MGAs/MGUs
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PVT business has been attracting new capacity after recent rate increases.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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House Bill 672 adds regulation to the Louisiana MGA market.
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The Houston, Texas-based program manager will join Ryan Specialty’s healthcare MGU Sapphire Blue.
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Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The executive will report to London-based BMS director Alex Shephard.
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Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.
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The wholesaler is shifting its business mix towards delegated underwriting, which should help sustain growth.
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Lea is responsible for Embroker’s underwriting practices, including paper and reinsurance relationships.
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In tandem, Mike Falvey will transition to executive chairman, effective January 1.
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The acquisition includes up to $400mn of performance-based contingent considerations measured through 2026.
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The announcement confirms news this publication revealed in July.
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The executive brings 24 years of experience to the role.
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This publication revealed in March that ISO was exploring strategic alternatives.
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The carrier is expanding its MGA partnerships and has invested in its marine team.
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He will continue to act in his role as COO, global insurance operations.
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The carrier recognized a goodwill of $256mn and intangible assets of $39mn from the transaction.
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The arrangement enables PCS to expedite growth.
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The investment will be used to scale operations and extend its presence in key international markets.
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House Bill 672 will take effect on August 1.
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