Amrisc

TIH Underwriting to go on the front foot to drive growth under new ownership

MGA platform TIH Underwriting, including Starwind and AmRisc, is on course to comfortably pass $6bn of premium this year as it pursues organic and inorganic growth opportunities with the support of its parent’s new owners led by Stone Point Capital and CD&R, according to CEO Bill Goldstein.

AmRisc management says sidecar launch positions MGA to better meet E&S client needs

AmRisc’s management has declared the MGU’s launch of its new Trouvaille Re sidecar means it is now in an even stronger position to serve the coastal commercial property E&S market and meet the changing needs of its client base.

Amrisc launching $325mn Trouvaille Re sidecar supported by Stone Point and MS Transverse

Amrisc has raised $325mn for the launch of a new sidecar - Trouvaille Re - with backing from PE giant Stone Point and capacity from fronting firm MS Transverse to support the property cat MGA’s E&S coastal property portfolio, The Insurer can reveal.

Truist and Stone Point negotiating over valuation with no strategics entering the picture

Truist Financial remains locked in negotiations with private equity firm Stone Point Capital over the valuation of Truist Insurance Holdings as it works on the divestiture of the business, with no strategic acquirers yet emerging to disrupt the process, The Insurer can reveal.

Truist working on deal to sell insurance business for $10bn to Stone Point: Semafor

Truist is working on a deal to sell its remaining majority stake in Truist Insurance Holdings to private equity firm Stone Point for $10bn, according to a report from digital media outlet Semafor.

AmRisc lines up additional capacity for ’24 as Berkshire ups participation

AmRisc is in discussions to add a number of markets to its E&S panel after Berkshire Hathaway upsized its participation to become the US property MGA’s second-largest capacity provider, ahead of what are expected to be continued attractive underwriting conditions in 2024, E&S Insurer can reveal.

Stone Point-led 20% buy-in to Truist Insurance Holdings closes

Truist has completed the sale of a 20 percent stake in its insurance holding company that includes CRC Group and McGriff to Stone Point Capital for $1.95bn, representing an aggregate value of $14.75bn, with Mubadala Investment Company among co-investors with the private equity firm in the transaction.

Truist’s John Howard: Stone Point deal is “best of both worlds”

The 20 percent Truist Insurance Holdings buy-in led by Stone Point puts the parent of CRC, McGriff and AmRisc in a “unique” position among insurance distribution platforms because of its flexibility in accessing capital to support organic and inorganic growth opportunities, according to John Howard.

Truist CEO: Stone Point deal paves way for transformational M&A

Truist Financial Corporation (TFC) chairman and CEO Bill Rogers told investors that the sale of a 20 percent stake in its insurance business to a Stone Point-led group of investors is a long-term play that creates financial and strategic flexibility as well as the ability for the platform to do “transformational” M&A and smaller deals.

Stone Point closes in on Truist Insurance Holdings buy-in

Private equity firm Stone Point is close to finalising a deal to take up to a 25 percent minority stake in CRC, McGriff and AmRisc parent Truist Insurance Holdings, with growing confidence that a transaction could be announced in the coming weeks, The Insurer can reveal.

AmRisc cuts per risk limit to $50mn in PML optimization move

US property MGA AmRisc has told distribution partners it is reducing its available capacity per risk from around $300mn last year to $50mn in a move that will likely lower the overall probable maximum loss (PML) on the firm's book by up to 20 percent as it continues its portfolio optimization strategy, The Insurer can reveal.

Truist CEO stays quiet on potential insurance stake sale

Truist Financial Corporation (TFC) CEO Bill Rogers declined to comment on reports by this publication that the bank is contemplating a sale of up to 30 percent of its insurance platform as he addressed investors at a Goldman Sachs conference on Tuesday.

Truist appoints Morgan Stanley to sell up to 30% of insurance ops

Morgan Stanley is running a process to explore the sale of up to 30 percent of Truist Insurance Holdings (TIH) by its banking parent to potential investors including private equity in a move that would provide a third-party validation of the value of the expansive business, The Insurer can reveal.

Truist’s “solid” Q3 organic growth seen as positive sign for other brokers

KBW’s Meyer Shields has commented that Truist’s organic revenue growth “remains solid” despite deceleration in Q3, which is seen as a good predictor of its rivals’ performance.

Scor also pulls back from Amwins SRU and RT’s JEM MGU in cat retrenchment

Scor has pulled its property cat capacity from Amwins’ exclusive Special Risk Underwriters platform and RT Specialty’s exclusive JEM Underwriting Managers facility in addition to its previously reported retrenchment from giant MGU AmRisc, The Insurer can reveal.

AmRisc names Nickoles as Waypoint Wholesale CEO

AmRisc Group, the largest catastrophe-focused MGA in the US, has appointed Molly Nickoles as CEO of its wholesale brand Waypoint Wholesale.

Truist Insurance expects high single-digit organic growth in Q3 after best ever Q2

CRC, McGriff and AmRisc parent Truist Insurance Holdings is forecasting record organic growth in the high single digits for the third quarter, traditionally its weakest period of the year, after reporting a bumper Q2 number of 14.8 percent.

Truist Insurance Holdings reports 6.4% organic growth in Q1

CRC, AmRisc and McGriff parent Truist Insurance Holdings (TIH) generated organic growth of 6.4 percent during the first quarter of 2021.

Amrisc rebrands wholesale division to Waypoint Wholesale

Truist’s managing general underwriter Amrisc Group has rebranded its wholesale division to Waypoint Wholesale.

Orchid’s CrossCover hires three AmRisc execs as it continues buildout

Newly launched managing general underwriter (MGU) CrossCover has added three senior AmRisc executives, including its CEO of wholesale, as the middle-market commercial property specialist continues its buildout.

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