MGAs/MGUs
-
The deal provides Honeycomb with up to $24mn of capacity.
-
-
PVT business has been attracting new capacity after recent rate increases.
-
The MGA noted a 17%-20% price decline last year and expects similar for 2024.
-
It will offer additional capacity to WTW US property clients with a limit up to $25mn.
-
Geo Europe CEO Walter Craft will remain with the financial lines business.
-
Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
-
House Bill 672 adds regulation to the Louisiana MGA market.
-
The Houston, Texas-based program manager will join Ryan Specialty’s healthcare MGU Sapphire Blue.
-
Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
-
The executive will report to London-based BMS director Alex Shephard.
-
Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.
-
The wholesaler is shifting its business mix towards delegated underwriting, which should help sustain growth.
-
Lea is responsible for Embroker’s underwriting practices, including paper and reinsurance relationships.
-
In tandem, Mike Falvey will transition to executive chairman, effective January 1.
-
The acquisition includes up to $400mn of performance-based contingent considerations measured through 2026.
-
The announcement confirms news this publication revealed in July.
-
The executive brings 24 years of experience to the role.
-
This publication revealed in March that ISO was exploring strategic alternatives.
-
The carrier is expanding its MGA partnerships and has invested in its marine team.
-
He will continue to act in his role as COO, global insurance operations.
-
The carrier recognized a goodwill of $256mn and intangible assets of $39mn from the transaction.
-
The arrangement enables PCS to expedite growth.
-
The investment will be used to scale operations and extend its presence in key international markets.
-
House Bill 672 will take effect on August 1.
-
The first RICO complaint targeted medical providers and training centers.
-
The news follows a string of deals that the stop-loss segment has seen in recent months.
-
Romel Salam, former Validus Re CRO, will also join Solis as an advisor.
-
US Assure has been exploring a potential sale through a narrow process run by Dowling Hales.
-
She will oversee Vantage's specialty insurance distribution strategy.
-
-
The operation will be led by Stephen Saunders, with Jawad Ghunaim from AIG as CUO.
-
It is understood that the shutdown will impact about 25 employees.
-
Gangu will likely take a gardening leave after vacating his post to consider future steps.
-
It is understood that the goal is to use a capital injection to form a reciprocal.
-
Launched in 2021, Axis is both an investor and capacity provider.
-
The executive gave his view on the (re)insurance landscape and the impact of PE on the sector.
-
AmCoastal also cut its board down to five members, including two new appointments.
-
Industry veteran Peter McKeegan will lead the firm.
-
Ryan Specialty CEO Pat Ryan opened the event, which was held last week in New York.
-
Scale, diversity and specialization are three main reasons brokers consolidate.
-
This is Emerald’s second facility, after its earthquake deal with Arrowhead.
-
Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.
-
The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.
-
This publication had reported the program manager’s plans in April.
-
The acquisition allows AM Specialty to expand its E&S offerings.
-
The carrier said the office in Belgium “doubled down” on its commitment to Europe.
-
The acquisition expands Doxa’s mental health and wellness presence.
-
CNA has been part of Euclid’s panel in EMEA since early 2022.
-
This is Chubb’s second MGA deal in the past few months.
-
Ambac also announced it was selling its financial lines book to Oaktree for $420mn.
-
Sentry launched its specialty lines division in 2022.
-
With the additional capacity, the MGA can now write over $100bn in business.
-
The Howden-owned MGA lost ~$250mn in cat capacity in September.
-
He previously helmed Plymouth Rock Assurance's direct and partner group.
-
MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
-
The company went public Thursday at a price of $17 per share.
-
Ascot is supporting Trident, Paragon’s public entity casualty insurance program.
-
The former Everest executive will look to roll out a range of new product lines at the MGA.
-
The carrier’s goal for its specialty arm is to achieve $10bn in written premiums and a sub-90% CoR by 2030.
-
The partnership will increase K2's capacity for US hurricane and earthquake exposure.
-
The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
-
Sources said Federer will assume the executive director role at Atlantic later this month.
-
This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
-
Farmers is working with Jetty to help ensure a smooth transition.
-
The front has lined up its first 10 programs and is confident it will get at least seven or eight of them.
-
Flexpoint secured a higher sum-of-the-parts valuation by facilitating the break-up.
-
The filing comes four months after Insurance Insider US revealed Bowhead’s intentions to launch an IPO this year.
-
The MGA’s underwriting capacity for casualty programs now totals $17mn.
-
Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
-
Tim McDougald most recently served eight years as Marsh’s New England operations leader.
-
The MGA platform has been under auction since last year.
-
The M&A insurance MGA also secured support from Accelerant.
-
GeoVera’s UW operations go to SageSure, while its insurance companies merge with SafePort.
-
The acquisition announcement is Doxa’s second this week.
-
The segment represents approximately 11% of the overall P&C market.
-
RLL offers a fully insured and captive program to multifamily owners and managers.
-
Colin Addy and Greg Conroy, former Vale and Chubb executives, co-head the new operation.
-
The oversubscription may signal additional capacity waiting on the sidelines.
-
Sources said the Bermuda carrier has been working with Jefferies on the sale.
-
The announcement confirms earlier reports from this publication.
-
Sources said the deal was roughly three times over-subscribed as cat becomes hot.
-
The Ahoy! deal marks the first acquisition for the RedBird-backed MGA.
-
Dowling Partners is advising the company.
-
Glatfelter CEO Chris Flatt will become interim chief executive.
-
The facility will target operators across the US, onshore and offshore.
-
It is backed by paper from MS Transverse, this publication understands.
-
The MGA’s capacity provider is Berkshire Hathaway Specialty Insurance.
-
This publication revealed that the company was raising capital earlier this year.
-
The Truist-owned cat MGA had reduced its line size to $50mn last year.
-
The latest development comes on the heels of the Corvus-Travelers deal.
-
The executive left OdysseyRe last August, as this publication revealed at the time.
-
The MGA will target small and mid-market firms and will also offer tech E&O products.
-
Justin Ward will lead the firm’s production efforts in the expanding MGA market.
-
The team will be led by Alejandra Hernandez Irizarry and Courtney Alonzo.
-
The executive will split his time between San Francisco and New York.
-
Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
-
Laxner has prior experience at Ambridge, Converge, Axis, Markel and Chubb.
-
Koffie began work on a sale earlier this month following major layoffs.
-
Expanded underwriting capacity comes after a year of strong growth.
-
It is understood that the InsurTech began fundraising late last year.
-
The executive most recently served as qualified solutions group leader at Marsh
-
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.
-
It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
-
Ohio-based Rokstone Farm Risks secured $15mn capacity for farm property, $5mn for farm excess and $1mn for auto liability.
-
The firm’s primary coverage includes general liability, workers’ comp, professional liability, umbrella and inland marine, according to its website.
-
Kearns and his former employer recently settled a legal dispute following his departure along with two other colleagues last year.
-
Rokstone Underwriting has announced a $25mn North American marine facility backed by Allianz Commercial.
-
Underwriting, finance and technology veteran Shaun Shenouda will oversee continued growth and expansion of the real-estate-focused MGU.
-
The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
-
Sources said that the New York-based underwriter lined up JP Morgan and Morgan Stanley as lead bookrunners for the process.
-
The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
-
It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
-
Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
-
Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.
-
The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
-
The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.
-
Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
-
The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
-
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
-
The medical stop-loss MGU produces annual revenue of around $25mn.
-
The move follows an earlier announcement in May, when SiriusPoint disclosed that its equity stake in the Bermuda-based MGA was reduced to 49% from 100%.
Most Recent
-
Beat Capital Partners and Ategrity’s Karpp to launch MGA proRISE in October
September 20, 2024 -
Greggains joins Ryan Specialty’s ISA as president
September 20, 2024 -
Carriers ‘behaving rationally’, looking to grow: Gallagher
September 19, 2024 -
RT Specialty announces six leadership appointments
September 19, 2024