ProSight reports strong growth in Q3ProSight Global – which completed an IPO in July – has announced adjusted operating income in the third quarter was $13.8mn, or $0.32 per diluted share, compared to $15.3mn or $0.39 in the prior year period.
ProSight investment income supports stable Q2 profitNewly floated US insurer ProSight Global reported second quarter operating profits of $14.2mn that were broadly flat with the prior-year period as lower underwriting income was offset by higher investment income.
ProSight IPO prices below expected range in downsized offeringUS program insurer ProSight Global has set the pricing of its initial public offering (IPO) at $14.00 per share, $2.00 below the initial $16.00 - $18.00 expected range it released earlier this month.
ProSight begins IPO with pricing expected at $16-18 a shareInvestors including Goldman Sachs and TPH Capital Management will sell up to 6.62mn of shares in ProSight Global as part of an IPO that could be valued as high as $183mn, before underwriting discount and expenses.
Beneducci steps away from CEO role at ProSight; set for May ’20 exitProSight founder Joe Beneducci has relinquished his CEO role at the US carrier with COO Larry Hannon taking the position with immediate effect.
ProSight Direct adds 20 new classesProSight Specialty Insurance has expanded its online direct-to-consumer small business insurance platform with the addition of 20 new classes of business.
Prosight’s 2018 profit up on low cat losses and $5mn reserve releaseUS specialty insurer Prosight reported a combined ratio in 2018 of 96.7 percent, an improvement from the 99.7 percent in 2017.
“Motivated buyer” Hamilton keen to bolster struggling Lloyd’s platformBermudian (re)insurer Hamilton’s Syndicate 3334 is one of the worst performing Lloyd’s syndicates and this may part-explain the news earlier today that it is the front runner in the process to acquire Liberty Group’s up-for-sale Pembroke Managing Agency.
ProSight posts ‘record’ profit in first Q4 since exiting Lloyd’sPrivate equity-backed carrier ProSight posted a $26mn profit for the final quarter of 2017, making it the most profitable year-end three-month period on record for the firm.
R&Q confirms commitment to Lloyd’s run-off with ProSight dealLegacy specialist R&Q has agreed its first Lloyd’s run-off deal in five years with the announcement this morning (30 October) that it has acquired ProSight’s Lloyd’s operations including its managing agency, corporate members and its run-off Syndicate 1110