dealRyan Specialty has paid $1.075bn up front for US Assure, or 12.8x its trailing 12 months Ebitda, with consideration potentially rising to $1.475bn for the builder’s risk specialist in a transaction hailed as the most significant enhancement to its programs business since it acquired All Risks in 2020.
Ryan Specialty Q2 organic growth accelerates to 14.2% as it ekes out earnings beatRyan Specialty’s organic growth accelerated to 14.2 percent in Q2 2023 – up from the previous quarter’s 13.7 percent – while its adjusted Ebitdac margin increased 2.4 points year on year to 35.6 percent.
AIG misses on Q2 earnings but sees further improvement in GI adj AY CR to 87.6%AIG reported adjusted Q2 after-tax income of $1.16 a share that missed Wall Street forecasts of $1.30 but represented a 38 percent increase on a comparable basis when stripping out the divested crop business and Validus Re, as the insurance giant delivered another quarter of underlying underwriting improvement.
Q2 earnings commentary points to continued strong momentum in E&S marketDespite evidence of competition and rates driving a slowdown in areas of property, the overall flow of business into the E&S market appears to remain strong, with carriers and brokers providing largely bullish commentary in Q2 earnings to date.
Old Republic targets further specialty build-out with E&S focusOld Republic International has brought in James Evan-Cook as senior vice president for strategic development as it looks to continue building out new underwriting ventures as well as its existing businesses in the specialty insurance arena, E&S Insurer can reveal.