Commercial E&S
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The retail heavyweight uses around 1,000 trading partners to access the wholesale channel. -
Casualty rate increases largely stabilized in Q2 and Q3 at 5%-10% for general liability.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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Quota share is less common in the medmal space, where layered and shared structures have been dominant.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The executive noted that an influx of new entrants in the E&S market is increasing competition.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Jason Keen joined Everest in 2022 as head of international.
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APIP is one of the world’s largest property programs.
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Haney will remain on board as a senior adviser.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Old Republic said the acquisition is expected to close in 2026.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Howden is facing fallout from its push into the US retail market via mass hires.
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The CEO also said that the “bloom is off the rose” in the E&S property market.
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Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The division mostly places higher up the tower, where many insurers have taken action to address SAM losses.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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The specialty insurer was recently acquired by Korean carrier DB Insurance.
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The two executives join from Markel and Arch, respectively.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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A process has not been launched and a firm timeline for a liquidity event has not been agreed.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The practice group will enhance the company’s existing offerings in E&S.
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Winners and losers will emerge more clearly, with less opportunity to ride the market wave.
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Florida led deregulation by eliminating the diligent effort rule in June.
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One of the options being explored is setting up a dedicated company for the wholesale vertical.
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The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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Third Point purchased 50,000 shares of the E&S insurer, which represents roughly 0.1% of its shares outstanding.
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Casualty premiums grew 56.7% year on year in Q2 2025.
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Appointments include leadership in transportation, energy, marine and others.
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She joins the specialty insurer after working at Hamilton as CUO.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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Commercial liability and commercial property coverage continued to dominate the E&S market.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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In liability, the carrier is steering away from where inflation has been volatile.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The segment is also seeing double-digit loss cost inflation.
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Renewal rates fell, despite elevated catastrophe losses.
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The company also encouraged insurers and brokers to support the initiative.
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Cardinal E&S expands the carrier's underwriting capabilities and makes it more competitive relative to peers.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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The executive joined The Hartford when it acquired Navigators in 2019.
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Florida recorded premium growth in June after declines in May and April.
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The exchange is backed by $100mn in funding from CD&R and others.
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Markel is simplifying its structure from six US wholesale and two US retail regions to four integrated US regions.
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The aggregate gross proceeds from the offering are expected to be $113.3mn.
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The NYC taxi insurance market is on the brink of collapse. Regulatory relief has been nowhere to be found.
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The company filed its S-1 in March, with a 2024 CoR of 93.9%.
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The executive said he left the company in September.
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The company’s credit ratings had been under review since early this year.
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The once niche product is generating interest in a growing number of industries and sectors.
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The settlement requires Dellwood’s Price to write an apology to Peter Zaffino.
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
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The moves come as the company said it will "double down" on US E&S.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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The MGA market now makes up 10% of the overall P&C market.
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The company has reduced its exposure on large commercial auto and property.
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Sills added that Bowhead doesn't expect a reversal of compressed limits being offered.
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Richard Schmitzer will retire as E&S president and CEO, and Todd Sutherland will succeed him.
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The unit grew Q1 NWP by 23% overall, led by a 27% growth in casualty.
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The standard market has not ‘meaningfully’ impacted the rate of flow in the aggregate.
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Customers are demanding more in a larger move towards the E&S market.
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The firm acquired total assets of $65mn and assumed liabilities of $11mn.
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Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.
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The ex-Ategrity CEO launched Pivix Specialty in September 2024.
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MGA growth is still strong but has passed its 2022 peak.
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Everest’s US wholesale business is seeking to expand its market presence.
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The program is being launched through subsidiary Southern Marine.
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Despite elevated ROEs, insurers have remained disciplined.
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California, Texas and Florida rose 15.7% in February and 29.1% in January.
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Coverage will increase to $20mn per building.
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The executive said AIG’s E&S arm can grow 20% a year and generate $4bn of new business.
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After a period of business building, MGAs will likely spend more time optimizing.
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Construction defects, GL and risk-managed professional liability lines saw the greatest headwinds.
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Surplus lines are still strong, but not the standout they used to be.
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The partnership will launch a new umbrella excess insurance product.
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Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.
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Insurers and distributors must adapt or risk irrelevance.
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Industry veteran Tonya Courtney will lead the company’s newest E&S business.
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Q4 net retention was impacted by the previously announced ADC.
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The group posted a 15.7% gain for February and 29.2% for January.
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The first round of the E&S boom has already played out, but this is a long game.
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Sources said that the MGA has been working with investment bank Waller Helms to find a potential investor.
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The Nationwide subsidiary is a $750mn-premium wholesale brokerage that serves about 10,000 local agents.
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The figure represents a 12.1% increase over full-year 2023.
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Admitted carriers are dropping middle-market business due to large verdicts.
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The group posted a 27.5% gain for January and 23.7% for December.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Finnis was formerly head of commercial lines at WTW.
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The E&S lines division adds property, casualty and financial lines.
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Sources said Dowling Hales is advising the professional lines quoting platform on the process.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company will now focus on growing its E&S and InsurSec offerings.
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Piyush Patel and Sandra Russo have joined Dellwood as head of programs and AVP, respectively.
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Rates are now falling, but submissions are still rising, according to wholesale brokers.
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Irwin joins the firm from Beazley, where she’d worked since 2019.
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Brokerage co-presidents Jeff McNatt and Sam Baig discussed the E&S market, rates and M&A.
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At Zurich, Hirs served as group head of M&A and CFO for North America.
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The review follows Velocity’s acquisition by FM Group.
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The change comes after an ownership restructuring.
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A look back at the stories that defined the year in P&C for 2024.
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Overall, the “Golden Age” of E&S continues, but with a few new caveats, such as moderation in property pricing.
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Shawn Parker takes up Gatt’s previous role as COO of Westchester Programs.
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Florida is a state where the company is seeing more capacity in the market, especially admitted availability.
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Rate inadequacy and inflationary pressures represent significant headwinds, however.
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The 2025 State of the Market report also touched on E&S and MGA growth.
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The group posted a 15.1% gain for October and 27.4% for September.
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This would allow the former Truist Insurance to place binders on its MGAs itself and open other growth opportunities in EC3.
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Enstar and Gallatin’s move into the common equity is a bull sign, but it will take years to know if the ADC will hold.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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Casualty submissions rose over 70% while property increased over 20% YoY in Q3.
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The average for October was roughly half of that for September.
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Management is showcasing its ambition, but it’s also dialing up risk.
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
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Westhoff will also spearhead the launch of QBE’s E&S property offering.
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The agreement will bolster Asic’s surplus and expand underwriting capacity.
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The two senior positions will be based in London.
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A large number of new entrants and the growth of litigation finance challenge E&S enthusiasm.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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Admitted markets are not coming back to property as strongly as in past cycles, the executive said.
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In Q2, median property price increases decelerated to 2.3%.
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The carrier’s initial casualty offering will be wholesale-only, the executive said.
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Coverage options will extend up to $5mn.
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Andrew Rowland will oversee the portfolio, offering up to $7mn per risk.
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The deal provides Honeycomb with up to $24mn of capacity.
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The future of E&S, the wholesale landscape and casualty pricing are topics up for discussion.
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The 17.4% DWP growth, however, was a deceleration from 2021’s 25% peak.
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Andrew Knight will fill the newly created role of country manager.
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Expansion of the middle-market book is an ongoing focus.
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The top three states averaged a 3.7% year-over-year gain, compared to July's 16.1%.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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The top four lines posted low-single digit to high-single digit policy count growth.
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The CEO said there’s only one public pure wholesale broker, Ryan Specialty, and its IPO was in “favorable conditions”.
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Stephen Buonpane will lead the division, with Danielle Stewart as COO.
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James River will also oppose a Fleming motion to uncover additional documents.
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Commercial liability and commercial property continue to dominate.
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Dellwood claims allegations in AIG’s latest filing are still barred by res judicata.
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The top three states averaged a 14% YoY gain, compared to June’s 3.3%.
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As property momentum slows, personal lines excess and surplus could start outperforming.
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The CEO estimated that the loss trend is running in the high 5% range, slightly below the carrier’s rate increase.
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The arrangement enables PCS to expedite growth.
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Axa's newly formed teams join the company's "complex cyber" unit.
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Executives flagged elevated packaged auto loss activity in Q2.
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For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
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Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
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The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.
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The tower now represents a 47% increase from 2023.
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State National is providing $160mn of adverse development reinsurance coverage.
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It is understood that the executive will report to Scott Meyer, now COO for NA Insurance.
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Dellwood recently appointed Aspen’s Felicia Rawlin as head of property.
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The top three states averaged a 3.3% YoY gain, down from May’s 15.8%.
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Tara Hill launched last month and is headed by Core Specialty’s Peter McKeegan.
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This follows AIG’s voluntary dismissal of claims against Dellwood’s top execs.
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AM Best assessed Dellwood’s balance sheet strength as “very strong”.
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Industry veteran Peter McKeegan will lead the firm.
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Ryan Specialty CEO Pat Ryan opened the event, which was held last week in New York.
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In high-capacity, global E&S property, London has continued to be aggressive.
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Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.
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Ryan Specialty’s CEO opened the Insurance Insider US 2024 conference.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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In an interview with Insurance Insider US, Robinson spoke about life after the IPO, talent, litigation financing and cat.
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His experience includes HPR engineering, facultative reinsurance and E&S underwriting.
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The acquisition allows AM Specialty to expand its E&S offerings.
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The review reflects the group’s ongoing ownership-level restructuring.
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The H2 rate predictions mark a slight moderation from those in H1.
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Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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Business written in California, Florida and Texas averaged a 15.2% YoY gain.
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The firm has zero pre-2020 reserves, no MGA relationships, and management with a strong record.
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The distribution model itself prioritizes the need for due diligence.
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An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
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The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
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The firm will no longer have to compete with one hand tied behind its back.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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The appointment is part of Axa XL's plans for a more client-centric approach.
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Business written in California, Florida, and Texas averaged a 22.7% YoY gain last month.
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The policy offering expands third-party liability coverage and wage and hour liability.
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The company reported 25.5% increase in GWP, down from the 40% growth in prior years.
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The carrier is also targeting E&S growth in property brokerage and global specialty.
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The US large property team will support middle-market and corporate clients.
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Focus on reserves to continue as gap between cautious reservists and others emerges.
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The casualty segment posted $18mn of favorable reserve development across multiple accident years.
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The MGA’s underwriting capacity for casualty programs now totals $17mn.
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The unit has hired Everest’s Chris Curtin and Axa XL’s Brian Quinn.
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Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.
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Westchester’s Kyle Garrett was named VP, executive underwriter for property.
