Wholesale

MRSI adds LPL offering to growing suite

Munich Re Specialty Insurance (MRSI) has launched a lawyers professional liability (LPL) product aimed at mid-size law firms as the carrier continues to add offerings to its expansive US platform.

Worldwide Facilities buys professional liability MGU Hunt Jorgensen

US wholesale broker, MGA and program underwriter Worldwide Facilities has acquired Hunt Jorgensen, a managing general underwriter specializing in professional liability insurance and related risk management services.

Axa XL shutters Dublin excess casualty unit and restructures in the US

Axa XL has closed its Dublin, Ireland based excess casualty underwriting centre and also realigned the management of its E&S primary and excess casualty units to report into overall product line heads, The Insurer can reveal.

Boston Insurance Brokerage names Driscoll CEO

Wholesaler Boston Insurance Brokerage has promoted Keith Driscoll to CEO, stepping up from his previous position as chief operating officer.

Amrisc rebrands wholesale division to Waypoint Wholesale

Truist’s managing general underwriter Amrisc Group has rebranded its wholesale division to Waypoint Wholesale.

Denali Specialty hires Krutek to head brokerage operations

Start-up MGA and wholesale brokerage platform Denali Specialty Group has hired former RPS executive Paul Krutek as president of its brokerage operations, The Insurer can reveal.

Johnson named Smith’s successor as president of RT Binding

RT Specialty has announced that Seth Johnson will become president of RT Binding Authority at the start of 2021, succeeding Scott Smith, who had previously announced he would retire.

Comment: E&S outlook underrated

AM Best holds a negative outlook on the US surplus lines sector. But the data for the first half of 2020 shows strong momentum, despite the challenges of Covid-19.

New capital raised so far unlikely to change E&S market dynamics

While capacity from new entrants is welcome in the hardening E&S market, it has not reached levels that will alter current dynamics, according to AmWINS president James Drinkwater.

Sirius plans to launch E&S platform in 2020

Sirius Group has been working on a new E&S insurance platform that it hopes to go live with later this year as it continues to add capabilities ahead of its combination with Third Point Re in Q1 2021, The Insurer can reveal.

Only a handful of casualty carriers now willing to quote lead excess layers: RPS

The board firming in the US casualty insurance market across the umbrella/excess liability line is expected to continue during the remainder of this year and into 2021, according to a new report from Risk Placement Services (RPS).

R-T Specialty hires CRC’s Johnston to set up Birmingham office

Senior property broker Mason Johnston has joined R-T Specialty to establish and be president of its Birmingham, Alabama office.

RSG closes All Risks acquisition

Wholesale brokerage and managed underwriting firms Ryan Specialty Group (RSG) and All Risks have completed their merger, creating an entity that is projected to handle nearly $15bn in premium during 2020.

HIIG launches E&S brokerage unit with Boland hire

Houston International Insurance Group (HIIG) has launched an excess and surplus (E&S) lines brokerage business unit led by Mark Boland, former president of E&S at The Hanover.

Ironshore brings in Argo’s Killimett to lead wholesale environment unit

Ironshore has brought in Kelly Killimett from Argo to lead its newly formed wholesale environmental team.

P&C market most rapid changing in a generation in Q2: Burns & Wilcox

The US P&C insurance market in Q2 will be looked back upon as having been “the most rapid changing in a generation” amid Covid-19, with some segments like excess liability harder than they have been since the mid-80s, according to wholesale broker Burns & Wilcox.

One80 launches pandemic policy with up to $100mn limits

US wholesale broker and program manager One80 Intermediaries has revealed a new insurance policy underwritten in the London market that it believes is among the most accessible solutions for risks arising from pandemics and epidemics.

Kessler to retire from Westchester as Meyer steps up

Scott Meyer will take over as the president of Chubb’s E&S insurance platform Westchester with Bruce Kessler moving to a chairman role at the unit before retiring at the end of the year. Meyer will be replaced as president of Chubb’s North America financial lines business by Steven Goldman.

Ryan Specialty to fund All Risks deal out of new $2bn credit facility and loan

Moody’s has assigned B1 ratings to Ryan Specialty Group’s (RSG) new $300mn five-year senior secured credit facility and $1.65bn seven-year secured term loan which will be used to fund its purchase of rival wholesaler All Risks and repay existing debt.

Brown & Riding appoints Turner CTO

Brown & Riding has appointed Nathaniel Turner as chief technology officer in a role which gives him responsibility for overseeing the company’s entire technology needs.

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