Specialty

PIB Group names Colosso specialty chair in management overhaul

Private equity-backed PIB Group has appointed Adrian Colosso as chairman of its specialty division as part of a series of high-profile executive changes designed to prepare the broker consolidator for continued expansion in the UK and international markets.

Surge in claims severity drives Kemper to big loss

Kemper has said that corrective actions including rate filings at the start of this year will take time to earn through after it reported a fourth quarter net operating loss of $130.8mn driven by a significant and rapid rise in loss trend at the time of the economy re-opening.

Champlain unveils leadership and confirms $80mn WestCongress transition

Champlain Insurance Group (CIG) has confirmed that it will begin transitioning the $80mn+ in gross premium written by affiliated program administrator WestCongress onto the newly rated AM Best A- paper of its E&S carrier Champlain Specialty as it also unveiled its executive team.

CAC Specialty doubles revenue in 2021 to over $100mn

CAC Specialty is well ahead of its five-year strategic plan with the broker having doubled its revenue in 2021 to over $100mn as each of its specialty practices exceeded their budget, The Insurer can reveal.

GuideOne’s casualty head Schiavone takes team to Hub’s SPG

GuideOne’s head of casualty Derek Schiavone and his excess team are leaving the carrier to join Hub International-owned Specialty Program Group, The Insurer can reveal.

Argo disposes of Malta unit as pivot to US-focused specialty insurer continues

Bermudian carrier Argo has sold its Malta business – ArgoGlobal Holdings (Malta) – and its subsidiaries to run-off specialist RiverStone as the carrier reshapes itself as a US-focused specialty insurer.

Sompo Intl and Westfield Specialty end hiring dispute

The litigation brought by Sompo International against Westfield Specialty and its parent has been brought to a close, with the parties agreeing to dismiss all claims related to the new specialty insurer’s hire of at least 14 employees from the Sompo subsidiary.

Ambac takes CapSpecialty’s McGinnis as COO

Expansive US specialty insurance platform Ambac has hired Dan McGinnis as senior managing director and chief operating officer from CapSpecialty.

IGI aims to become go-to contingency market for Middle East region

International General Insurance Holdings (IGI) has targeted major growth in its recently-launched contingency portfolio in the year ahead on the back of “extreme dislocation” in the class.

M&A insurance specialist Fusion launches US MGA and hires veteran England

Specialty MGA Fusion has launched a new US-based insurance entity and hired former Ryan Specialty Group, Ironshore and AIG veteran Steven England as executive vice president and partner with a remit to grow its M&A insurance capabilities and drive partnerships in other lines of business.

New E&S carrier Richmond National launched with $70mn of capital

Investment banking specialist Joe Kavanagh has launched A- rated excess and surplus lines carrier Richmond National Insurance Company (RNIC) having secured more than $70mn of equity capital and recruited a team of largely former Kinsale or Markel executives.

Tiptree shares surge as Warburg common stock investment values Fortegra at $691mn

The common stock element of Warburg Pincus’s $200mn investment in Fortegra values the specialty insurer at $691mn, with $60mn to be used to support growth opportunities, as investors responded to the deal by sending parent Tiptree’s share price up 29 percent in morning trading.

Skyward Specialty evaluating growth capital raising options for 2022

Skyward Specialty is considering various capital raising options for the first half of next year to support continued growth after the repositioning of its portfolio since the arrival of CEO Andrew Robinson almost 18 months ago, The Insurer can reveal.

KBW: Drought pushing US crop market to “below average” 2021 underwriting profits

The US crop insurance market is facing “below-average” full year underwriting profits as severe drought conditions take their toll, with KBW analysts highlighting American Financial Group (AFG), AIG and Chubb as companies in their coverage exposed to results in the primary crop insurance sector.

Upland readies for construction launch with Vela hires

Start-up specialty insurer Upland Capital Group is preparing to launch into its third line of business after recruiting a casualty construction underwriting team from Vela Insurance Services led by Carl Dowling, The Insurer can reveal.

Kuhn: Westfield Specialty binding business in four lines already

Westfield Specialty has quickly got up and running since launching in July, already putting business on the books in four of the five lines it has entered, with president Jack Kuhn telling this publication that the new venture is expected to be a “significant piece” of its 173-year-old parent’s portfolio.

Specialty treaty demand on the rise

Cincinnati Re’s head of specialty reinsurance Bill Lazzaro highlights specialty treaty opportunities.

The Hanover eyes specialty growth as it targets $7bn NWP by 2026

The Hanover Insurance Group has unveiled ambitious plans to grow its top line by 40 percent to $7bn by 2026 with a long-term return on equity target of 14 percent.

Miller: Marine hull now “a hard market” after repeated rate rises

Argo shares close up 4% on latest activist move

Shares in Argo Group closed up 4 percent Monday after activist investor Capital Returns wrote to the carrier’s board claiming that a full sale of the carrier could fetch at least $80 per share – or a 60 percent premium to book – and would be a more certain way to capture its inherent value than the “modest steps” taken by management so far.