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The executive most recently served as qualified solutions group leader at Marsh -
The parties also signed a release of claims arising from the Vesttoo fraud.
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The executive added that he expects “some level of consolidation” in the fronting space, estimating that there are 24 players in the US market.
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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 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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Ohio-based Rokstone Farm Risks secured $15mn capacity for farm property, $5mn for farm excess and $1mn for auto liability.
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The firm’s primary coverage includes general liability, workers’ comp, professional liability, umbrella and inland marine, according to its website.
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The program offers professional liability, general liability and more for medical professionals in the healthcare industry.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The trio includes AIG’s Carson Lyons, Starr’s Jeffrey Tippins and Lockton’s Chris Latta.
