Insurance

USQRisk and Ascend launch energy storage revenue protection program

USQRisk has partnered with Ascend Analytics to launch a new revenue protection insurance program backed by A- rated capacity that will support more efficient financing for utility-scale energy storage projects, with UBS Asset Management the first to purchase the coverage.

Coalition enters long-term US capacity agreement with Aspen

Coalition has entered a new multi-year agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US, expanding the insurtech’s existing relationship with the Bermudian carrier.

Price and Driscoll launch >$250mn SME E&S start-up with blue chip industry backing

Michael Price and Kean Driscoll are launching a new SME-focused E&S start-up called Dellwood Insurance Group backed by industry players including PartnerRe and RenRe, which will take a tech-forward approach to the business with its wholesale distribution partners.

Jencap acquires specialist program manager Foresite Sports

Jencap Group has acquired prize contingency coverage and event insurance specialist program manager Foresite Sports.

European Commission gives green light to Onex acquisition of R&Q Accredited

The European Commission has approved private equity firm Onex Corporation’s proposed $465mn acquisition of R&Q’s profitable program fronting platform Accredited.

PURE builds out leadership team with Saad as CUO and Malollari as CRO

Privilege Underwriters Inc and the PURE Group of Insurance Companies have followed up the recent appointment of Martin Leitch as CEO and Dave Logan as president with the addition of Drew Saad as CUO and promotion of Dea Malollari to chief risk officer.

Builders declares 28th consecutive annual dividend as FY net revenues hit $245mn

US insurer Builders said it delivered strong earnings in 2023 with net income growth, net written premiums growth and surplus growth during the year, leading it to declare its 28 th consecutive annual dividend payment to qualifying Georgia policyholders.

James River board continues to explore strategic alternatives as Q4 earnings miss

Another E&S reserve charge drove a fourth quarter earnings miss at James River as the US specialty insurer said its board is continuing to explore strategic alternatives for the company.

Fortegra Q4 CR flat as E&S and admitted lines growth fuel GPWPE surge

Fortegra Group closed out the final three months of 2024 with a combined ratio that at 89.8 percent was unchanged from the prior year period, while gross premiums written and premium equivalents (GPWPE) increased 37.5 percent to $724.1mn.

SpottedRisk moves to fill market gap with film-focused credit insurance program

SpottedRisk has secured A+ rated capacity from Lloyd’s to support its new Non-Payment Insurance program, an offering the film and entertainment-focused MGA believes improves the independent production financing outcome for both banks and their borrowers, Program Manager can reveal.

Aspen in talks with Ryan Specialty, Blackstone for MGA spin-off and program insurer pivot

Aspen is in discussions with Ryan Specialty and private equity giant Blackstone over a transaction that could see it separate out its open market underwriting into a new MGA and refocus its remaining insurance operation as a program specialty carrier, Program Manager can reveal.

Venture partners with Mitsui Sumitomo-backed parametric specialist Vortex

Venture Insurance Programs has partnered with parametric specialist Vortex Weather Insurance in a move which broadens its product offerings to its predominantly private club clients.

Alliant’s PetroSure gets AmTrust capacity for new workers’ comp program

Oil and gas industry-focused programs specialist PetroSure has secured capacity support from AmTrust to back its new workers’ compensation coverage.

Private Client Select builds management team with Bowie and Donahue hires

The new MGA created to take on AIG’s high net worth business in partnership with Stone Point Capital has continued strengthening its management team with the hire of Ross Bowie from Orchid Insurance as president and chief risk officer, and Chris Donahue from Hippo as CUO.

DUAEs and surplus lines: Clear winners in the hard market

David Blades, associate director, industry research and analytics at AM Best, examines the relationship between the rapidly growing DUAE and E&S markets…

Trisura increases Q4 US insurance revenue 25% to C$527.6mn

Specialty insurance provider Trisura has reported a slight increase in operating net income in the fourth quarter, while US fronting revenue increased 24.6 percent for the quarter and 41.5 percent for the full year.

Tiptree stock dips 12% after Fortegra IPO scrapped

Tiptree Inc’s share price dropped almost 12 percent during Wednesday trading as investors responded to news that plans to take specialty carrier Fortegra – in which the firm has a majority stake – public had been pulled because of “prevailing market conditions”.

Cyber MGA Corvus expands tech E&O product following Travelers takeover

Boston-based cyber underwriter Corvus has launched an expanded tech errors and omissions product featuring an enhanced appetite backed by Travelers, along with the firm’s risk advisory and claims handling services.

K2 launches Defense Base Act MGA with Nationwide as underwriter

K2 Oconus has launched a Defense Base Act insurance program, providing workers’ compensation coverage for US government contractors abroad with Nationwide serving as underwriter.

Fortegra pulls planned IPO over “prevailing market conditions”

Fortegra and its private equity sponsor Warburg Pincus have pulled the specialty carrier’s planned public listing despite having already disclosed an indicative pricing range, in the latest sign of the chill on the IPO market.