Integral ILS Announces Launch of ILS-Backed Property Insurance Initiative

HAMILTON, Bermuda, March 18, 2021 /PRNewswire/ — Integral ILS Ltd. («Integral»), the independent Insurance-Linked Securities («ILS») fund manager, today announced…

HAMILTON, Bermuda, March 18, 2021 /PRNewswire/ — Integral ILS Ltd. («Integral»), the independent Insurance-Linked Securities («ILS») fund manager, today announced the launch of a new US property insurance initiative, with risks underwritten by Amwins and policies issued through subsidiaries of Core Specialty Insurance Holdings, Inc. («Core Specialty»).

The program will see Integral assume US catastrophe risk originated from Amwins’ MGAs, including Amwins Access, Seacoast Brokers, Special Risk Underwriters (SRU), and Unicorn Underwriting, written by Core Specialty insurance subsidiaries which carry an AM Best rating of A- (Excellent), Financial Size Category XI. The broad, diversified portfolio will include small commercial, personal lines, middle market, and large shared and layered accounts.  Funds managed by Integral will assume defined natural catastrophe risks originated by Amwins and Core Specialty insurance subsidiaries will retain premium and risk outside of the risk transferred to the Integral ILS funds.

This represents a key milestone in Integral’s effort to access the broader insurance value chain through strategic alliances with leaders in (re)insurance risk origination.

«Amwins is committed to securing exclusive capacity for our retail clients,» said Scott Purviance, Chief Executive Officer of Amwins. «This unique partnership provides them with access to long-term, efficient capital in a challenging property market.»

«I am delighted that Core Specialty will be working with the Integral ILS management team, who are well-known to us,» said Jeff Consolino, President & Chief Executive Officer of Core Specialty. «This new initiative is complementary to the capabilities of the Property Division that Core Specialty launched in conjunction with our 2020 recapitalization.»

«Access to property catastrophe risk through multiple channels is beneficial to Integral and our clients,» said Lixin Zeng, Co-Founder and Managing Partner of Integral. «Being closer to the original risk enables us to gain access to exposure with greater data resolution, accuracy, and timeliness, resulting in better portfolio quality. We are excited to partner with Amwins and Core Specialty in this endeavor.»

About Integral

Integral is a Bermuda headquartered independent ILS fund manager founded in July 2020 by industry veterans Lixin Zeng and Richard Lowther. Strategic partners TransRe, a leading global property and casualty reinsurer headquartered in New York, and Amwins, the largest independent wholesale distributor of specialty insurance products in the United States headquartered in Charlotte, enable Integral’s investors to have comprehensive access to the broader natural catastrophe and event-linked insurance value-chain.

About Amwins

Amwins Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates through more than 125 offices globally and handles premium placements in excess of $22 billion annually. To learn more, visit www.Amwins.com

About Core Specialty

Core Specialty offers a diversified range of property and casualty insurance products for small to midsized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. The Company is rated A- (Excellent) by AM Best. For further information about Core Specialty, please visit www.corespecialty.com.

CONTACT:

Sam Reinhardt

646-818-9244

sreinhardt@prosek.com

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SOURCE Core Specialty Insurance Holdings