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Trisura licensed to sell insurance in the U.S.

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Trisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has received its Certificate of Authority from the Oklahoma Insurance Department for Trisura Specialty Insurance Company.” Trisura’s business lines are surety, risk solutions, corporate insurance, and reinsurance, though it stopped writing new reinsurance business in 2008, Trisura stated this past May in a securities filing. In addition to writing insurance in the U.S., Trisura U.S. plans to seek a rating from A.M. Best Company Inc., Trisura Group said July 12. Trisura Group reported earlier its net premiums written were $19.4 million for the first three months of 2017. In the management discussion and analysis released with its 2017 financial results, Trisura Group said it plans to “recommence writing new business in the near future acting as a multi-line reinsurer in the international reinsurance markets.” It has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura Specialty Insurance Company and Trisura International Insurance Ltd. Trisura Group has a 60% interest in Trisura Guarantee with the other 40% held by members of the firm’s management team Trisura Group announced June 22 it completed its spinoff from Brookfield Asset Management Inc. As a result, Trisura is traded on the Toronto Stock Exchange and Brookfield no longer has any ownership interest in Trisura. Each Brookfield shareholder received one share of Trisura for every 170 Brookfield shares held and/or cash payment in lieu of fractional interests in Trisura shares. Brookfield Asset Management said this past February it “has determined that specialty insurance no longer fits with its long-term plans.” Surety – including performance, labour and material payment bonds, primarily for the construction industry – accounted for 36.1% of Trisura Group’s Q1 2017 gross premiums written while corporate insurance accounted for another 27.3%. Its corporate insurance coverages include directors’ and officers’ liability, errors and omissions, fidelity and a “business office package insurance for both enterprises and professionals.” Risk solutions accounted for 36.6% of Trisura Group’s gross written premiums. This includes specialty insurance contracts, managed by program administrators, which “are structured insurance solutions to meet the specific requirements of program administrators, Managing General Agencies, captive insurance companies, affinity groups and reinsurers. http://www.canadianunderwriter.ca/insurance/trisura-licensed-sell-insurance-u-s-1004117342/

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The Warranty Group Announces Establishment of Specialty Solutions Unit and Promotion of Justin Thomas to Executive Vice President

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Chicago, IL – July 13, 2017 – The Warranty Group, a leading global provider of warranty solutions and underwriting services, is pleased to announce the promotion of Justin Thomas to Executive Vice President of the newly established Specialty Solutions group. In this capacity, Thomas is responsible for the overall business operations and growth of this segment, including client management, client acquisition and operations. He is also responsible for the business development of Virginia Surety Company, one of The Warranty Group’s wholly-owned insurance companies. The Specialty Solution business grew out of – and will continue to include – the appliance, technology, and administration group that serves the needs of prominent OEM’s, retailers, financial institutions, utilities, third-party administrators and other larger companies who are looking to increase their earnings while also strengthening brand loyalty among their customer base. “The Specialty Solutions unit has become an incubator for innovation at The Warranty Group by focusing on creating dynamic, flexible programs that provide protection benefits and superior service levels,” said Nelson Chai, Chief Executive Officer of The Warranty Group. “We are focused on working with our clients to provide the right products and Justin is the right leader to oversee this effort.” Thomas has been at the helm since 2013, and his elevation to Executive Vice President demonstrates the expanding importance of the business unit within The Warranty Group’s portfolio as well as his contributions to the growth of this segment. The business unit has increased revenues by 49% during the last two years. “We’re proud of our foundation in the auto industry,” explains Thomas, “and we recognize the need to provide exceptional underwriting, customized administration and consultative program management and insurance solutions across a variety of product categories outside the auto industry as well.” “The Specialty Solutions team works hand in hand with our clients to create turn-key programs to meet their retention, growth and consumer experience goals,” explains Thomas, “Beyond that, we are continually evaluating how to evolve our business in order to provide these valuable services to an even broader range of verticals.” Thomas began his career in specialty insurance in 2003 and has held various roles through The Warranty Group during his tenure. In addition to his leadership role within The Warranty Group and Virginia Surety Company, Thomas serves on the Board of Directors for Virginia Surety. http://www.twice.com/thewire/warranty-group-announces-establishment-specialty-solutions-unit-and-promotion-justin-thomas-executive-vice-president/65554

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Clear Blue, New U.S. Commercial Insurance Fronting Operation, Opens for Business

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A newly-formed commercial insurance fronting provider, Clear Blue Financial Holdings LLC, said it has officially launched with two fully-licensed fronting carriers and will begin servicing clients immediately. To launch its fronting operation, Puerto Rico-based Clear Blue Financial Holdings last month acquired two specialty insurance companies as shells. It acquired RLI Indemnity Co. from Mt. Hawley Insurance Co. for $ 7.5 million in cash, and also bought Maiden Specialty Insurance Co. from Bermuda-based Maiden Holdings Ltd. RLI Indemnity Co. has been renamed Clear Blue Insurance Co. and will serve as the licensed admitted carrier while Maiden Specialty Insurance Co. has been renamed Clear Blue Specialty Insurance Co. and will serve as the licensed non-admitted or excess and surplus lines carrier. Both are licensed in 49 states and the District of Columbia. As a fronting carrier, Clear Blue is a non-risk bearing insurance entity that enables traditional and alternative reinsurers to access the onshore U.S. market through use of its program management services, licenses and rating. It is offering primary or excess policy issuance and program management capabilities. A.M. Best has assigned a financial strength rating of A-(Excellent) and the issuer credit ratings of “a-” to Clear Blue Insurance Co. Inc.(Chicago)and Clear Blue Specialty Insurance Co. (Charlotte, N.C.). It assigned a stable outlook to both ratings. The Clear Blue operation is being backed by Pine Brook, a private equity firm that invests primarily in energy and financial services businesses including Third Point Reinsurance and Fidelis Insurance Holdings. Clear Blue was founded by a management team led by President and CEO Jerome Breslin, who built Bank of America’s commercial insurance division and who was with AmTrust from 2009-2012. Before that, he was with AIG and Standard Insurance Co. Breslin is joined by Chief Risk Officer Jim Mann and Chief Operating Officer Peter Klope, both of whom worked with Breslin at Bank of America. Completing the management team are Jeff Downey, formerly with TAG Financial Institutions Group and The Kilbourn Group, as chief financial officer; Manuel Lebron, formerly with One Alliance Insurance Corp., QBE Insurance in Puerto Rico, and Universal Insurance as senior vice president of finance; and Scott Palladino, who has been with Patriot Underwriters and Sompo Japana Nipponkoa America, as senior vice president. Breslin said Clear Blue will provide both traditional and alternative capital backed reinsurers access to the onshore U.S. insurance market. “The commercial insurance market is in need of A- rated and licensed fronting capacity and we strongly believe that our underwriting expertise and operational capabilities, coupled with our longstanding industry relationships, will enable Clear Blue play an important role in meeting growing demand,” he said in the announcement. Clear Blue will be headquartered in Charlotte, North Carolina. Clear Blue will be headquartered in Charlotte, North Carolina. “We are confident that the Clear Blue team has found a very interesting segment of the insurance market,” said William Spiegel, founding partner and managing director of Pine Brook’s financial services investment team. A similar fronting operation, Spinnaker Insurance Co., launched in Chicago in October. Spinnaker is a subsidiary of Sojourner Holding Co. LLC, which, according to documents filed with the Securities Exchange Commission, is incorporated in Delaware and located in Chester, N.J. Spinnaker is specializing in sourcing small to medium sized market risks from managing general agent programs with a focus on U.S. catastrophe-exposed program business. Spinnaker has said it will also provide service as a fronting insurer for short-tail business. http://www.insurancejournal.com/news/national/2015/12/15/391873.htm

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National Surety Underwriters secures $8mn i2B Capital funding for reinsurance subsidiary

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i2B Capital has closed an $8 million structured term loan to National Surety Underwriters (NSU) to fund the capitalization of a new reinsurance subsidiary and the merger of McCabe and Independent Corporate Underwriters. NSU – a special-purpose surety reinsurance captive and underwriting agency headquartered in Philadelphia – is the sole owner of the reinsurance entity, National Fidelity Reinsurance Company, being set up to underwrite and reinsure surety bonds of up to $2 million per bond and $4 million in the aggregate per principal insured through its licensed insurance partner, Clear Blue Insurance Company. Barbara Anderson, Chief Operating Officer (COO) of i2B Capital, explained the firm’s goal over the initial 36-month structured term loan is to prepare NSU for traditional institutional financing in the future; “To accomplish that objective, we will provide the growth capital along with our commercial lending expertise to help NSU prepare for the disciplined reporting requirements and credit processes at the next level.” NSU will also use the funding to finance a merger of McCabe with a Managing General Underwriter (MGU) specializing in surety bonds based in New Jersey – Independent Corporate Underwriters, (ICU). Surety bonds will be written and placed with multiple carriers through the ICU merger with MGU which will enable surety bonds of up to $100 million to be written with insurance carrier approval. National Surety Underwriters Chief Executive Officer (CEO), Rennie Rodriguez, added; “Our expertise is building and managing specialty insurance agencies and we see tremendous opportunity for consolidation in a fragmented surety bond industry. “Through offering a unique package to contracted surety bond agents and targeted strategic acquisitions, we are building a networked system of top-line surety agents.” In addition to the $8 million loan, the NSU secured $3.5 million from investors to the transaction closing. Larry Curran II, CEO of i2B Capital, a provider of direct financing to niche-market financial entrepreneurs, said; “This funding is an excellent example of i2B Capital’s ability to navigate and resolve complex business financing issues. “The transaction included capitalization for three companies in three states with wide-ranging legal and regulatory requirements to create one synergistic entity able to service a broad spectrum of surety requirements.” https://www.reinsurancene.ws/national-surety-underwriters-secures-8mn-i2b-capital-funding-reinsurance-subsidiary/

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Insurers respond to InsurTech with race to innovate as 86% fear revenue is at risk

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56% of global insurers surveyed by PwC believe up to 20% of their revenue is at risk to InsurTech. A further 20% believe up to 40% of revenue is at risk and 10% believe greater than 40% Over half (58%) of insurers plan to invest in mobile technology in the next year 68% plan to adopt blockchain as part of an in-production system by 2018 The pace of change in insurance is accelerating and insurers are increasingly looking outside their own organisations in order to respond to business challenges and opportunities, according to PwC’s 2017 Global FinTech survey. The report says insurers are more active than the rest of the financial services sector in monitoring and responding to FinTech, often partnering with innovators. PwC concludes that insurers have changed their perception of InsurTech over the past year and, although concern remains around losing revenue to new entrants, there is a growing understanding and acceptance of the benefits that InsurTech businesses can bring to the established insurance industry. Although over eight in ten (86%) of the insurers surveyed by PwC are concerned that revenue is at risk to InsurTech players, many are responding with over half (52%) also saying that innovation is at the heart of their strategy. The industry is waking up to both the challenges and the opportunities. 94% of insurers say customer engagement and generating better risk insights are the most important innovation trends for them Data analytics will be the main area for technological investment in the coming year, with 84% planning to invest in this area 63% of existing insurers are concerned about regulation and data privacy when working with startups The insurance industry is asking itself how to better engage with customers and offer products people truly want and need. Partnering with, and learning from, InsurTech innovators will help insurers utilize data to better understand their customers and reach new segments of society, the report finds. A large driver behind this success will lie in transitioning to a more preventative model (helping customers avoid accidents) as well as providing on demand, pay-as-you-go policies. The rise of data analytics will also allow insurers to focus on the opportunity brought about by the Internet of Things. Success with AI will free up the time of experienced professionals to work on more complex, judgement based decisions. This benefit should not be underestimated, as 87% of insurers say they have trouble hiring and retaining people with the right skillsets to innovate. Insurers will also look to acquire startups, partner with innovators and foster internal talent in order to attract the right people for the future. 81% of insurers say they are now familiar with blockchain technology Insurers are beginning to expect a widespread adoption of blockchain technology across the industry and familiarity with the technology has improved since last year. But, while 68% of insurers plan to adopt blockchain as part of an in-production system by 2018, just 8% say they plan to invest in the coming year – suggesting that the pace of investment will need to increase dramatically to meet this target. Blockchain can be used by insurers to: Automate claims processes, delivering cost savings and bringing benefits to customers Streamline data, giving better visibility and controls for underwriting Aggregate and allocate catastrophe risks or losses, allowing for better monitoring, understanding and transparency of exposure and claims processes. Commenting, Stephen O’Hearn, Global Insurance leader at PwC, said: “Innovation in insurance, driven by the rise of InsurTech, has come a long way over the past year and there is no longer any question of whether companies will be involved with InsurTech. It’s a question of how they use it to their advantage and tie it into their overall business strategy. “Insurance has always been an industry based on data and it is encouraging to see insurers investing heavily in a new wave of technology enabling them to use the data they have at their disposal in the best possible way for their customers and their own bottom line. “Undoubtedly insurers still have their reservations, but it’s great to see increased investment in technology such as AI and blockchain and an interest in partnering with others in order to make the most of this excellent opportunity.” Jonathan Howe, Global InsurTech leader at PwC, said that InsurTech truly has the potential to change the way people see insurance: “Companies are increasingly waking up to the potential InsurTech brings. If insurers can successfully use AI and data analytics to help their customers prevent claims happening in the first place, while at the same time delivering the responsive service that they expect from other industries, they will be able to transform how insurance is viewed by customers. “It’s undeniable that existing insurers are still concerned about new entrants muscling in on their revenue, and regulation and corporate culture continues to be a barrier for some when working with innovators. But in the end, whether it is partnering with, or acquiring startups, or fostering innovation internally, insurers need to find a way to bring the benefits of InsurTech into the mainstream. Our survey suggests that this is now about to happen.” The insurance cut of PwC’s 2017 Global FinTech Survey is based on the responses of 189 senior insurance executives from 39 countries. The report also uses proprietary research from PwC’s DeNovo platform focusing on InsurTech innovation. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. http://www.bobsguide.com/guide/news/2017/Jun/29/insurers-respond-to-insurtech-with-race-to-innovate-as-86-fear-revenue-is-at-risk/#.WVzCSv5y5qY.email

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Federal Court in Nebraska Denies Surety’s Request for Preliminary Injunction Requiring Principal to Post Collateral Security, Finding No Irreparable Harm Absent Proof That Principal Was Insolvent or Secreting Assets

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Allied World Specialty Ins. Co. v. Abat Lerew Constr., 2017 U.S. Dist. LEXIS 61794 (D. Neb. Apr. 24, 2017) Abat Lerew Construction (“ALC”) entered into multiple construction projects which required it to obtain surety bonds guaranteeing its performance. ALC obtained the bonds from Allied World Specialty Insurance Company (“Allied”) and also entered into an indemnity agreement with Allied. In that agreement ALC agreed to indemnify and hold Allied harmless from and against all liability and to deposit with Allied collateral in an amount determined by Allied to be sufficient to cover liability for any claims under the bonds. During ALC’s performance of the bonded contracts, Allied received claims on the bonds in excess of $300,000. Invoking the terms of its indemnity agreement with ALC, Allied demanded that ALC post collateral security in the amount of $400,000 to cover liability for the claims. ALC refused and Allied commenced an action seeking equitable relief requiring ALC to deposit the demanded collateral security. Upon commencement of the litigation, Allied asked the court to issue a preliminary injunction requiring ALC to post the $400,000 security and restraining ALC from transferring assets. The court surveyed case law from several jurisdictions and noted that money damages are generally inadequate to a surety whose demand for collateral security is refused. The court thus found that sureties are often entitled to specific performance enforcing a principal’s promise to post collateral. However, the court held that a surety’s entitlement to specific performance of the collateral obligation does not also automatically include the right to have the obligation enforced at the outset of proceedings by way of preliminary injunction. Most critically, the court found that the surety had not shown that it would be irreparably harmed in the absence of the requested relief. To make such a showing, the surety would have had to demonstrate that it lacked sufficient funds to investigate or pay the bond claims without the security, or that the principal is insolvent or secreting assets. Absent such proof, the surety’s investigation and payment of claims from its own accounts does not constitute irreparable harm because the surety can be made whole in an action for money damages against the principal. Although the absence of irreparable harm was dispositive, the court further noted other elements for injunctive relief were lacking. It found that Allied did not clearly establish that its claim for specific performance would succeed on the merits because ALC raised colorable affirmative defenses of equitable estoppel and unclean hands. The court further found that the balance of harms favored ALC because its ability to continue its operations would be put in peril if it were required to post the $400,000 collateral. Allied, on the other hand, did not contend that it lacked sufficient funds to investigate and pay the bond claims, or otherwise continue its operations, without the security. http://www.jdsupra.com/legalnews/federal-court-in-nebraska-denies-surety-21968/

Federal Court in Nebraska Denies Surety’s Request for Preliminary Injunction Requiring Principal to Post Collateral Security, Finding No Irreparable Harm Absent Proof That Principal Was Insolvent or Secreting Assets Read More »

W.R. Berkley Corporation launches surety and specialty units in Mexico

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W.R. Berkley Corporation has announced the formation of two units focusing on surety and specialty commercial, Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., after receiving authorization to start operating by Mexican regulator Comisión Nacional de Seguros y Fianzas (CNSF). Berkley International Fianzas México S.A. will focus on surety business with Guillermo Espinosa Barragan named as general director, while Berkley International Seguros México will offer an array of specialty commercial insurance products and services, under the leadership of Javier Garcia Ortiz de Zarate as newly appointed general director. W. Robert Berkley, Jr., Chief Executive Officer (CEO) and President of W. R. Berkley Corporation, commented; “Mexico is a vibrant market with relatively low insurance penetration that provides significant opportunities. “Guillermo and Javier both have extensive knowledge of the surety and insurance markets, respectively, in Mexico, and their experience will enable us to develop a superior offering of products and services tailored to the specific needs of clients in the region. We are pleased to welcome them to our team.” Espinosa boasts nearly 25 years of experience in the property casualty insurance industry, focused mostly in the surety segment. He most recently served as regional director for a Mexican surety subsidiary of a leading insurer. Garcia has experience in underwriting in Mexico and Argentina and over 15 years of experience in the property casualty insurance industry, most recently, he served as regional director for property casualty insurance in Mexico for a major insurance company. The appointments have been made with immediate effect and the insurers are set to commence operations in Mexico in the coming weeks. https://www.reinsurancene.ws/w-r-berkley-corporation-launches-surety-specialty-units-mexico/

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SFAA Releases Preliminary 2016 Top 100 Reports

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MAY 13, 2017, WASHINGTON, D.C.— The Surety & Fidelity Association of America (SFAA) released its annual Preliminary 2016 Top 100 Reports for both the surety and fidelity markets. The separate reports display the total premium of the industry, and the rankings of the top 100 surety and fidelity writers. The premium and loss results of each writer are shown. The premium and loss results are based on the premium and loss information contained in the statutory annual statement of each carrier. “These reports indicate that more people than ever are purchasing surety and fidelity bonds, and insurers continue to protect taxpayers and consumers. In 2016 the surety industry protected approximately $590 billion with surety bonds and $560 billion with fidelity bonds.” said SFAA President Lynn Schubert. “As we prepare for the possibility of increased infrastructure spending, along with the multitude of issues our society faces on a daily basis, such as cybercrime, surety and fidelity bonds are relevant and valuable more now than ever. The SFAA’s goal is to educate government agencies, policymakers, banks and financial institutions, contractors, businesses, and the public on the benefits of bonding. Simply put, surety and fidelity bonds protect taxpayers, consumers and businesses.” Additionally, although there have been some significant changes in the rankings, both the top five surety and fidelity writers remain the same from 2015 to 2016. The top five surety writers were Travelers Bond, Liberty Mutual Group, Zurich Insurance Group, CNA Surety Group and Chubb, Ltd. The top five fidelity writers were Chubb Ltd., Travelers Bond, American International Group, Great American Insurance Companies and CNA Surety Group. http://www.surety.org/news/345510/SFAA-Releases-Preliminary-2016-Top-100-Reports.htm

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A.M. Best Special Report: Potential Criminal Justice System Reform Could Cause Major Upheaval for Bail Bond Insurers

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OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best believes legislative reform in the bail bond insurance sector of the fidelity and surety market segments has led to significant disruption, and the potential for further changes places the bail bond industry at a critical juncture with respect to its long-term health and viability. According to a new special report, if cash bail were to be eliminated in certain U.S. states, it would have a meaningful impact on the size of that segment of the surety market. The Best’s Special Report, titled, “Calls to Overhaul the Criminal Justice System Could Cause Major Upheaval For Bail Bond Insurers,” states that over the last five years to year-end 2016, bail bond direct premiums written (DPW) throughout the total U.S. property/casualty (P/C) industry increased by 33% to more than $1.3 billion. This total is derived from all P/C companies filing the annual bail bond supplement, and the premium total is approximately 23% of total surety DPW for the P/C industry. The level of growth in the bail bond market dwarfs the 8.9% five-year growth in DPW for the full surety line of business. Should regulatory reform be successful over time in eliminating the need for criminal defendants to post cash bail to avoid incarceration before trial, it would substantially affect an expanding portion of the surety market. According to the special report, the aggregate face amount of bail bonds in 2011-2016 written increased by 23%. While this is less than the growth in bond premiums over that time, the fact that the bail bond amount grew during a period when the U.S. economy was growing sluggishly indicates that the bail bond market is not closely tied to the economic indicators and market forces that have driven P/C market volatility. Bail bond DPW grew by 2.2% in 2016, while the face amount of bail bonds written increased by 4.0%. Since most states regard bail as a form of insurance, bail agents are licensed and regulated like any other insurance producer. Many states require bail agents to prove they have the financial backing of a surety writer to pay for forfeited bail bonds. Bail regimes vary by state, making comprehensive reform difficult, but legislative efforts have been ramped up in many states in an attempt to end the practice of cash bail. While some surety companies have somewhat diversified portfolios, the potential impact on bail bond specialty writers from potential reforms could be substantial. In states where the need for defendants to post cash bail is lessened significantly or eliminated entirely through bail reform measures, the business of bail bond agents and specialists likely will cease to exist as currently constituted. To the extent that legislative changes result in more and more jurisdictions moving away from defendants relying on a system rooted primarily in secured monetary bail, to systems grounded in more objective risk assessments by pre-trial experts, bail bond insurance specialists could be forced into diversification to survive over the long term. http://www.businesswire.com/news/home/20170516006333/en/A.M.-Special-Report-Potential-Criminal-Justice-System

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Northbridge acquires surety business of Fenchurch

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TORONTO, May 9, 2017 – Northbridge Financial Corporation is expanding its product line to include surety bonds. Starting June 1, 2017, businesses across Canada will have access to an extensive selection of contract and commercial bonding solutions. “Northbridge is now open for surety business,” says Silvy Wright, President & CEO, Northbridge Financial Corporation. “Our added product capability allows us to enhance our service to existing and new customers in key industries where we’re targeting further growth, such as the Construction and Contracting sector.” Northbridge will enter the surety market by acquiring the surety underwriting business of Fenchurch General Insurance Company, which has a proven track record of profitability. The acquisition includes United Surety Limited – which will be re-branded as Northbridge Surety Limited – and Capital Administration Services Inc., a provider of funds control services. The transaction is scheduled to be completed on May 31, 2017. “We’re pleased to welcome this specialized team of surety experts, led by Iqbal Bhinder, who brings a decade of experience in the surety business to our operations,” says Silvy Wright. https://www.nbfc.com/northbridge-expands-product-line-include-surety-bonds/

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