Core Specialty to acquire MGU/Stop-Loss business of American National Group.

Core Specialty, a diversified range of property and casualty insurance products for small to midsized businesses, agreed to acquire MGU/Stop-Loss business of American National Group. Financial terms were not disclosed. “We are delighted that Medical Stop-Loss will become our 13th Specialty Business Unit. This is a sizable and growing market, with over $26bn in total premium income which has grown at over a 12% annual rate since 2014 according to AM Best market data. Medical Stop-Loss is an attractive class of business to us due to its specialty nature, the fact that it does not correlate with our other specialty classes of business, the ability to generate appropriate underwriting profits and the resultant attractive return on capital. Together with our Fronted Programs Division, Core Specialty would have over $750m of gross premium income and over $40m in fee income from these two business units based on full year 2022 results. We look forward to working with Jim Stelling and his team, their specialized Managing General Underwriters and their existing reinsurance panel.” Jeff Consolino, Core Specialty Founder, President and Chief Executive Officer.