Core Specialty

Core Specialty acquires renewal rights of American National’s specialty markets group

Core Specialty has broadened its product capabilities after agreeing a deal to acquire the renewal rights and unearned premium reserve of American National Group’s specialty markets group.

Amwins names Core Specialty’s Lancer as carrier on two trucking programs

Amwins Underwriting has announced a new carrier relationship with Lancer Insurance Company on two trucking programs provided through Amwins Transportation Underwriters.

Gramercy Risk secures Core Specialty investment and capacity

Gramercy Risk Holdings is set to receive a minority investment from Core Specialty, with the insurer also offering capacity to MGA subsidiary Gramercy Risk Management.

Aspen pivot to potential SiriusPoint deal a possible bellwether for other 2024 IPOs

Specialty businesses eyeing public listings in 2024 have been keen observers of Aspen’s proposed IPO, so news of reverse merger talks with SiriusPoint – and underwhelming flotations by Fidelis and Hamilton in 2023 – could signal a chill on the IPO market this year.

Core Specialty completes acquisition of ANAT to form medical stop-loss division

Core Specialty has completed its acquisition of the MGU/stop loss business of American National Group (ANAT).

Core Specialty adds new division with American Surety acquisition

Core Specialty has agreed a stock and cash deal to acquire American Surety Company, a transaction that will see the Jeff Consolino-led business form a new bond, credit and guarantee subsegment.

Core Specialty considering joining the ranks of specialty P&C IPOs

If Core Specialty decides later this year to go forward with a public listing – which could value the firm at more than $2bn – it will be another test of investor sentiment towards the group of start-ups and recapitalised companies that emerged in recent years to target hard market conditions.

UPDATE: Core Specialty expected to line up banks as it considers IPO

Core Specialty is expected to line up potential banking advisors later this year as it weighs up a public listing of the rebooted former StarStone US business, The Insurer understands.

Core Specialty acquires Conifer’s $48mn GWP security/alarm business

Core Specialty Insurance Holdings has entered into a series of transactions with Conifer Holdings to acquire its security and alarm business, which produced $48mn in gross written premium in 2022.

Core Specialty enters mortgage reinsurance with Enact collaboration

Core Specialty Insurance Holdings has entered the mortgage reinsurance market in collaboration with Enact Holdings, with the Jeff Consolino-led insurer providing excess of loss reinsurance on selected Freddie Mac and Fannie Mae mortgages.

Distinguished fine art and collectibles program set to raise capacity to $100mn

Distinguished Programs newly launched fine art and collectibles program is poised to raise the capacity it can offer to $100mn – an increase of $45mn – as it secures additional reinsurance support behind fronting carrier Core Specialty.

Distinguished fine art and collectibles program launches with Core Specialty paper

Aquiline-backed Distinguished Programs has officially launched its fine art and collectibles offering on the AM Best A- paper of Core Specialty, supported by major insurers in the US and London, with a team led by former Axa XL executive Patrick Drummond.

Core Specialty to acquire ANAT’s $300mn-premium stop-loss MGU business

Core Specialty has announced the acquisition of the MGU/medical stop-loss business of Brookfield Re-owned American National Group, which will represent the 13th specialty business unit for the Jeff Consolino-led insurer.

Hallmark cut from A- and expects $25mn-$35mn loss from Darag LPT arbitration award

Hallmark Financial has been downgraded to B++ (Good) by AM Best, with the Dallas-based insurer lining up a partnership with an A rated carrier as a result and also revealing it is expecting a loss of $25mn to $35mn from an arbitration award in its dispute with Darag over a loss portfolio transfer (LPT).

Corvus and Core Specialty strike capacity deal for $5mn XS tech E&O and cyber program

Corvus and Core Specialty have reached an agreement for a new excess tech E&O and cyber program that will offer up to $5mn in limits for businesses with revenues up to $500mn, in a deal that marks the specialty insurer’s entry into writing cyber.

Stone Ridge unveils new crypto MGA Proof Insurance Solutions with Core capacity

Stone Ridge Asset Management has formally launched its new MGA - Proof Insurance Solutions - backed by underwriting capacity from Core Specialty and led by former TransRe CEO Mike Sapnar, as it looks to capitalize on the ongoing dislocation in crypto, The Insurer can reveal.

Core Specialty among Argo suitors as strategic review process reaches advanced stages

The sale process for Argo is thought to be at an advanced stage with Core Specialty viewed as a potential frontrunner to buy the specialty carrier, The Insurer can reveal.

Core Specialty adds Enstar’s Ni as director with Campbell stepping down

Core Specialty director Robert Campbell has stepped down from the carrier’s board and been succeeded by Enstar chief strategy officer David Ni.

Hallmark shares drop after Core Specialty E&S deal as AM Best places FSR under review

Hallmark Financial Services’ stock fell 18.1 percent on Friday as investors responded to the sale of its E&S business to Core Specialty in a $59.9mn deal, while AM Best has placed the Dallas, Texas-based carrier’s A- financial strength rating under review with negative implications.

Core Specialty to become top 20 E&S player with Hallmark specialty deal

Core Specialty has confirmed the acquisition of certain Hallmark Financial Services’ commercial specialty operations in a $59.9mn transaction, with the deal elevating the Jeff Consolino- and Ed Noonan-led company into a top 20 excess and surplus (E&S) lines carrier based on 2021 data.

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