Fronting carriers

AM Best ends Spinnaker review after Hippo deal closes

AM Best has removed the A- financial strength and “a-” credit ratings of Spinnaker from under review with developing implications following the close of the deal for Hippo to acquire the fronting carrier.

Cowbell Cyber launches $15mn limits program with Obsidian and Benchmark

AI-driven cyber insurtech Cowbell Cyber has unveiled a program called Prime 250 that offers 25 coverages in three packages on the paper of hybrid fronting carriers Obsidian Insurance Company and Benchmark Insurance Company with a panel of global reinsurers behind them.

Clear Blue gets A- rating for new Highlander Specialty E&S platform

Program fronting specialist Clear Blue has secured an A- rating from AM Best for its newly minted E&S subsidiary Highlander Specialty Insurance Company.

Larkin makes return to Allianz after leaving Obsidian

Dan Larkin is leaving his position as CUO of program fronting start-up Obsidian to rejoin Allianz Global Corporate & Specialty (AGCS), The Insurer understands.

Clear Blue launches new E&S carrier Highlander Specialty

Pine Brook-backed fronting specialist Clear Blue has added a second non-admitted insurer to its stable and reorganized its subsidiaries into a stacking structure to share pooled capital as it looks to offer differentiated products and programs across multiple carriers, The Insurer understands.

Upsized Trisura Specialty targets business with larger wholesalers

US hybrid fronting carrier Trisura Specialty is aiming to access potential business from the wholesale broking giants of AmWINS, RT Specialty and CRC after its Canadian parent injected additional capital into the platform following a recent fundraise, The Insurer can reveal.

Accredited to further build out platform after hitting $1bn premium mark

R&Q’s program management and fronting specialist Accredited now has $1bn of contracted gross written premium (GWP) across its US and European platforms and has plans to further extend its footprint by geography and the paper it can offer MGA and reinsurer partners.

Hippo-Spinnaker deal brings paper guarantee

Rumours that Hippo and Spinnaker were in talks over a potential transaction had been circulating in the program fronting space for a number of months.

R&Q says 2019 an “outstanding” year as pre-tax profits leap

The London-listed legacy acquisitions and program management firm Randall & Quilter (R&Q) unveiled an 180 percent increase in 2019 pre-tax profits this morning, accompanied by a confident outlook on an accelerated demand for its services caused by the expected Covid-19 shake-out.

Obsidian looks to aggregator opportunity and traditional program business

Genstar-backed hybrid fronting start-up Obsidian is targeting opportunities with retail and wholesale risk aggregators as well as more “traditional” MGA program business as it looks to build out its platform with a dual strategic focus.

ISC adds Paramount trucking programs to online platform and seeks further M&A

Two Sigma-backed Integrated Specialty Coverages (ISC) is eyeing fresh program launches, team additions and an active M&A pipeline after adding the two Accident Fund-fronted trucking programs written by its MGA Paramount to its online platform, The Insurer can reveal.

Genstar-backed fronting carrier Obsidian formally launches

Obsidian CEO Bill Jewett has said the start-up sees a “tremendous opportunity” in a fronting carrier segment that currently writes only a small fraction of P&C industry premiums, but will markedly grow as a result of the increasing market share and influence of MGAs.

Obsidian secures A- rating and completes $100mn Genstar fundraise

Obsidian has been assigned an AM Best A- rating after the Bill Jewett-led hybrid program fronting start-up completed its estimated $100mn capital raise from private equity firm Genstar.

Rappaport set to leave The Hanover for program start-up

Long-serving The Hanover executive Craig Rappaport is leaving the US insurer and is expected to re-emerge at Bill Jewett’s Genstar-backed hybrid program fronting start-up Obsidian, The Insurer can reveal.

Clear Blue not for sale despite approaches

Pine Brook is not looking for an imminent exit from Clear Blue despite speculation about a number of recent approaches for the fast-growing fronting specialist, The Insurer can reveal.

Start-up Obsidian buys admitted platform from The Doctors Company

Bill Jewett’s hybrid program fronting start-up has secured an admitted platform with the acquisition of a shell company from The Doctors Company ahead of an expected launch next month, The Insurer can reveal.

Transverse adds E&S platform with Arrowood acquisition

Program fronting start-up Transverse Insurance Group has secured an E&S platform with the acquisition of Arrowood Surplus Lines Insurance Company (ASLIC) as it builds out its operation in the US.

Haverstick joins program start-up Sutton National as CEO

Shane Haverstick has re-emerged in the market as CEO of proposed program carrier start-up Sutton National Insurance Company (SNIC), The Insurer can reveal.

Atlas and 777 war of words intensifies in lawsuit over failed program partnership

A Florida state court judge will soon decide whether to allow a lawsuit to proceed that resulted from a failed attempt by 777 Partners and program administrator Atlas General to launch an insurer together.

The retail aggregation opportunity

The program fronting model could be at the forefront of an explosion of new activity as distributors look to more efficiently bring pools of risk to reinsurers.