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Insuramore: Global delegated authority premiums hit $100bn in 2020

2021-09-16T02:39:00+01:00

Premiums in the global delegated underwriting authority market totalled $100bn in 2020, according to estimates from Insuramore, with revenues generated by MGAs, MGUs and coverholder groups hitting $12.5bn fuelled by growth in E&S lines and mounting interest in specialist risk classes such as cyber.

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Corvus reveals SiriusPoint UW partnership with middle market cyber program

2021-09-15T19:00:00+01:00

Corvus Insurance and SiriusPoint have announced a strategic investment and multi-year underwriting capacity partnership, with an initial cyber program fronted by R&Q’s Accredited that the insurtech’s management explained to The Insurer will sit alongside its existing cyber offering with Hudson Insurance Group.

Steel City Re and Tokio Marine Kiln

Steel City Re partners with Tokio Marine Kiln for new ESG protection

2021-09-15T00:04:00+01:00

Reputation parametric insurance specialist Steel City Re has launched a new ESG-focused product having secured capacity backing from long-term supporter Tokio Marine Kiln.

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Alera’s Shomer secures Lloyd’s support for new senior living program

2021-09-14T18:57:00+01:00

Alera Group’s healthcare-focused subsidiary Shomer Insurance Services has secured Lloyd’s reinsurance capacity for a new senior care-focused general and professional liability (GLPL) insurance program as clients look for new options with rates remaining high and carriers having cut back coverage.

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Propel and Zurich partner on manufactured housing program

2021-09-14T18:38:00+01:00

Flexpoint Ford-backed retail insurance agency Propel Insurance has finalised a new manufactured housing program called MHC Pro in collaboration with Zurich North America.

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Palomar launches fronting business PLMR-FRONT

2021-09-08T21:42:00+01:00

California-based specialty insurer Palomar Holdings has entered the fronting sector of the US market with the launch of PLMR-FRONT.

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Dual’s EIURS partners with Intact for inland marine expansion

2021-09-08T19:44:00+01:00

Dual North America subsidiary Energy, Industrial, and Utility Risk Solutions (EIURS) is expanding its inland marine coverage by adding casualty products for the energy, environmental, and contractors sectors on the AM Best A+ paper of Intact Insurance Specialty Solutions.

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Crusader and State National unit terminate quota share

2021-09-08T16:51:00+01:00

Unico America Corporation, which has launched a strategic review, has revealed that its subsidiary Crusader Insurance Company and State National subsidiary United Specialty Insurance Company have terminated their quota share reinsurance agreement.

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Unico American retains TigerRisk for strategic review

2021-09-07T21:34:00+01:00

The board of Unico American Corporation has authorized a review of strategic alternatives aimed at enhancing shareholder value, with TigerRisk Capital Markets & Advisory retained as financial advisor, a move that follows AM Best last month downgrading its subsidiary Crusader Insurance.

Mcgowan and Country Financial

McGowan to buy Country Financial’s habitational underwriter MiddleOak

2021-09-02T00:58:00+01:00

Program administrator The McGowan Companies has entered into an agreement with Country Financial to transfer the assets, including the renewal rights, of commercial habitational underwriter MiddleOak and wholesale broker Dauntless Specialty Brokerage to McGowan.

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Clear Blue pulls sales process as PE bids fall short of expectations

2021-08-31T21:08:00+01:00

Clear Blue and its majority owner Pine Brook have cancelled the Evercore-run sales process for the hybrid fronting carrier after final bids from private equity firms didn’t match expectations based on its growth trajectory, The Insurer can reveal.

Alan Quilter – Accredited

Accredited enjoys the fruits of buoyant program market but lays credit to years of patience and back-office build-out

2021-08-26T14:07:00+01:00

The rapid expansion of the US fronting and program management sector over the past 12-18 months has been a positive feature of the P&C industry at a time of Covid gloom.

Incline

Incline hires CFO and CRO to help drive growth

2021-08-25T14:23:00+01:00

Fast-growing insurance program market services firm Incline P&C Group has announced a series of hires including former Covariance Capital Management executive Sheel Patel as chief financial officer.

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Accredited America postpones September symposium

2021-08-24T14:21:00+01:00

Accredited America has postponed its inaugural event for MGAs, program administrators, reinsurers, reinsurance brokers, TPAs and other market constituents that was scheduled to take place next month in Jacksonville, Florida in an early sign that the US fall conference season could again be disrupted.

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AM Best downgrades Crusader again and warns over parent’s liquidity

2021-08-20T21:51:00+01:00

AM Best has downgraded Californian program carrier Crusader Insurance Company for the second time in less than three years as it highlighted persistent erosion of policyholders surplus as a result of continued operating losses and concerns over the liquidity of its parent, Unico American Corporation.

Chris McClellan Incline

Incline working with Barclays to raise capital as targets $1bn volume in 2022

2021-08-20T15:24:00+01:00

Incline P&C is seeking to raise additional capital as the insurance program market services firm looks to grow to around $1bn of premium volume in 2022 and acquire an E&S carrier after recently adding programs with insurtechs Hippo and Root, The Insurer can reveal.

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Specialty Program Group’s Capital Special Risks promotes Sedliak to president

2021-08-18T19:04:00+01:00

Specialty Program Group’s E&O and management liability focused-platform Capitol Special Risks (CSR) has promoted Amanda Sedliak to president, succeeding Dorothea Westin who is transitioning to a new role.

Rick McCathron – Hippo

Hippo’s McCathron says diversification will reduce loss ratio as share price slides on Q2 spike

2021-08-17T14:09:00+01:00

The president of Hippo has stressed that the homeowners insurtech’s loss ratio will improve over time as a result of growth and diversification, with investors sending its shares down over 8 percent in trading on Tuesday following a jump in the Q2 loss ratio to 161 percent. 

Obsidian and Safe Lease

Obsidian partners with SafeLease on tenant protection program

2021-08-17T14:10:00+01:00

Hybrid fronting carrier Obsidian Insurance Holdings has teamed up with SafeLease Insurance Services to launch a tenant protection program.

Dual Align Howden

Howden: $800mn Align deal “takes Dual to a new level”

2021-08-13T06:34:00+01:00

David Howden said Dual’s acquisition of Align Financial Holdings will create a combined underwriting platform “like no other MGA” after revealing the group paid $800mn for the deal.

Trean Insurance Group

Trean share price plummets 29% after Q2 earnings miss

2021-08-12T18:20:00+01:00

Trean Insurance Group’s share price plunged more than 29 percent on Thursday as shareholders responded to the hybrid MGA and carrier platform’s second quarter results that failed to match analysts’ consensus.