Upland Capital Group, Inc. is an AM Best rated “A-” VIII specialty property/casualty insurer headquartered in Dallas, Texas. Through its wholly owned insurance carrier, Upland Specialty Insurance Company, the company markets, underwrites and services specialty insurance products in select markets to include excess transportation, construction casualty, excess casualty, primary general liability, excess public entity, professional liability errors & omissions and excess cyber liability.
External link for Upland Specialty Insurance
5050 Quorum Dr
700 - #473
Dallas, Texas 75254, US
Come join the Upland Team! We're looking for a Sr. Reinsurance Accountant to join our Finance team! If you have strong reinsurance experience or know someone who would be a great fit, please visit our hiring portal at the below link and submit an application: https://lnkd.in/exjDNA3M
Upland Specialty Insurance Market Capacity Outlook for 2nd Half of 2024 The US E&S insurance market capacity has been efficiently operating as a safety valve due to the declining capacity in both the commercial lines and personal lines markets. There is a significant shift from the admitted space to E&S as the market follows capacity due to availability of coverage and capacity, not price. This trend is primarily driven by rising claim costs due to factors like weather events, increased litigation costs, and supply chain disruptions. “We are seeing a shrinking capacity for certain specialty E&S products, and it has created an environment that is harder and more expensive for insureds to get coverage,” added Kate Walas, Chief Underwriting Officer. “This makes it even more essential that insurers be more diligent in their risk selection, underwriting, and pricing strategies to maintain stability and growth.”
Upland Specialty Insurance Claims Outlook for the 2nd Half of 2024: “Upland’s claim incoming and inventory remain consistent and within expectations for its expanding business,” said Rich Smith, Chief Claims Officer. “Through the first 6 months of 2024, the monthly incoming claim volume has increased by 16%, however, over the past three months, monthly incoming claim volume has seen a 14% decrease.” The main driver of the Q2 over Q1 2024 decrease was Primary Construction (-5%). Excess trucking increased slightly quarter over quarter, but monthly reporting has essentially remained flat since March 2024. The use of telematics and focus on lead primary carriers has led to positive claims outcomes across the book. For Primary Construction in New York, risk transfer continues to be a success through our aggressive stance in the marketplace. Outside of excess trucking and New York construction, other lines of business have remained flat through the first half of 2024. “For 2025, Upland expects continued consistency in claim reporting, claim severity, and claim outcomes that follow Upland’s business growth and line of business mix,” added Mr. Smith. “Severity is expected to remain the driver for excess lines reporting, while frequency should remain the driver for primary lines. Excess Trucking is the most mature of Upland’s lines of business, and therefore is expected to remain stable from both a reporting and outcome perspective.” Changes in reserve philosophy and timing are not expected. To view the entire Market Outlook, click here: https://lnkd.in/eNiveZZ7
Upland Specialty Insurance: Second Half 2024 Outlook Favorable underwriting results for the first half of 2024 helped influence AM Best to revise their initial 2024 outlook from Stable to Positive for the US excess and surplus lines (E&S) market. Admitted carriers continue to tighten underwriting criteria leading to specialty accounts seeking coverage from non-admitted E&S carriers. The outlook for the E&S insurance market in 2025 is quite positive. The market is expected to benefit from a strong need for customized coverage solutions for complex and high-risk businesses, particularly in areas like commercial auto and directors & officers’ liability. The E&S insurance market also faces several challenges despite its growth. “Economic and social inflation are significant issues, driving up claims costs and impacting profitability,” stated Jim Damonte, President of Insurance Operations. “The rise of “nuclear verdicts” in litigation with exceptionally high damage awards particularly affected excess casualty and transportation lines.” In total, E&S premiums constituted 9.2% of the country’s total direct premiums written in 2023, compared to 8.8% in 2022 and 5.2% at the end of 2018. The US E&S market increased 14.5% in 2023, down from the peak year-over-year increase of 32.3% in 2021 and 20.1% in 2022. E&S direct premiums written totaled $86.47 billion during the most recent year compared to $75.51 billion in 2022. The bulk of E&S premiums in 2023 were written within multiple casualty liability coverages (52.5%), property lines of business (31.7%) and commercial auto (5.4%). Commercial primary general liability, excess casualty, professional liability errors and omissions (E&O) and cyber liability accounted for roughly half the total of E&S premiums in 2023. For the first time in five years, product, medical professional, and “other” liability year-over-year premiums did not grow by double digits in 2023. To view the entire Outlook, click here: https://lnkd.in/eNiveZZ7
Upland participates in the Sapiens 2024 Customer Summit in Austin, Texas. Shannon Wyatt, Upland's Vice President and Controller; Kristin Whitley, Associate Controller; Russell Cairnie, Reinsurance Accounting Manager; Hannah Nagel, Senior Accountant; Steve Oommen, Accountant; and Nicole Adams, Financial Reporting Manager all attended this invaluable event dedicated to innovation, collaboration, and transformative solutions in the insurance industry. Thank you all for continuing add value to Upland!
Congratulations Eileen Ellington, Upland's Vice President of Casualty Claims, on being awarded the RAA Reinsurance Education certificate at the RAA’s Reinsurance Underwriting program in New York, NY. Elieen achievement demonstrates how Upland's team members continue to improve for the betterment of our brokers, partners and Upland. Great job Eileen!!!
Thank you for another great WSIA! Kate Walas was interviewed by Insurance Business for their "Big Questions" series by Mia Wallace. We had an incredible turn out for our Tuesday night reception at the Provincial Kitchen in the Pendry Hotel. Over 200 brokers and partners attended our three-hour reception enjoying time with Upland executives and underwriters. The Moet Champagne dispenser and the "UP" express martinis were a particular crowd favorite. Thank you to WSIA, all of our broker partners and our Uplanders for making this year's Annual Marketplace our most successful ever. See you next year with more surprises.
Brokers at WSIA - Join us Tuesday night for our WSIA Reception at the Provincial Kitchen within the Pendry Hotel from 4 pm to 7 pm PST. Enjoy specialty cocktails like the Upland Expresso Martini, tasty bites and opportunities to discover how Upland Specialty Insurance can craft solutions for your specialty risks. Here is a link for directions to the event: https://lnkd.in/g8Ja4D9i
Upland is at the WSIA 2024 Annual Marketplace! Stop by our private meeting room in Pacific 16 on the lower level (below the Club) of the Marriott Marquis and learn more about how Upland is crafting custom underwriting solutions for your specialty risks. We are providing valuable literature, tasty food and drink (including beer and wine) as well as the opportunity to spend time with our underwriters in a quiet, relaxed atmosphere.