Program

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.

K2 names former Victor executive Smith as president

Mark Smith, most recently chief underwriting officer at Marsh-owned MGU Victor US, has joined expansive MGA and program manager K2 Insurance Services as president.

US program sector event Target Markets cancels mid-year gathering

Target Markets Program Administrators Association (TMPAA) has followed RIMS in cancelling its mid-year meeting in early May in response to the deepening Coronavirus crisis.

Renvyle leaves The Hanover’s program platform

Regional president Russell Renvyle has left The Hanover’s program division AIX in the latest in a series of departures from the insurer’s specialty business, The Insurer can reveal.

Breckenridge names DiCapua Blue River president

Breckenridge Insurance Group has named Dennis DiCapua as replacement for Stephen Kelley as president of its program division Blue River Underwriters.

Nationwide and Generali tap $33bn program market with N2G launch

US carrier Nationwide and Italian insurance giant Generali have teamed up and launched a New Jersey-based joint venture to underwrite multinational program insurance for international commercial risks.

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.

Euclid Transactional announces underwriting promotions

M&A managing general agent Euclid Transactional has made a quartet of promotions within its North American underwriting team.

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.

Hilltop to sell National Lloyds to Align for $150mn

Hilltop Holdings has agreed a deal to sell its specialty property carrier National Lloyds Corp to private equity-backed program and MGA platform Align Financial Holdings for $150mn.

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.

Meek’s Homesite enters strategic partnership with K2

K2 Insurance Services subsidiary Aegis General Insurance Agency has signed up to a strategic partnership with the recently launched program business unit of Homesite Insurance Group (HIG) led by former Allied World executive Grace Meek.

Denali Specialty hires Senger to head delegated authorities unit

Start-up MGA and wholesale brokerage platform Denali Specialty Group has hired former Breckenridge Insurance Services executive Kerri Senger as president of its delegated authorities practice, The Insurer can reveal.

Balance Partners to add further programs and underwriters in 2020

Start-up US specialty lines MGA platform Balance Partners added four new programs in its first year of operations and is targeting a further three launches in 2020 as it adds underwriters and specialty offerings, The Insurer can reveal.

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.

Paragon gets injunction as Allied World program dispute heads to arbitration

A judge in a lawsuit between Paragon Insurance Holdings and Allied World over a wineries and breweries program has granted the MGA an injunction and compelled the dispute to arbitration.

SterlingRisk launches A&E program with Beazley as carrier partner

Independently owned broker SterlingRisk Insurance has launched an architects and engineers (A&E) professional liability insurance program on Beazley paper.