Start-up

Agman launches E&S-focused MGA Aurenity led by Davies

Agman has added to its growing insurance platform with a $10mn investment to launch tech-enabled MGA Aurenity, which will target the E&S market and be led by the Chicago-based investment firm’s operating partner Nick Davies as CEO, The Insurer can reveal.

New E&S carrier Champlain Specialty lands A- AM Best rating

Champlain Specialty Insurance Company has secured an A- financial strength rating from AM Best as the entity backed by Glencoe Capital’s David Evans and related funds looks to build out a book of direct insurance business as an E&S carrier led by a team of WestCongress executives.

Upland readies for construction launch with Vela hires

Start-up specialty insurer Upland Capital Group is preparing to launch into its third line of business after recruiting a casualty construction underwriting team from Vela Insurance Services led by Carl Dowling, The Insurer can reveal.

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.

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.

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.

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.

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.

Galanski lines up Lindsay Goldberg backing for 2021 hybrid start-up

Former Navigators CEO Stan Galanski has lined up private equity backing from Lindsay Goldberg and is working with a team of former colleagues and other industry executives on an E&S start-up that is likely to resemble a hybrid model with an MGA platform and access to its own paper, The Insurer can reveal.

Upland gets A- PCA from AM Best and plans excess transportation launch

Upland Specialty Insurance Company has been assigned a preliminary credit assessment of A- by AM Best as it progresses towards an official underwriting launch that is expected to see it first enter the excess transportation space, The Insurer can reveal.

Ehinger preparing for LIO specialty carrier launch with PHLY connection

Former Guy Carpenter executive John Ehinger is working on the launch of a specialty carrier start-up LIO Insurance that is expected to have a strong connection with alumni from Philadelphia Insurance Company (PHLY) and investment from PE firm 1251 Capital Group, The Insurer can reveal.

The E&S pull

After a number of start-ups and scale-ups were unveiled in 2020, Upland Capital Group has emerged as the first of a potential Class of 2021 to target the fast-hardening US excess and surplus lines market as investors and industry figures continue to be drawn to the sector.

Hart teams up with ex-Hallmark duo and Newlight to launch $200mn+ E&S carrier

Former Narragansett Bay Insurance Company (NBIC) CEO Todd Hart has teamed up with James Damonte, Mark Morrison and former NBIC colleague Pamela Byron-Button to launch E&S carrier Upland Capital Group with $200mn of backing from Newlight Partners.

Sills start-up Bowhead continues team build ahead of 1 November launch

Stephen Sills’s start-up Bowhead Specialty Underwriters is close to adding excess casualty underwriters to its recently hired professional liability team which is set for a 1 November start, but is expected to wait for further improvement in healthcare market conditions before launching in that segment.

Stephen Sills start-up to target low excess layers

Stephen Sills’s specialty start-up with American Family will initially have a focus on writing low excess layers as it looks to build a sustainable professional liability, excess casualty and medical liability portfolio and get access to primary opportunities, The Insurer can reveal.

Sirius plans to launch E&S platform in 2020

Sirius Group has been working on a new E&S insurance platform that it hopes to go live with later this year as it continues to add capabilities ahead of its combination with Third Point Re in Q1 2021, The Insurer can reveal.

E&S entrants should not overlook regulatory “sea change” since last wave

Lawyers at McDermott Will & Emery have suggested that the capital looking to get into the US excess and surplus lines (E&S) market should ensure they are using the post-Dodd-Frank playbook taking note of US regulatory changes in recent years.

Noonan actively seeking “scale-up” E&S opportunity

Former Validus CEO Ed Noonan is in the process of identifying a suitable platform for an E&S play after receiving multiple approaches from potential private equity investors looking to access the fast-hardening market segment, The Insurer can reveal.