Ascot on cat risk, E&S growth (lead story on Inside P&C Daily): With the annual WSIA gathering in San Diego in full swing, Inside P&C talked to Ascot’s top US executive on the sidelines about evolving cat risk, E&S growth and the fallout from the Vesttoo collateral crisis. President and CEO Matt Kramer told this publication that views on cat risk need to evolve, how increasing volatility plays into the E&S market’s strengths, and where Ascot is looking to grow and add value.
Everest’s E&S focus: Everest’s new wholesale division has not set top line growth objectives but will capitalize on the double-digit increases seen in the excess and surplus channel, North America president of insurance president Mike Mulray said. In an interview, the executive said the initiative is “directly in response to what our wholesalers have been asking us to do. It creates a bit more clarity and consistency in appetite and appointments. And that's really the focus".
News
Homeowners’ downgrade: AM Best has revised its outlook for the US homeowners’ segment to negative, citing net underwriting losses, inflationary and supply chain pressures and rising reinsurance costs as among the factors leading some carriers to curtail business in cat-exposed states.Read more
Hurricane Lee: Post-Tropical Storm Lee, which has been downgraded from hurricane status, has left tens of thousands of people in Canada without power and claimed one life. Read more
Canopius expands: The carrier has expanded into the US excess casualty space with Jude DiBattista heading up the new segment. Read more
Trisura appointment: Canadian fronting carrier Trisura has appointed Terry Michalakos as senior vice president of North American surety. Read more
Munich Re Specialty: The carrier has promoted Gregory Hohman to CUO, it announced on Monday. Read more
