E&S

Due diligence, data and alignment key in program management: PM panel

Alignment of interest through risk retention, strong due diligence and the ability to monitor performance are at the center of the growing use of hybrid fronting carriers by reinsurers looking to access program business.

Accredited E&S platform secures A- AM Best rating

Randall & Quilter Investment Holdings’ (R&Q) newly established E&S program management business Accredited Specialty Insurance Company (ASI) has been given an A- financial strength and a- long-term issuer credit rating by AM Best.

E&S drive continues

With the US Q3 reporting season now at an end, pricing conditions in the booming E&S market were a regular topic of discussion on earnings calls with management.

Obsidian gets A- rating for new E&S platform

Hybrid program fronting start-up Obsidian has secured an A- financial strength rating for its new E&S carrier as it targets a fast-hardening segment of the market that is seeing a significant increase in MGA activity.

ReAlign launches surplus lines insurer

ReAlign Insurance Holdings has announced the formation of Summit Specialty Insurance Company, a new surplus lines insurance carrier that will be headed by former Ironshore and AIG specialty casualty executive Timothy McAuliffe.

Sutton National to retain up to 20% on programs

Sutton National will seek to differentiate itself in the fronting space with its ability to take up to 20 percent of the risk on certain programs as the start-up addresses an attractive pipeline of deals after securing an A- rating from AM Best earlier today, The Insurer can reveal.

AM Re in talks to raise $75mn to support new E&S carrier

The team behind AM Re Syndicate is in discussions with potential private equity (PE) backers as it looks to raise $75mn of capital to support the launch of a new excess and surplus (E&S) lines carrier that will begin writing business early next year, The Insurer can reveal.

Fortegra E&S platform broadens program capability in hardening market

The new E&S subsidiary from Fortegra Financial Corporation was launched in response to demand from agents for a broader programs capability as well as fast hardening rates, according to the US specialty insurer’s CEO Rick Kahlbaugh.

SPG adds Allstate’s Lamitola and names Stavrakis Monarch E&S president

Hub International’s Specialty Program Group (SPG) has brought in Christopher Lamitola from Allstate as its new chief sales officer while Yiana Stavrakis has moved to a new role as president of Monarch E&S Insurance Services.

Brit provides capacity for Nexus’ professional liability E&S push

London market managing general agent Nexus Group has secured capacity from Brit Syndicates to write professional liability business in the US on an E&S basis, The Insurer can reveal.

London Underwriters launches insurtech program in Texas

US wholesale broker London Underwriters has launched a new insurtech program called Bunch Insurance in Texas that allows agents to combine a customer’s policies written by Lloyd’s in one place.

Palomar Holdings hires Sears to spearhead E&S programs push

Expansive US insurer Palomar Holdings has hired Jason Sears from Rivington Partners as senior vice president and head of programs for its newly minted E&S carrier, The Insurer can reveal.

Hard market timing

Start-ups, M&A and fundraising have been targeting the program sector as well as the wider P&C market. But how long will the window of opportunity stay open?

Worldwide Facilities buys Florida surplus lines MGA Clearwater

US wholesale insurance broker Worldwide Facilities has expanded its program offering with the acquisition of Clearwater Underwriters, a Florida-based surplus lines MGA.

Axon buys AGCS US products recall book

Axon Underwriting Services is set to build its contaminated and consumer products recall book with a deal to buy a renewal portfolio from Allianz Global Corporate & Specialty (AGCS), after setting up a new crisis management unit staffed by former AGCS executives earlier this year.

GuideOne gears up for further growth with specialty lines build out

US insurer GuideOne is looking to expand its new specialty E&S platform beyond property into multiple lines including construction liability and rail liability as well as a number of areas impacted by the Covid-19 fallout, The Insurer can reveal.

New HIIG CEO targets team hires and renewal rights transactions

Houston International Insurance Group (HIIG) CEO Andrew Robinson is targeting the addition of new underwriting teams and renewal rights transactions to capitalize on hard market conditions in a bid to build the carrier out as a top-tier primary specialty player.