CRC hires trio from JM Wilson, B&W and HinterlandWholesaler CRC Group has added Cory Gibson, Clark Miller, and Andrew Perez to its offices in Tampa, Dallas, and Denver, respectively.
Beat launches Dupre-led Fallow Grove for US E&S marketAmbac Financial-owned Beat Capital Partners has launched US-based managing general agent Fallow Grove Insurance Services with Brett Dupre as president and CEO.
Acrisure hires Ardonagh’s Scope to lead new Bermuda unitAcrisure has launched a wholesale broking division in Bermuda, with Paul Scope joining from Ardonagh Specialty to lead the unit.
Allied World goes wholesale-only on primary casualty for construction project and wrap-upsAllied World has taken the step of using exclusively wholesale distribution for the commercial project and wrap-up policies written by its primary casualty construction team, E&S Insurer can reveal.
Price Forbes Asia appoints Russell to lead ANZ wholesalePrice Forbes Asia has appointed Thomas Russell as director and head of its Australian and New Zealand wholesale business.
B&W’s Danny Kaufman: Wholesaler has been growing 20% every month in 2024Burns & Wilcox president Danny Kaufman said that the wholesaler has posted over 20 percent growth every month this year through August, with policy count rather than rate a major driver of the increase, as he also highlighted international expansion as a priority.
Tech-enabled wholesaler Arqu raises $10mn in Series A with Intact, Lightspeed backingTech-enabled wholesaler Arqu has raised $10mn in a Series A funding round led by Crosslink Capital and backing from Intact Ventures along with existing investors Lightspeed Venture Partners, and Nationwide Ventures, The Insurer can reveal.
Westfield Specialty extends wholesale commitment with dedicated UW teamsWestfield Specialty is building dedicated wholesale underwriting teams in US financial lines and professional liability for cyber and E&O as it doubles down on its commitment to the distribution channel as part of its growth strategy, E&S Insurer can reveal.
Everest rebrands wholesale business as Evolution under BuonpaneEverest Evolution has been unveiled as the new brand for the carrier’s fast-growing US wholesale business, which was brought together a year ago as a single unit with a dedicated offering to distribution partners.
Cyber wholesalers unsure whether recent events will “move the needle” on pricingCyber market reports from wholesalers Amwins and Risk Placement Services show a soft market despite several high-profile events and increased ransomware activity, with new entrants and existing carriers showing a willingness to offer up to $10mn in limits.
Ryan Specialty closes US Assure and Greenhill acquisitionsRyan Specialty has completed its previously announced acquisitions of US Assure and Greenhill Underwriting Insurance Services, deals which will significantly bolster the firm’s MGU operations.
Hudson hires Everest’s Hartley as head of US wholesale casualtyHudson Insurance Group has hired Casey Hartley to lead its US wholesale casualty business, with the executive joining the Odyssey Group subsidiary following three years at Everest Insurance.
Jencap adds Markel’s Gavlick to lead carrier relations and client distributionWholesale broker Jencap has hired Sarah Gavlick as executive vice president of carrier relations and client distribution, which follows The Insurer revealing she had left Markel in January.
Everest appoints Buonpane to lead US wholesale and programs businessEverest Insurance has ended the search for an executive to lead its US wholesale and programs business with the internal appointment of Stephen Buonpane, and has named Danielle Stewart as the unit’s COO.
Ryan Specialty share price closes up 10% after Q2 beat and raised guidanceShares in Ryan Specialty traded up 10 percent after the wholesale giant reported an earnings beat on Thursday evening, raised full-year 2024 guidance, provided a bullish outlook on the E&S market and unveiled the acquisition of US Assure for up to $1.5bn.
Tim Turner: Property risks remaining in E&S market as casualty inflow increasesRyan Specialty’s incoming CEO Tim Turner has said that flow of business into the non-admitted market will continue to be a significant driver of growth at the wholesaler, with property risks remaining in the E&S market despite moderating rates, and more casualty risks coming in.
Ryan Specialty could pay up to $1.5bn on “immediately accretive” US Assure dealRyan Specialty has paid $1.075bn up front for US Assure, or 12.8x its trailing 12 months Ebitda, with consideration potentially rising to $1.475bn for the builder’s risk specialist in a transaction hailed as the most significant enhancement to its programs business since it acquired All Risks in 2020.
Ryan Specialty Q2 organic growth accelerates to 14.2% as it ekes out earnings beatRyan Specialty’s organic growth accelerated to 14.2 percent in Q2 2023 – up from the previous quarter’s 13.7 percent – while its adjusted Ebitdac margin increased 2.4 points year on year to 35.6 percent.
CRC and INSUREtrust launch cyber excess facilityWholesale broker CRC Group has launched Cyber.IE, an exclusive excess product available through the newly formed CRC/INSUREtrust cyber practice group.
Gallagher appoints Howden’s Eaton to US-focused cargo roleGallagher has appointed Howden executive Jonathan Eaton as executive director in a senior US-focused cargo role.