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A string of high-profile bankruptcies has put more scrutiny on the once marginal sector. -
The move comes after the company posted 52% YoY top-line growth in Q3.
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The company announced four key leadership appointments on Wednesday.
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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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Veradace claims the deal benefits Tiptree management at shareholder expense.
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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 chief executive said he doesn’t expect to see a price drop anytime soon.
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The broker will join Ron Borys’ financial lines team.
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The global insurer will need to convince investors on the quality of the book.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The new chief executive has served on PI’s board since 2018, including as chair.
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The broker will report to Howden US CEO Mike Parrish.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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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 as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The state’s Supreme Court upheld two lower court decisions finding no liability.
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Company alum David Murie will lead the new business unit.
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Appointments include leadership in transportation, energy, marine and others.
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The executive said the floor on D&O pricing is in sight.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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The professional lines market remains ‘challenging’ overall, however.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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Pricing was “virtually flat” in the second quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.
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