Home | E&S Insurer

Article ID: ce0ee1f6f0991af3cb3ed15f07c6beeee5c597c934f5f840f94ad426f1ef8fcf

Source ID: primary:theinsurer.com

Published At: -

Extraction Method: bs4_heuristic

URL: https://www.theinsurer.com/e-and-s/

Body Text

Home | E&S Insurer Skip to main content E&S Insurer from Reuters The Insurer The Insurer TV Cyber Risk Sustainable Program Manager E&S Parametric Data Hub Sign in Subscribe News Digital Editions About Us Partners Subscribe Kinsale's Q4 combined ratio improves to 71.7% as GWP inches up 1.8% Property rates hold in high hazard, soften at low hazard, N2G executives say Lee Equity completes Arcadian buy-in as MGA prepares ML launch Vantage’s BurtonPerry says returning property capacity is letting buyers streamline limits and layers Ryan Specialty execs: 'Challenging' property insurance environment intensified in Q4 February 13, 2026 Ryan Specialty CEO Tim Turner said a rapidly softening property market weighed on fourth-quarter performance, but argued the broker’s diversified platform leaves it well positioned to navigate a shifting pricing cycle. Ryan Specialty views AI ‘as an ally, not as an adversary:’ Pat Ryan February 13, 2026 Responding to investor fears over the impact of ChatGPT on insurance brokers’ business models, Ryan Specialty chairman Pat Ryan has said he views artificial intelligence as “an ally” that “is going to help us serve our clients more effectively and faster.” Ryan Specialty organic growth slows to 6.6% in Q4 February 12, 2026 Ryan Specialty’s organic growth slowed and margins compressed in the fourth quarter as higher costs weighed on earnings, with the company expecting high-single-digit organic growth for 2026. Latest Articles Zurich’s McBride and Penwright warn data center cat exposure rising as project scale accelerates Avatar adds Markel to capacity panel after startup boosted by early broker support Axis’ McKenna says specialty build-out is driving growth as cycle turns uneven Everest CEO: Wholesale and specialty to be ‘more significant share’ of earnings mix Exclusive: K2 launches collateral protection insurance unit led by former AIG global IP head Delaney E&S Insurer from Reuters Welcome to this month's edition of E&S Insurer, your monthly digest of important developments in the E&S insurance space. Download full edition More Articles AM Best revises Coaction's outlook to positive on capital strength, reserve stabilization E&S to account for bigger part of Selective's premium volume going forward, says Marchioni Exclusive: Wright leaves Skyward to launch new inland marine MGA at Mission Underwriters WSIA: Stamping office surplus lines premium up 8% in 2025 to $90.3 billion Hope launches Tango E&S property program with Vantage as other new entrants line up Balance Partners on path to $500 million GWP following E&S property and construction launches Exclusive: Insurtech MGA Anzen winds down brokerage operations, cuts most staff months after announcing $16 million Series A Axis: Delegated underwriting now about 32% of insurance volume as carrier leans into MGUs and third-party capital Axis targets mid- to high-single-digit insurance growth as reinsurance volume may fall Market Data CRC REDY: broadly soft conditions continue for private D&O, E&O, EPL and cyber CRC REDY: property softening accelerates but double-digit umbrella/excess increases continue Upland Specialty: Hard E&S market conditions to remain in 2025 MarshBerry: E&S to equal or exceed 25% of total commercial US P&C market by 2026 AM Best: enduring E&S tailwinds mean abundant opportunities for new participants CA, FL and TX all book double-digit surplus lines growth in 2024 Analysis & Commentary Showing stories 1 to 3 of 20 Cannabis insurance market unstable amid complex regulations and rising claims The U.S. cannabis insurance market is growing but remains unstable, as federal rules, uneven financial results among operators and rising losses in key lines continue to limit insurers' willingness to expand. Product recall sector faces instability as new entrants drive down prices, buyer interest lags The product recall market is facing increasing instability, industry professionals warn, as low demand, an influx of new entrants and declining prices challenge its ability to adapt to evolving needs. E&S carriers in the M&A crosshairs? Through the long hard run the E&S sector has enjoyed in recent years, there has been limited M&A activity among carriers. Perhaps more surprisingly, there have also been very few true new balance sheet entrants, despite the attractive market conditions. Retail upheaval = hassle for wholesalers Howden’s alleged raid on Marsh last week has eaten up plenty of column inches (or pixels) already, as the London-based intermediary pursues ambitious plans to build a sizeable U.S. retail platform ahead of a planned IPO. The digital age… The dramatic swelling in size of the E&S market is well documented, driven by the surge in submissions into the wholesale channel which has broken records year after year. Disciplined growth This week several hundred market executives will converge on New York City for our back-to-back E&S Insurer and Program Manager conferences and awards. E&S property market succumbs to gravitational pull January's devastating California wildfires led at the time to some discussion about a potential moderating influence on E&S property rate softening. Risky business… As the industry continues to count the cost of the tragic and devastating LA wildfires, demand for E&S products in California is expected to further increase after years of retrenchment by admitted carriers. HNW homes, fine art and specie in focus as overall industry loss view escalates to $30bn-$50bn The growing volume of $10mn+ homes, fine art collections and other valuable assets destroyed by wildfires raging in and around Los Angeles means the profile and distribution of a rapidly escalating industry loss is likely to be atypical compared to other recent catastrophic events. Potential for record CA wildfire event for industry but market changes add complexity over loss distribution Analysts at rating agencies and investment banks as well as other industry sources suggest the Los Angeles wildfires will rank among the most destructive in California’s history – and will possibly be the largest ever insured loss from the peril, with JP Morgan doubling its estimate to $20bn. Meeting the casualty need… It was no surprise that US casualty was one of the dominant themes of the recent Q3 earnings season. Flow vs rate Late last month we highlighted some of the themes that were expected to drive discussions as another record attendance descended on San Diego for the WSIA Annual Marketplace 2024. Bulls still dominating… Nothing lasts forever. The good times always end. Or so conventional wisdom goes. The multispeed marketplace… Five years ago, the wider US commercial P&C insurance market was in the throes of a broad firming that led to a lengthy hard environment, as carriers exercised limits shortening and an aggressive push for higher rates almost in lockstep across multiple lines. Still funding E&S opportunities… Much of the market commentary so far in 2024 has been around shifting conditions and whether they may herald a slowdown of the significant growth seen in recent years in the E&S sector. Leaders bullish on E&S despite property slowdown Property casualty leaders remain bullish about the E&S space but have noted shifting dynamics as property rate increases slow while submissions remain strong for casualty. A partial reprieve or a non-issue? John Doyle’s comment on Marsh McLennan’s earnings call last week that the firm is not looking to build a third-party wholesale business at its recently launched Victor Access arm is likely to have been viewed positively by large wholesalers fearful of the broking giant’s ambitions. No room for complacency… Late last August, just before the WSIA Annual Marketplace, this publication highlighted the importance of "guarding the goose that laid the golden egg”, as we put it. CRC REDY: E&S property pricing rehardens in November and December Anecdotal evidence of a meaningful acceleration in E&S property pricing increases through the last couple of months of 2022 has been proven out in the latest REDY Index data from broker CRC Group, with the firm warning adjustments to terms and conditions and pricing should accelerate through 2023. The spectre of regulatory overreach--- Last summer, ahead of the WSIA Annual Marketplace, this publication raised concerns about the threat of regulatory risk for the fast-growing E&S market as its expanding role in the wider P&C industry raises its profile with lawmakers. Business Line Focus E&S property softening accelerates amid early signs of flow to admitted markets CRC REDY: Private D&O to remain soft in ’25 but cyber shift expected in Q2/Q3 CRC REDY: Property pricing future uncertain despite flattening as excess/umbrella increases steady RPS: Lead US casualty capacity tight but rates stabilising in excess layers Amwins: D&O market stabilisation “may be on the horizon” Amwins: Primary casualty rate increases to hit double digits in 2025 M&A Showing stories 1 to 3 of 20 Lee Equity completes Arcadian buy-in as MGA prepares ML launch The deal for Lee Equity Partners to buy out SiriusPoint’s stake in Arcadian Risk Capital has closed, with management selling a portion of their holdings in the expansive MGA platform and rolling the rest in the transaction, which valued the John Boylan-founded business at 15-times earnings. Axis sees ‘changing,' not soft, market as casualty, cyber discipline holds into 2026 Axis Capital executives said they remain disciplined on pricing and appetite despite pockets of softening, arguing that current conditions across insurance and reinsurance reflect a “changing market” rather than a broad-based downturn. The E&S market in 2026: where micro and macro forces meet After the longest ever period of attractive market conditions for E&S carriers, wholesale brokers and MGAs, the U.S. surplus lines segment has entered 2026 with arguably more questions than answers about the headwinds and tailwinds that will shape its fortunes and growth trajectory into the future. California-based ISC acquires SBS in its ongoing wholesale expansion California-based Integrated Specialty Coverages (ISC) announced on Tuesday that it has acquired Ohio-based wholesale brokerage Specialty Brokerage Services (SBS). Exclusive: NormanMax to kick off Stonybrook-led capital raise as looks to scale parametric platform Stonybrook Capital is set to lead a capital raise for parametric insurance platform NormanMax this month as the group looks to accelerate growth, consolidate smaller teams and expand a platform that already spans a U.S. E&S carrier, a Lloyd’s syndicate and multiple MGAs, sources familiar with the matter said. CRC Group’s Obenauer sees ‘no limit’ on deal size as M&A pipeline deepens CRC Group sees no practical limit on its appetite for acquisitions and describes its M&A pipeline as “deeper than ever,” with more opportunities emerging on the MGA underwriting side alongside continued interest in wholesale brokerage deals, chief executive Dave Obenauer said. Obenauer says R&W insurance has become ‘default’ as CRC doubles down on MGA model Transactional liability insurance has shifted from an optional purchase to a default feature of large deals, Dave Obenauer said, as CRC Group prioritizes MGA underwriting, proprietary products and de novo program launches over pure scale. Obenauer: Euclid deal fills ‘white space’ as CRC moves into transactional liability in a ‘really big way’ CRC Group’s acquisition of Euclid Transactional fills a “white space” in its underwriting platform and pushes the group decisively into transactional liability as an MGA, while accelerating international expansion is now possible following its exit from bank ownership, chief executive Dave Obenauer said. CRC Group to buy Euclid Transactional in major push into global transactional risk CRC Group has struck a deal to acquire Euclid Transactional, one of the world’s largest underwriting platforms for M&A-related insurance, in a move that significantly expands the wholesaler’s footprint in the fast-growing transactional risk market. Balance Partners buys commercial real estate excess casualty MGU CURE Programs BV Investment Partners-backed Balance Partners has sealed its second acquisition with a deal for MGU CURE Programs, which specializes in excess casualty offerings in the commercial real estate sector, allowing for excess towers of up to $20 million in coverage. MarshBerry: US specialty brokerage M&A holds steady in 2025 amid supply squeeze U.S. specialty insurance brokerage M&A activity held level with last year through the third quarter, but a shortage of high-quality sellers and rising competition among buyers continue to cap deal volume, according to MarshBerry’s latest market update. AmFam Ventures’ Mansell: Insurtech deal flow surges as exits accelerate and ‘wave two’ founders return AmFam Ventures principal Mike Mansell said insurtech market conditions are “incredibly robust”, with deal flow accelerating, exits picking up and a new wave of “second act” founders returning with experience that investors value. Skyward to maintain underwriting discipline amid growing competition Skyward Specialty Insurance CEO Andrew Robinson said the company is maintaining underwriting discipline as competition intensifies across the property and casualty market, while it prepares to close its pending Apollo acquisition in early 2026. Further market interest in Markel-type reinsurance deals, says Ryan There is more interest from companies looking to sell their non-core reinsurance operations and undertake similar deals to the one that Markel struck with Nationwide and Ryan Specialty earlier this year, according to Pat Ryan. McGowan’s Limit acquisition aims to scale tech-enabled wholesale growth while keeping agility edge McGowan Companies’ recent acquisition of digital wholesale platform Limit marks a major step in the family-owned specialty intermediary’s plan to scale its tech-enabled distribution footprint while preserving the speed and independence that have long defined its culture, according to executives from the two businesses. Exclusive: Hazelton to exit Everest as retail sale to AIG prompts restructuring; job cuts expected Everest Insurance’s president for North America, Bill Hazelton, is leaving the company by the end of this week following its $2 billion renewal rights sale of the global retail commercial business to AIG, according to people familiar with the matter. Lee Equity investment to accelerate Arcadian’s expansion into new lines and geographies Lee Equity Partners' investment in Arcadian Risk Capital is an “important milestone” for the MGA and will “accelerate” its continued expansion into new lines of business and geographies, the companies said in a statement. SiriusPoint confirms Arcadian stake sale to Lee Equity Partners for $139 million SiriusPoint has agreed to sell its 49% equity stake in Arcadian Risk Capital to Lee Equity Partners for $139 million but will continue to provide its paper to the John Boylan-led MGA after renewing and extending its capacity deal until the end of 2031. Amwins buys credit insurance MGA Applied Risk Capital Specialty insurance distributor Amwins has acquired Applied Risk Capital (ARC), a MGA focused on credit insurance for the leveraged finance market, the company said on Thursday. Exclusive: DB Insurance to acquire Fortegra in $1.65 billion deal, Warburg Pincus to exit stake South Korea’s DB Insurance has agreed to acquire Fortegra in a deal valuing the U.S. specialty carrier at around $1.65 billion, people familiar with the matter told The Insurer. Interview & Profile Showing stories 1 to 3 of 20 Zurich’s McBride and Penwright warn data center cat exposure rising as project scale accelerates The rapid scale-up of U.S. data center construction is creating new aggregation and catastrophe exposure challenges for insurers, as projects grow larger, cluster in cat-exposed regions and move faster from build-out to operations, according to Zurich’s Patrick McBride. CRC Group’s Obenauer sees ‘no limit’ on deal size as M&A pipeline deepens CRC Group sees no practical limit on its appetite for acquisitions and describes its M&A pipeline as “deeper than ever,” with more opportunities emerging on the MGA underwriting side alongside continued interest in wholesale brokerage deals, chief executive Dave Obenauer said. Obenauer says R&W insurance has become ‘default’ as CRC doubles down on MGA model Transactional liability insurance has shifted from an optional purchase to a default feature of large deals, Dave Obenauer said, as CRC Group prioritizes MGA underwriting, proprietary products and de novo program launches over pure scale. Obenauer: Euclid deal fills ‘white space’ as CRC moves into transactional liability in a ‘really big way’ CRC Group’s acquisition of Euclid Transactional fills a “white space” in its underwriting platform and pushes the group decisively into transactional liability as an MGA, while accelerating international expansion is now possible following its exit from bank ownership, chief executive Dave Obenauer said. Novella targets middle-market verticals with AI-native wholesaler model and appetite-matching engine Novella says it can deliver faster, higher-confidence submissions than both incumbent wholesalers and early digital entrants as it builds an AI-native wholesale platform focused on larger, harder-to-place middle-market risks. Westfield Specialty’s Hannan: Dual-track program model and tech-driven efficiency redefine the MGA playbook Westfield Specialty’s chief of corporate underwriting, Ray Hannan, said the company is building a two-track program model across both admitted and surplus lines business while expanding partnerships with MGAs that offer niche expertise, specialized technology or unique distribution access. Hamilton Select CEO: Opportunities for profitable growth remain in E&S market Despite increased competition, Hamilton Select is continuing to see opportunities for profitable growth in the U.S. E&S market, with its focus on the hard-to-place small-to-mid-sized account segment, according to the carrier’s CEO Anita Kuchma. Flow’s Iram says insurtech’s AI-led placement model aims to triple small-commercial profitability Flow CEO Sivan Iram said the insurtech’s pivot from an SME digital wholesaler to an artificial intelligence-driven placement platform is transforming the economics of small-commercial insurance, enabling brokers and agents to handle 10 times more accounts with higher margins. MGT founders: ‘Neo-insurer’ pairs full-stack control with two-minute quoting after $21.6 million Series B MGT Insurance co-founders and co-CEOs Graham Topol and Michael Topol said the “neo-insurer” aims to reinvent small-business coverage by combining full-stack carrier control with proprietary technology that cuts quoting time from two weeks to two minutes – and does so profitably. Coaction’s Narayanam says tech platform drives $1.5 billion specialty push Coaction Specialty has built a tech backbone that not only underpins its path towards $1.5 billion of premium in 2025 but also gives it the flexibility to pursue acquisitions, be acquired or go public, its head of technology Ramana Narayanam said. QuoteWell CEO Bouchard takes aim at wholesale brokerage top-tier QuoteWell aims to become a top-tier wholesale brokerage by blending human relationships with its proprietary technology, its CEO Joey Bouchard said. Everest Evolution eyes construction opportunities after building firm foundation for wholesale platform Having spent much of its first year of operation setting its foundation, Everest Evolution is now primed for growth in its core lines of business with construction firmly in focus, Stephen Buonpane has told E&S Insurer. Zurich North America firmly focused on continued E&S SME push, says Lewis Zurich North America remains focused on broadening its E&S appetite beyond its historic large-account focus and further into the SME space, unit head Christopher Lewis told this publication. MSI’s Carlisle: MGA tops $1.2 billion premium, launches new lines, retools wildfire models MSI has pushed past $1.2 billion in premium as it scales programs, invests in claims and tech, and recalibrates wildfire underwriting after taking losses in California. Brown & Riding: Property submissions climb 10% even as rates drop 5% to 10% Brown & Riding chief operating officer Mike Boseman said property submissions are climbing even as pricing eases, reflecting fiercer competition across E&S distribution. Vantage’s Perrault says property discipline, reinsurance creativity key in softer market Vantage Risk is leaning on discipline in property renewals and creative use of reinsurance capacity to navigate a softening market, its head of property and ceded reinsurance Nicole Perrault said. 'AI native' TPA Elysian lands first clients, oversubscribed seed, CEO says Elysian has its first customers on board less than a year after launch and has closed an oversubscribed seed round, its CEO Grace Hanson said. CapSpecialty committed to wholesale channel to protect broker relationships as E&S heat rises CapSpecialty is reinforcing its commitment to the wholesale channel, its CEO Adam Sills said, prioritising speed, service and underwriting expertise to differentiate itself in a crowded E&S market. Westfield Specialty’s Hendrix sees rate deterioration, abundant capacity fueling E&S property retention fight Westfield Specialty is navigating a rapidly softening property market marked by rate deterioration, expanded capacity and tougher retention, E&S property head Andy Hendrix said. Upland’s Sweeney says creativity in structures, wording key to E&S excess casualty success Upland Specialty’s Shanna Sweeney said rising competition in E&S excess casualty means underwriters must provide creative structures and maintain disciplined attachments, cautioning that underlying pricing is “lost” as towers are reshuffled. People Moves Exclusive: Wright leaves Skyward to launch new inland marine MGA at Mission Underwriters Exclusive: Insurtech MGA Anzen winds down brokerage operations, cuts most staff months after announcing $16 million Series A Ledgebrook Re builds out team with trio of Ardonagh hires, launches Dubai and London ops CRC Group names Blessing office president in Kansas City Exclusive: CRC Group hires longtime Marsh veteran Lang as head of carrier management Brown & Riding hires property broker Fagan from CRC The Insurer The Insurer TV Cyber Risk Sustainable Program Manager E&S Parametric Reuters Products Reuters Events Reuters Events exists to deliver the intelligence and foster the relationships that shape strategy and secure the future for leading companies worldwide. Reuters.com Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting. Reuters News Agency Reuters is the world’s largest multimedia news agency. We tell all sides, but take none. We go back to the start, where there’s no bias and no agenda to tell the real story. Contact us About us Advertise With Us Subscribe © WBMG is part of Reuters News & Media Ltd, 5 Canada Square, Canary Wharf, London, E14 5AQ. Registered in England and Wales: 2505735. Cookie Policy Terms of Use Privacy Statement Copyright Digital Accessibility © 2025 Reuters. All rights reserved. Manage Cookies We Care About Your Privacy We, along with our service providers, advertising partners, and 10 IAB partners, will store and access information on your device with your consent to improve your online experience, serve personalized ads or content, and analyze traffic as set out in 'How and why we process personal data.'  We may also access and store information without consent when necessary to provide our services and ensure their security.
 
Browsing data and other information are collected through tracking technologies like cookies, pixels, fingerprinting, web storage, and scripts. You can adjust your preferences by clicking 'Show Purposes.' You can adjust your choices or withdraw consent at anytime by clicking 'Manage Cookies' in our website footer or 'Manage Personal Data' in the 'Support and Legal' section of our mobile app. Cookie Policy Privacy Statement How and why we process personal data Actively scan device characteristics for identification. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development. View all Partners Allow All Reject All Show Purposes

Metadata (JSON)

{
  "score": 61.5125
}