US / Americas

TMPAA panel: Market boom means there is enough to feed wave of program carriers for now

Strong US program sector growth and the ongoing flow of underwriting teams from traditional carriers to MGAs means there is currently enough business to feed the wave of hybrid program fronting carriers that have entered the market in recent years, according to panellists at Target Markets last week.

Letter from Target Markets: back to deal-making

Two years is a long time in the program market. And last week’s long-anticipated return of the Target Markets Program Administrators Association Summit brought a record attendance as well over 900 delegates descended on Scottsdale, Arizona thirsty for a return to large-scale face-to-face interaction.

Palomar to front for New Horizon on cross-border commercial auto program

Palomar Holdings is providing the AM Best A- IX rated paper of its admitted carrier subsidiary to unrated cross-border commercial auto specialist insurer New Horizon Insurance Company and its MGU Green Road Services, The Insurer can reveal.

Target Markets: US program sector hit $53.8bn of premiums in 2020

US program premium volume grew by 32.8 percent to $53.8bn from 2018 to 2020 with momentum again set to pick up in 2021 after lower growth in premiums administered and a slight decline in renewal rates through the pandemic last year, according to the TMPAA’s latest biennial survey of the sector.

Habitational insurtech Honeycomb launches in Arizona ahead of further roll-out

Commercial property MGA Honeycomb has launched its tech-enabled multi-family habitational program in Arizona with plans to roll out the offering in New Jersey, Texas and Ohio by the end of the year, The Insurer can reveal.

Liability insurtech Now in Series A to fuel expansion through new products

Now Insurance is undertaking a Series A round to support growth into new product lines including a move into the physicians sector early next year having secured capacity from ProAssurance, the healthcare professional liability insurtech’s CEO has told this publication.

Corvus partners with Accredited to enter FI market with A+ rated reinsurance panel

Corvus Insurance has entered the financial institutions market in partnership with Randall & Quilter’s hybrid fronting carrier Accredited and backed by a panel of A+ rated reinsurers with the commercial insurtech’s newly formed captive Corvus Reinsurance Company also sharing the risk, The Insurer can reveal.

Fortegra gets $200mn strategic growth investment from Warburg Pincus

Warburg Pincus has bought a 24 percent stake in The Fortegra Group for $200mn with the private equity firm’s backing set to fuel the next phase of growth in the specialty admitted and E&S market for the Tiptree-owned carrier.

NIP secures Axa XL capacity for new excess liability program

Program specialist NIP Group has secured underwriting capacity from Axa XL to launch a new program in the challenged excess liability space targeting business from clients in the landscaping and greenhouse growing industries, among others.

Orchid promotes Bowie to CUO of personal lines platform

Orchid Underwriters Agency (OUA) has appointed Ross Bowie CUO in a move that the MGU said consolidates underwriting responsibilities across its personal lines segments as it targets additional growth in the sector.

Cover Whale launches trucking program on Everspan paper

Commercial auto insurtech Cover Whale Insurance Solutions has launched an E&S trucking program in partnership with participatory fronting carrier Everspan.

Risk Innovations’ Peddle named Jencap Insurance Services president

US wholesaler Jencap has appointed Bruce Peddle president of its newly formed MGA platform Jencap Insurance Services Inc (JCIS).

Alera’s Shomer secures Lloyd’s support for new senior living program

Alera Group’s healthcare-focused subsidiary Shomer Insurance Services has secured Lloyd’s reinsurance capacity for a new senior care-focused general and professional liability (GLPL) insurance program as clients look for new options with rates remaining high and carriers having cut back coverage.

Kalepa raises $14mn to support MGA buildout and adds Vitale as director

Commercial insurance software provider Kalepa has raised $14mn through a Series A funding round and brought in former Aspen Insurance CEO Mario Vitale as a director as it looks to launch a new small to medium business-focused MGA.

Greenlight Re agrees investment and capacity deal with insurtech Shepherd

Greenlight Re Innovations has made a seed financing investment in newly-formed insurtech Shepherd Labs, with The Insurer also understanding the reinsurer is set to provide capacity to the middle market construction-focused MGA once it goes live.

AM Best downgrades Crusader again and warns over parent’s liquidity

AM Best has downgraded Californian program carrier Crusader Insurance Company for the second time in less than three years as it highlighted persistent erosion of policyholders surplus as a result of continued operating losses and concerns over the liquidity of its parent, Unico American Corporation.

Specialty Program Group’s Capital Special Risks promotes Sedliak to president

Specialty Program Group’s E&O and management liability focused-platform Capitol Special Risks (CSR) has promoted Amanda Sedliak to president, succeeding Dorothea Westin who is transitioning to a new role.

Obsidian partners with SafeLease on tenant protection program

Hybrid fronting carrier Obsidian Insurance Holdings has teamed up with SafeLease Insurance Services to launch a tenant protection program.

Hippo’s McCathron says diversification will reduce loss ratio as share price slides on Q2 spike

The president of Hippo has stressed that the homeowners insurtech’s loss ratio will improve over time as a result of growth and diversification, with investors sending its shares down over 8 percent in trading on Tuesday following a jump in the Q2 loss ratio to 161 percent.

Trean Q2 GPW soars on new and existing programs and 7710 acquisition

Trean Insurance Group saw its Q2 2021 gross premiums written (GPW) soar 42.8 percent year over year on the back of growth from both new and existing program partnerships as well as its acquisition of 7710 Insurance Company, while the combined ratio also improved by two percentage points.