E&S
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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.
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California, Florida and Texas all saw year-over-year declines in premium growth.
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The oversubscription may signal additional capacity waiting on the sidelines.
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The global insurer also alleges breach of contract and fiduciary duty in the federal suit.
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The announcement confirms earlier reports from this publication.
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As admitted carriers pull out of riskier plays, E&S continues to expand and thrive.
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The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Joy had previously set up the casualty practice at Global Indemnity.
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Cove Street is 14th largest investor in Global Indemnity.