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The program, expected to start doing business next month, will be wholesale-only. -
This publication reported earlier today of the asset manager’s foray into the MGA space.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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Reinsurers will not back business indefinitely where loss ratios continue to exceed the industry by a wide margin.
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The business said it was experiencing strong momentum on the Island.
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The deal represents a first entry into the US MGA market for the $1.1tn asset manager.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Altamont Capital MD Sam Gaynor said the goal is to have fewer programs that can each grow to a significant size.
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The fundraising focus comes after it was acquired by The Baldwin Group in Q1.
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The company generated $71.4mn in revenue for H1 2025.
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