Amwins & Ryan add firepower to Hartford’s small market E&S drive
The Hartford has rolled out delegated authority deals with first wholesaler Amwins, and more recently Ryan Specialty, as it charges towards an eye-opening goal of 50% top-line growth in small commercial binding.
The Hartford has rolled out its strategy location-by-location, first with wholesale broker Amwins before the more recent addition of RT Specialty, analysts at equity brokerage TD Cowen said of executive takeaways from their financial sector conference.
"As [The Hartford] continues to turn on more locations, E&S binding is on track to grow 50% in 2024 to nearly $300 million in annual written premiums," analysts said of management's message to investors, a match to guidance issued by management during the first quarter earnings call.
Small commercial had delivered 11% growth just in new business in Q1 driven by strong submission flow and growth in E&S binding, management had said of the YTD progress during its first quarter earnings call.
As of the Q1 call, management had said it was still "strengthening distribution relationships and actively seeking out new partnerships."
Additionally, The Hartford told investors it continues to see an opportunity to expand the portion of its E&S business that sits within its global specialty operations. That business is poised to grow beyond its traditional construction focus into inland marine and non-construction property and casualty, analysts reported.
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