Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”.
The MGA’s property capacity renews at CAD/USD 25 million, and it has also increased their Casualty capacity to CAD/USD 30 million.
At the same time, the firm also announced that it now possesses the ability to write Primary Wrap-Up Liability business.
“We are delighted with the result of this year’s renewal which demonstrates the faith our markets have in our superior underwriting. As we move forward, SSRU will use strategic deployment of the higher limits now available to meet the increasing demands of our clients and markets in our existing lines as well as in Primary Wrap-up Liability,” said Victor Ip, SVP of Casualty at SSRU.
“We are pleased to be able to provide a consistent line to our clients in such a volatile market. Our ability to do so is testament to our measured approach to underwriting and the commitment our capacity providers and clients have shown to SSRU,” added Heather Jamieson, SVP of Property at SSRU.
“This was a particularly challenging reinsurance renewal cycle, especially as Property was concerned. We are grateful for the confidence that our markets have shown and for the guidance and hard work undertaken by the reinsurance team at Guy Carpenter. We have held the line on our Property capacity and have been able to increase our Casualty capacity, which are remarkable achievements in this market,” commented Stephen Stewart, President and CEO of SSRU.
Founded in 2016, by CEO Stephen Stewart, SSRU provides specialty insurance products to a wide variety of clients in the Construction, Manufacturing, Natural Resources, Public Entity, Realty, and Transportation sectors.