E&S/Specialty

In a market where growth seems elusive, the leader of Connecticut's newest managing general agency believes his startup could bind $10 million of new business by year's end.

Early this month, First Mercury Financial Corporation announced one of its subsidiaries will buy Valiant Insurance Group for roughly $55 million.

The New York State Insurance Department will hold a hearing in August to discuss further expanding the state's excess and surplus lines "export list" after adding coverages to the list last year.

Chubb Corp. said it expects to open a second branch in China in December if all goes well with additional approvals from the China Insurance Regulatory Commission (CIRC) and other authorities.

First Mercury Financial Corporation announced one its subsidiaries will buy Valiant Insurance Group for roughly $55 million, expanding its ability to write admitted specialty business and allowing it to enter the marine insurance market.

Although reinsurers cut prices for June 1 renewals, one Bermuda-based executive speculated that price hikes in the insurance loss warranty market--fueled by the Deepwater Horizon disaster--could eventually spread to the reinsurance market.