Fronting
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Highly concentrated, overly leveraged fronts could repeat the Unicover-Reliance story. -
Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability.
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It is understood the permanent reinsurance capital vehicle is called Highline Re and will sit behind fronting carriers.
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The reductions reflect a mix of programs being handed off and MGAs proactively switching.
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Dealmaking took centerstage, but other discussed topics were growth, talent and capacity.
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The executive is charged with defrauding investors out of nearly $500mn.
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Fronting doesn’t look any better when it’s broken down by segment.
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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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Sources said that Howden Capital Markets is advising the fronting company.
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Reinsurers will not back business indefinitely where loss ratios continue to exceed the industry by a wide margin.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
