North America

Skyward Specialty IPO lays marker for slew of privately owned (re)insurers mulling 2023 IPOs

The move by US insurer Skyward Specialty to go forward with its New York IPO after releasing indicative pricing last week will be watched closely by a slew of other carriers based in London and Bermuda that could pursue plans to go public in 2023.

AmRisc cuts per risk limit to $50mn in PML optimization move

US property MGA AmRisc has told distribution partners it is reducing its available capacity per risk from around $300mn last year to $50mn in a move that will likely lower the overall probable maximum loss (PML) on the firm's book by up to 20 percent as it continues its portfolio optimization strategy, The Insurer can reveal.

Ryan Specialty closes Griffin acquisition

Ryan Specialty has completed the acquisition of certain assets of Griffin Underwriting Services, a binding authority specialist and wholesale insurance broker headquartered in Bellevue, Washington.

Brown & Riding hires trio from Southwest Risk and Amwins

Wholesale broker Brown & Riding (B&R) has hired Ben Alexander and Terence Babler from Southwest Risk to its national property practice and Shani Markus from Amwins to its national casualty practice.

Alleghany expected to retain more net as S&P and Moody’s upgrade ratings on BH deal close

Following its acquisition by Berkshire Hathaway, Alleghany has been upgraded by S&P Global Ratings and Moody’s while AM Best placed its ratings for the Joe Brandon-led company under review with positive implications.

Catalina agrees LPT for $334mn QBE North American E&S portfolio

Bermuda-based legacy specialist Catalina Holdings has agreed a loss portfolio transfer (LPT) for QBE’s North American excess and surplus lines prior accident year liabilities.

Kinsale shares up 9% after strong earnings beat

Kinsale Capital Group has reported third-quarter operating earnings of $36.7mn, well up on the $9.6mn generated in the prior-year period, with a combined ratio of just 75.7 percent that the E&S specialist said reflected margin expansion from several years of rate increases.

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.

Texas sees record surplus lines premium in 2020

There was further evidence of the burgeoning E&S market as the Surplus Lines Stamping Office of Texas (SLTX) reported record premium volume of $7.92bn in 2020, up 14 percent on the previous year.

Texas surplus lines premium rises 12.3% in November

The Surplus Lines Stamping Office of Texas (SLTX) recorded $587.5mn of premium over the course of November, an increase of 12.3 percent when compared with the prior year and yet another record-breaking month tracked by the organisation.

Market dislocation pushes Kinsale’s Q3 NPW up 41% in Q3

Continued dislocation across the property casualty industry fuelled a 41 percent net premiums written (NPW) increase for Kinsale Capital Group during the third quarter, with president and CEO Michael Kehoe predicting the recent rate hardening will not peak until 2021 or possibly even later.

James River beats Q3 Wall Street estimates after “very strong quarter”

James River Group’s outgoing CEO has called the company’s results for 2020’s third quarter “very strong” after the business’ operating profit per share comfortably beat the average of analysts’ estimates.

WR Berkley’s Nautilus names Joyce president as Kuzma steps up to chairman

WR Berkley’s excess and surplus (E&S) lines insurer Nautilus Insurance Group has announced Thomas Joyce will serve as its new president from the beginning of next year, succeeding the long-standing Thomas Kuzma who will be appointed chairman.