Commercial E&S
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Axis made “substantial” reductions to property exposures that caused the segment’s gross written premium to decline by 25 percent. -
The executive said certain excess and surplus (E&S) business – including property -- is flowing back to the US from Lloyd’s and other markets.
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Excess and surplus casualty submission are up 5 percent year on year, COO Craig Kliethermes said.
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The Citibank-run sale process attracted interest from The Hanover.
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The acquisitive wholesale brokerage will come to market with adjusted Ebitda of $50mn.
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Carrier continues to overhaul various business lines as it aims for underwriting profit, said CFO Lyons.
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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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The insurer’s CEO said the retreat of large carriers from the E&S space has been a “big positive”.
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The specialty carrier’s combined ratio improved by 5.6 points to 80.3%.
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Arch CEO Marc Grandisson said the company shows “prudence and patience” in the P&C marketplace.
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The reduced appetite in standard lines has led to a market firming in E&S lines, the executive said.
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The E&S market is typically seen as the leading indicator of hardening in the broader market.
