Articles from Core Specialty Insurance Services, Inc

CINCINNATI, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that it has completed the acquisition of London Aviation Underwriters, Inc. (“LAU”) which was previously announced on January 6, 2025. The completed transaction represents Core Specialty’s 18th specialty business unit, adding to the Fronted Programs subsegment.

CINCINNATI, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) and London Aviation Underwriters, Inc. (“LAU”) announced today the signing of a purchase agreement whereby Core Specialty will acquire LAU in a stock and cash transaction. LAU will bring decades of aviation and aerospace underwriting and claims experience and expertise in-house. Upon closing, LAU will become the new Core Specialty Aviation & Aerospace Division which will operate as Core Specialty’s 18th specialty business unit within the Fronted Programs subsegment. The Fronted Programs subsegment is comprised of the Fronted Casualty Division, the Medical Stop-Loss Division and (upon the completion of the LAU transaction) the recently announced Aviation & Aerospace Division.

CINCINNATI, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. (“Core Specialty”) announced today that Core Specialty and its subsidiaries have entered into a series of transactions with certain subsidiaries of Argo Group International Holdings, Inc. (“Argo”) for the purchase of renewal rights and related unearned premium reserve for a substantial portion of Argo’s professional lines businesses (“Argo Pro”). Argo Pro provides professional lines insurance products with primary and excess options on admitted and non-admitted bases to a variety of segmented organizations. The business will complement two of Core Specialty’s divisions: Directors & Officers Management Professional Liability, led by Stephen Moore (President) and Errors & Omissions Professional Liability, led by Jeff Jacobs (President).

CINCINNATI, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that it has expanded its surety offering by entering the contract surety market. The formation of the Surety division as a component of the Company’s Bond, Credit & Guarantee subsegment was announced on November 1, 2023 and American Surety Company became a subsidiary of Core Specialty on May 31, 2024. Following its acquisition, American Surety Company received an upgraded Financial Strength Rating to A (Excellent), Financial Size Category of XIII from AM Best, and obtained an expanded underwriting limitation of $46 million with the Department of Treasury. As of June 30, 2024, American Surety Company’s surplus has increased to $461 million. With these improved financial metrics, Core Specialty is excited for its future opportunities in the surety marketplace.

CINCINNATI, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that AM Best has upgraded the Financial Strength Ratings for the Company’s property and casualty insurance subsidiaries to A (Excellent), Financial Size Category of XIII, and affirmed the Financial Strength Rating of A- (Excellent) of Standard Life and Accident Insurance Company.

CINCINNATI, June 03, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that it has completed the acquisition of American Surety Company (“ASC”) and Underwriters Surety, Inc. (“USI” and, together with ASC, “American Surety”), which was previously announced on November 1, 2023. The completed acquisition establishes Core Specialty’s 17th specialty business unit, adding to the Bond, Credit & Guarantee subsegment, and includes a Treasury-listing providing access to additional bonding opportunities. The newly formed Surety Division contains two initial product lines: bail bonds and commercial surety bonds. American Surety, which has a history of over 30 years, will retain its brand, management team and operating locations in Indianapolis, Indiana and Peoria, Illinois.

CINCINNATI, May 30, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that Sally Pope Davis has been appointed to the Board of Directors of the Company effective immediately. Ms. Davis retired from Goldman Sachs in April 2024 after a 34-year career at the firm.

CINCINNATI, March 01, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. (“Core Specialty”) announced today that Core Specialty and its subsidiaries have entered into a series of transactions with American National Group (“American National”) for the transfer of American National’s Specialty Markets Group to Core Specialty. Mark Walker will join Core Specialty as the President of the newly formed Financial Services Division, which will operate as Core Specialty’s 16th specialty business unit within its Bond, Credit & Guarantee subsegment. The Bond, Credit & Guarantee subsegment is comprised of the Financial Services Division, the recently announced Mortgage Reinsurance Division and (upon the completion of the American Surety Company transaction) the recently announced Surety Division.

CINCINNATI, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) and Gramercy Risk Holdings, LLC (“Gramercy”) announced today the signing of a purchase agreement whereby Core Specialty will make a minority investment in Gramercy. The use of proceeds will fund growth initiatives at Gramercy and its subsidiaries. The completion of the transaction will be conditional upon obtaining required regulatory approvals and is expected to close in the second quarter of 2024.

CINCINNATI, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today the completion of the acquisition of the MGU/Stop-Loss business of American National Group (“ANAT”), which was previously announced on June 12, 2023. The acquisition marks Core Specialty’s 14th Specialty Business Unit. Jim Stelling has joined the company as President of the new Medical Stop-Loss Division, which is maintaining its presence in League City, Texas.

CINCINNATI, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) and Eighth Amendment Holdings, Inc. (the parent company of American Surety Company (“ASC”) and Underwriters Surety, Inc. (“USI” and, together with ASC, “American Surety”), announced today the signing of a purchase agreement whereby Core Specialty will acquire American Surety in a stock and cash transaction. American Surety will bring Core Specialty over 30 years of surety expertise, as well as a Treasury-listing providing access to additional bonding opportunities. Upon closing, American Surety will become the new Core Specialty Surety Division with two initial product lines: bail bonds and commercial surety bonds.

CINCINNATI, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. (“Core Specialty”) announced today that Core Specialty and its subsidiaries have entered into a series of transactions with Conifer Holdings, Inc. (“Conifer”) to acquire Conifer’s Security & Alarm Business. The Security & Alarm Business provides general liability, excess/umbrella, and selected other coverages to the niche Security Guards, Alarm Contractors, Private Investigators, and Trade Contractors markets. As part of the transaction, Core Specialty has agreed to (1) pay Conifer $2.5 million in cash for the exclusive right to underwrite the Security & Alarm Business through October 2025, and the renewal rights to such business thereafter, (2) assume the unearned premium reserve associated with the Security & Alarm Business, and (3) purchase $5.0 million of Conifer’s 9.75% Senior Unsecured Notes due 2028 (the “New Notes”) which are being offered on a reasonable best efforts basis pursuant to a Conifer registration statement on Form S-4 and Form S-1, as amended, including a prospectus, which was filed with the Securities and Exchange Commission (the "SEC") and was declared effective by the SEC. Policies for the Security & Alarm Business will be issued by Core Specialty insurance subsidiaries, which are rated A- XII (Excellent) by AM Best, effective with the Transaction closing. The Security & Alarm Business produced $48 million of gross premiums written in 2022.

CINCINNATI, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today it has entered the mortgage reinsurance market in collaboration with Enact Holdings, Inc. (“Enact”). Core Specialty will provide excess of loss reinsurance on selected Freddie Mac and Fannie Mae mortgages. As part of this initiative, Core Specialty has entered into an advisory agreement whereby Enact will provide underwriting expertise, market intelligence including trends, and portfolio analysis of the written business in support of Core Specialty’s underwriting. Core Specialty has applied for and received approval from Government Sponsored Entities Freddie Mac and Fannie Mae (GSEs) as a new reinsurance counterparty participant.

CINCINNATI, June 12, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc., and its subsidiaries (“Core Specialty” or the “Company”) announced today that it will form a Medical Stop-Loss Division through the acquisition of the MGU/Stop-Loss business of American National Group (“ANAT”). The acquisition will mark Core Specialty’s 13th Specialty Business Unit. Jim Stelling will join Core Specialty as the President of the newly formed Medical Stop-Loss Division.

CINCINNATI, May 05, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that it has completed the integration of Hallmark Financial Services, Inc.’s Excess & Surplus Lines operations. The business acquired from Hallmark Financial Services, Inc. (“Hallmark”) represents that portion of Hallmark’s Specialty Commercial Segment that is distributed through the wholesale insurance brokerage channel (“Hallmark E&S”). Core Specialty and Hallmark have successfully worked together to ensure all policyholders continue to receive industry leading products and services, and to align the combined operations in the best interests of customers, agents, brokers, and employees.   

CINCINNATI, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today the launch of a new excess liability program, in conjunction with Synchrono Group Inc. (“Synchronosure”). The program provides up to $5 million in excess liability coverage, attaching at $11 million and higher, to small and middle-market businesses operating within over 550 industry class codes. The program will be available nationwide on a non-admitted basis, exclusively through Synchronosure.

CINCINNATI, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that David Ni has been appointed to the Board of Directors of the Company effective immediately, in replacement of Robert Campbell. Mr. Campbell has served on the Company's Board since the Company's recapitalization in November 2020 as one of two Directors designated by Enstar Group Limited (“Enstar”). The Board and management of the Company are grateful for his many contributions and wish him the very best in the years ahead.

CINCINNATI, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today the launch of an excess liability program covering habitational risks with Professional Risk Facilities (“PRF”). The program will be marketed publicly under the name Habitational Risk Facilities (“HRF”). This is the second PRF program to receive Core Specialty capacity support.

CINCINNATI, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that it has completed the acquisition of Hallmark Financial Services, Inc.’s Excess & Surplus Lines operations for approximately $40 million in cash.  The business acquired from Hallmark Financial Services, Inc. (“Hallmark”) represents that portion of Hallmark’s Specialty Commercial Segment that is distributed through the wholesale insurance brokerage channel (“Hallmark E&S”).  Hallmark E&S produced $436 million of wholesale distributed excess & surplus lines business in the twelve-month period ended June 30, 2022.