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The company is actively recruiting underwriting talent for both the US and European units, while also building out the executive leadership team. -
The MGU expects to deliver added capacity to its US network of retail agents and to broaden its range of high-net-worth customers.
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CEO Sankaran and COO Gangu are looking to use the firm’s capital, platforms and licensing to create value beyond reinsurance.
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Inside P&C’s news team runs you through the key developments from the past week.
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CEO Andy Potash has been seeking a buyer for the business since at least June of last year, and first attempted a sale in 2018.
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The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.
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Johnston will serve as vice president of underwriting at the newly created E&S division, while Skiba will oversee the firm’s claims unit and TPA management.
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The MGU said it will use the fresh funds to refinance its existing bank facility and to support strategic growth initiatives.
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The fresh paper comes in addition to the underwriter’s $150mn of construction builder’s risk and $100mn of critical flood, earthquake and named windstorm capacity.
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The blanket term DUAEs captures MGAs, MGUs, coverholders and other entities in the program business.
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The construction executive has been with the MGA since it was launched more than 10 years ago.
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The program offers E&O insurance coverage for real estate agents, appraisers, title agents, abstractors, home inspectors and mortgage brokers.
