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The carrier is only going to write new business on E&S paper, sources said. -
The executive, Mike Schell, has over 50 years of industry experience.
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The MGA will be trying to replace the transactional liability capacity in the coming weeks.
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Florida House speaker Daniel Perez is seeking an investigation into the charge.
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Customers will keep their agent relationship and policies will not be impacted.
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Underwriting profits for casualty-exposed insurers show signs of struggle as loss costs worsen.
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This follows the firm’s exit from primary aviation.
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The California broker’s pro forma revenue for full year 2024 was $268mn.
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Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.
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At the PLUS D&O symposium, executives raised concerns over tariffs and the role of reinsurance.
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On Monday, the firm reported a Q4 CoR of 155.1%, versus 98.1% a year ago.
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The change reflects an improvement in the carrier’s 2024 earnings to a sub-100% CoR.
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