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The executive joined the legacy carrier as CIO in 2020. -
The MGA is led by CEO Dennis Kearns, a 25-year industry veteran who founded the transaction solutions program at DUAL, producing total gross written premium exceeding $600mn.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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The mid-market build-out comes in response to trading partners' needs for more on-the-ground-support for more complex risks and the constraints of a digital-only product.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
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A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.
