Core Specialty strikes new underwriting deal with Celerity Pro

Core Specialty Insurance Holdings has entered into a new underwriting arrangement with Celerity Pro to provide directors and officers liability insurance (D&O) solutions for the US management liability market.

The programme will be available to the wholesale market in the Northeast and Mid-Atlantic regions on a non-admitted basis.

Jeff Consolino, president and CEO of Core Specialty, said: "We have taken significant steps in 2020 and 2021 to augment our staffing and recruit new leadership for our Management Professional Liability business. With respect to D&O, more careful limits management on the part of incumbent carriers has resulted in the need for additional market capacity and market sources indicate that the third quarter of 2020 was the 11th consecutive quarter of year-over-year price improvement for D&O at a time when terms and conditions are also improving. Our D&O business achieved rate increases of approximately 50% through the first nine months of 2020, and we are pleased to be expanding our reach in this market."

Stephen Moore, president of D&O management professional liability, added: "Celerity Pro's underwriting discipline and acumen in the marketplace will complement our ability to expand on this truly unique platform, which incorporates Core Specialty's values and disciplined underwriting."

Carl Pursiano, president and founder of Celerity Pro, commented: "Celerity Pro is excited to be working with Core Specialty, providing wholesale brokers much needed capacity at a critical time in the insurance cycle, and beyond. Celerity Pro will offer Public Company D&O, Private Company D&O, and related lines with accounts expertly underwritten and quotes quickly delivered. We are open for primary and excess business and positioned for a long-term commitment to the market."

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