Commercial E&S

Florida saw the largest increase, up 18.5% year-over-year for January.

Tom Bredahl, president of the surplus and specialty division at Crum & Forster, said the company has received more E&S submissions in the last 12 months than in the company’s entire history.

The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.

The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.

Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.

December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.

2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.

The revision reflects Ategrity’s pivot away from more volatile property cat business to focus on medium-sized commercial clients.

For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.

The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.

The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.

Underwriters’ concern surrounding the volatility of secondary perils is sustaining caution over rate adequacy.