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A memo to staff said the executive will be “pursuing new opportunities outside of our company”. -
The change was made on December 2 and was effective immediately.
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Canopius will continue to be one of several capacity providers to the MGA.
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MGAs going public is now a viable option, but dominating a market comes first.
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Highly concentrated, overly leveraged fronts could repeat the Unicover-Reliance story.
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The executive said maintaining capacity is the main challenge in a soft market.
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Admitted carriers on the other hand are still exercising caution as regulatory reforms take hold.
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The MGA said payments to affected customers began shortly after the event.
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Insurance Insider US reviews Euclid’s process and recent events in US MGA and retail broking.
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The executive will report to Katalyx president and CEO Praveen Reddy.
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The executives are based in Seattle and New York.
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The London-based MGA will begin underwriting its international book next month.
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It is understood that Liberty will halt support for property lines in the LatAm region effective 2026.
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The valuation for the Jay Rittberg-led program manager is understood to be $1bn+.
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The MGA is exploring new product lines including condos and renters, CEO John Chu said.
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The HNW MGA previously had an exclusive distribution agreement under a partnership signed in July 2024.
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The company announced four key leadership appointments on Wednesday.
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The capacity deal comes over a year after Dual recruited Marilena Rodriguez Forero as CEO for the region.
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Existing facilities and carrier partners will be transferring from K2.
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The MGA began offering US commercial E&S property products in December.
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Longbrook Insurance will write multiple lines of business.
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Sources said that the New York-based InsurTech retained Evercore to advise on the process.
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It is understood that the MGA wants to start with renewable energy and transactional liability.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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The executive noted that an influx of new entrants in the E&S market is increasing competition.
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From the carrier perspective, alignment of interests was a recurring theme.
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Adeptive co-founder and CUO Jeff Bright will lead the MGU’s US strategy.
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HNW family offices are now among investors considering the US MGA segment.
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It is understood that Sutton National is the fronting carrier sitting behind the facility.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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It is understood the permanent reinsurance capital vehicle is called Highline Re and will sit behind fronting carriers.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The reductions reflect a mix of programs being handed off and MGAs proactively switching.
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BP Marsh has agreed the sale of its 28.2% shareholding as part of the deal.
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Dealmaking took centerstage, but other discussed topics were growth, talent and capacity.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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Sources said the PE-backed platform retained IAP to advise on the process.
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The company is looking to grow through its new MGA incubator program.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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The executive is charged with defrauding investors out of nearly $500mn.
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MGAs that are good operators will stick out compared to the rest.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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Neil Ross was also appointed CUO for the broker’s MGA.
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Fronting doesn’t look any better when it’s broken down by segment.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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The MGA platform wants to expand into Europe and the UK and grow its wholesale business.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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Neptune’s stock price jumped 25% on the first day of trading.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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The vehicle will now cover an E&S program jointly launched with Accredited.
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The company will continue its capacity partnership with the MGA until 2030.
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JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.
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Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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The executive will initially focus on casualty fac business incoming as the result of the Markel renewal rights deal.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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The WCB has denied the allegations, claiming its decisions were based on “reasonable investigations”.
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The company is estimating its IPO price at $18-$20 per share.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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Onex is making the investment alongside PSP, Ardian and others.
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The case is now headed to appellate court.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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Tangram will become the inaugural portfolio company of Balavant Insurance.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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The program, expected to start doing business next month, will be wholesale-only.
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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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Clients in the segments that AIG trades in may not be as receptive to the idea as the insurer would like.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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Arkansas-based RVU provides commercial P&C and some specialty programs.
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A view into PE-fueled activity in the MGA sector, as LatAm carrier M&A accelerates.
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Lisa Binnie will succeed him as president of the company’s specialty admitted segment effective September 1.
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The likes of Genstar, Leonard Green and Bain also looked at the program manager.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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Sources said that the start-up will be fronted by Bain-backed Emerald Bay.
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The executive succeeds current CEO Petway, who is retiring.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The move includes One80 Intermediaries, formerly part of Risk Strategies.
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The executive has worked for JLT Re, Lockton Re, Willis Re and US Re.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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The MGA will expand its US reach in apartments, condo associations and single-family rentals.
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The company has also expanded its relationships with US and UK MGAs.
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Verita leadership and staff will remain intact and “seamlessly functional”.
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The wholesaler also paid nearly $29mn for the Irish MGU 360 Underwriting.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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Nadia Beckert was promoted to Bermuda CUO in March.
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The firm will target mid-market risks with TIVs of $25mn-$1bn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The executive will continue to lead CRC Insurisk in the expanded role.
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Morgan Stanley first invested in Cover Whale in May 2024 with structured debt.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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Commercial property poses the most intense competition due to rates dropping, terms and conditions, and line size.
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As the IPO window opened, American Integrity, Slide, Ategrity and others followed Aspen.
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Shares opened at $28.50 each, well above the $21 offer price.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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This is the New York-based firm’s first acquisition since launching in 2024.
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The awards, now in their fifth year, will be held in New York at 583 Park Avenue on September 25.
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Recent inbound offers can “oftentimes” be a leading indicator that the market is slowing, he said.
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The alleged insurance fraud targeted anyone who could fund the settlements, argued the plaintiffs.
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The PE-backed MGA lined up Morgan Stanley, JP Morgan and Bank of America to advise.
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Michael Mora was appointed North America CEO just over a year ago.
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In March 2024, Cowen was appointed to lead Chubb’s new international transactional liability platform.
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Underhill spent nine years at BHSI as global head of transactional liability.
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The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.
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The MGA opened the door for potential growth via M&A besides organic growth, team hires and carrier carve-outs.
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This is up from the $300mn in capacity the MGA secured in 2024.
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Volante joins capacity providers Allianz and Tokio Marine Kiln.
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A London wholesaler broker would be a compelling second move.
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The Bermudian investor already owned a 1% interest in the NY-based MGA platform.
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The executive told this publication he will have more time “to propel” embedded auto MGA In The Car.
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The exec said the feds have been given data to potentially pursue criminal charges.
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With the added capacity, the MGA can offer up to $35mn per risk.
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The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.
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The MGA and parent company Roosevelt Road Re have until July 21 to file a second amended complaint.
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In The Car offers embedded auto insurance by integrating policies into dealership management systems.
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The exchange is backed by $100mn in funding from CD&R and others.
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In March, this publication revealed that Pinnacle was considering a sale.
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Holschneider co-founded the firm and is currently executive chairman.
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Volante’s syndicate may still support select transactional liability risks, but it will not have an in-house team.
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The deal triples Hippo’s new homeowner leads and extends Baldwin’s MGA capacity.
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DUAEs are increasingly leveraging specialized expertise to address underserved risk.
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BP Marsh has subscribed for a 49% shareholding in the start-up MGA.
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Starr joins a panel that includes capacity from Axis and Skyward.
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The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.
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The executive said he left the company in September.
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Sam Wylie has been appointed portfolio manager.
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Bredahl has been appointed CEO and Bonneau as chairman.
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Starr and Axon also are among those on the Marsh USA-placed $40mn line.
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The executive has been with the firm since its inception in 2023.
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He will also invest in the company.
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The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.
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The executive has experience across both insurance and banking.
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Permanence and independence of a public company would be valuable, he told this publication.
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The executive joined the MGA in January 2024 and has spent his entire insurance career within the TL space.
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Sources said MarshBerry was retained earlier this year to run the sale.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.
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Sources said that the program manager is being advised by Dowling Hales.
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The executive joins forces with executive chairman and co-founder Erik Matson.
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They cover environment, political violence, equipment and cannabis.
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The executive has previously held roles at CRC Group, Allianz and Nationwide.
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The two deals bring the combined company’s Ebitda to about $25mn-$30mn.
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The MGA market now makes up 10% of the overall P&C market.
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The executive also spoke about growing organically and via M&A.
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The move will allow clients to take on larger and more complex projects
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The appointment follows the recent exits of CUO Chatterjee and SVP Dharma-Wardana.
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MGA platforms, however, are seeing higher multiples than those in retail.
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The program is designed to address a changing risk environment.
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The platform will focus on acquiring MGAS across lines of coverage.
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The company completed the acquisition yesterday.
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The MGA also appointed CNA’s Matthew Schardt as head of casualty.
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Planning for the carrier was halted in January due to the CEO’s health issues.
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The Nordic operations have capacity provided by Allianz Commercial.
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The company also hired Beazley’s Tracy Holm as general counsel.
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The deal is expected to close in the second quarter.
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The ex-Ategrity CEO launched Pivix Specialty in September 2024.
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MGA growth is still strong but has passed its 2022 peak.
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The program will offer liability coverage up to $5mn per occurrence.
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The MGA will focus on insurance for agents, carrier partners and clients.
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The firm acted as the front for Trouvaille Re, the E&S property sidecar for MGA AmRisc.
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Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.
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Sources said Morgan Stanley has been drafted in to run the auction later this year.
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The program will provide excess casualty coverage across a broad range of industries.
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Meco's 2024 gross written premiums totaled $63mn.
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ISA is part of Ryan Specialty National Programs, which launched last month.
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Rouse was promoted to co-global placement leader last October.
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Alex Amezquita will fill Cahill’s previous position as CFO.
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Live since May 2023, the reinsurer has over 40 trading relationships currently.
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Business hates uncertainty and geopolitical tensions are off the charts.
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The broker adds a new EVP and new president to its benefits practice.
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The coverage will only be available in Illinois and Michigan at first.
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This publication revealed last year that Brownyard was considering a sale.
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The company has hired Axa XL’s Irvine to lead the new platform.
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The program is being launched through subsidiary Southern Marine.
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The package comprises a $100mn cat bond and a $70mn sidecar.
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The company is expanding availability of its large enterprise offerings.
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The 12 insurers together have $418mn in policyholder surplus.
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Data, technology and telematics could turn the struggling sector profitable.
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Carriers surveyed cited access to niche markets as a key strength.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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K2 Cyber is entering an increasingly crowded cyber market.
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The costs of accident/casualty-related claims continue to rise.
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The MGA will grow in specialty lines via talent recruitment and M&A coupled with technology enablement.
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Allianz has previously entered several capacity arrangements with the MGA.
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The company is on a five-year growth plan, aiming to hit $100mn in premiums by 2029.
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AIG veteran Kevin Bidney will focus on North American marine.
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The start-up is closing a Series A fundraise.
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Defendants claim that Tradesman lacks standing to bring the case.
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After a period of business building, MGAs will likely spend more time optimizing.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The MGA will likely expand its D&O book as well, but excess casualty will grow faster.
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SiriusPoint will provide capacity for a new construction liability program.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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ShoreOne is offering an all-in-one policy that includes flood protection.
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Sources said that Insurance Advisory Partners is advising the fac MGA on the strategic process.
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In January, Archer expanded its capacity with Lloyd’s backing.
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