Reinsurance News

Core Specialty hires Ambac’s Scott Snyder to lead new Fronting Division

7th March 2022 - Author: Luke Gallin

Core Specialty Insurance Holdings, Inc. has hired Scott Snyder as President of Fronted Programs, as the carrier launches its Fronting Division in “recognition of the magnitude and relevance of this line of business” to the company.

core-specialty-logoIn 2021, Core Specialty notes that this business line generated $441 million of gross written premium and $15 million net commission revenue for the company.

In its fronting operation, the P&C insurer works with specialty program managers and reinsurance companies to design and underwrite bespoke insurance programs. Core Specialty says that it enters into arrangements selectively with program managers who have significant experience and market presence in specialty classes of P&C risk.

The new and 10th specialty business unit created by the firm, the Fronting Division, will be led by Snyder, who most recently served as First Vice President of Corporate Development at Ambac Financial Group, where he supported the firm’s dual strategies acquiring MGAs and forming hybrid-fronting partnerships.

Earlier in his career, Snyder worked at Acrisure for three years, where he managed investments for the Ventures division, alongside developing various market partnerships and driving organic growth.

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Jeff Consolino, President and Chief Executive Officer (CEO) of Core Specialty, commented: “Forming a Specialty Business Unit focused on Fronting is a natural next step for Core Specialty given our focus on niche markets, our business unit philosophy and the success of our fronting business to date. Due to our broad licensure and product filings, we are positioned to support this business on a broad basis throughout the United States.

“We believe the Fronting business represents an efficient use of capital, and our objective is to utilize the combination of fee income and underwriting profits from our Fronting Division to produce attractive returns on allocated capital. We are excited that Scott Snyder will lead our new Fronting Division, focusing on casualty business in the areas of primary, excess, and reinsurance offerings.

“Growth in this area will complement the property fronting business we announced in January 2021, where we work in conjunction with Integral ILS Ltd., the independent Insurance-Linked Securities (“ILS”) fund manager, as well as with selected other program managers on behalf of reinsurance companies seeking access to catastrophe-exposed property risk.”

The partnership with Integral ILS Ltd. and Amwins was announced in March of last year, and was followed by the company’s combination with commercial auto specialist Lancer Insurance Group.

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