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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The appointment is the latest senior hire from AIG for the MGA, which recently hired Jordan Lanford as aviation head.
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The company expects a net loss of between $140mn-$150mn for the quarter and a net operating loss in the range of $25mn-$35mn.
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Drew Carnase joined Risk Strategies two years ago and will be based in Boston, focusing on scaling and optimizing the commercial lines operations.
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R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.
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Inside P&C’s news team brings you all the top news from the week.
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With record attendance, the conference was a reflection of how much the MGA space has grown and continues to grow.
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Parent Cowbell Cyber launched the E&S carrier a little over a year ago as part of Cowbell’s transition from an MGA to a full-stack insurance carrier.
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Data shows Texas developments parallel some of the trends in other troubled states, but it is heading in from a stronger position.
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From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.
