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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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The partnership will launch a new umbrella excess insurance product.
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The new CEO hints at expansion into MGA markets.
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Evercore has reached out to a combination of strategics and private equity houses.
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The MGA recently secured capacity to write HNW homes in California.
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The MGA is offering lines of $25mn, up from the $10mn limit it was providing until late last year.
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The company is seeking to promote growth in its US excess casualty book.
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The offering includes GA, aviation GL and airport and product manufacturers liability.
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Wows will offer coverage tailored to high-value properties, written on non-admitted paper.
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As of February 14, the company received 405 claims.
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The MGA will be trying to replace the transactional liability capacity in the coming weeks.
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Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.
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Ryan Specialty National Programs consolidates several RSUM business units.
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Gibbs will oversee delegated underwriting authorities and facilities.
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This is the second acquisition Amwins has announced this year.
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The first round of the E&S boom has already played out, but this is a long game.
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Approximately 12% to 13% of Skyward’s premium was in commercial auto in Q4.
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Sources noted that Dowling Hales is advising the MGA.
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Other digital distribution platforms, including ProWriters and SportsInsurance, are also exploring a sale.
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Last October, this publication revealed that NSM was considering a carve-out of its B2B programs.
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The MGA will have a broad casualty-focused appetite with Lloyd’s capacity backing.
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This was Ryan’s second-largest 2024 deal, after its $1.4bn Assure purchase.
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Sources said that the MGA has been working with investment bank Waller Helms to find a potential investor.
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The company stopped writing new business last September and lost capacity from SiriusPoint.
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The MGA’s US clients will now have access to London market capacity.
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The traditional R&W product is seeing an increasing number of large losses.
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The company is on target to write around $700mn in premiums this year.
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Sources said that Waller Helms/Houlihan Lokey is working with the firm as financial adviser.
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Regulators have been keeping a close watch on the market, however.
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Other backers include Arch Specialty, Allianz, Allied World and HDI.
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Interest in maintaining current DUAE relationships outweighs forging new ones.
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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business.
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The program will offer limits up to $5mn.
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Regilio will lead a sales team to “expand market share and forge strategic partnerships”.
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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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The company will now focus on growing its E&S and InsurSec offerings.
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The review follows Velocity’s acquisition by FM Group.
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Flatt will remain on the company’s board of directors.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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Former COO Jack Falvey’s appointment as CEO was reported last August.
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The transaction comes after Kestrel explored a deal last quarter to raise ~$150mn of capital.
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The MGA will become part of binding authority unit Amwins Access.
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Insurance Insider US dissects the largest and hottest deals of the year across segments.
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The new, publicly listed specialty program group will be led by Luke Ledbetter.
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The program was developed in collaboration with Allianz Commercial.
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The business will operate as a full-service MGU under Amynta Risk Solutions.
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Shawn Parker takes up Gatt’s previous role as COO of Westchester Programs.
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Florida is a state where the company is seeing more capacity in the market, especially admitted availability.
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IAP served as financial adviser to Atri in the transaction.
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Sources said that Archer Transactional and BlueChip Underwriting will continue operating with existing paper providers.
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Sources said Berkshire will move from the largest single capacity provider to a single-digit percentage line size.
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The Bermudian's MGA will be based out of Miami, New York and Pennsylvania.
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The move was led by ex-Icat CEO Gregory Butler.
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Richard Winborn joins as president, while Patrick Mitchell takes on the COO role.
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The MGA secured backing from buyout heavyweight KKR in March 2021.
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The firm said the UK hub demonstrates its commitment to expanding in Europe.
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In March, Insurance Insider US revealed that Arden had retained Dowling Hales to find an investor.
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The MGU also announced a string of promotions to leadership, including RWI CUOs and a new head of Europe.
-
The AIG and Stone Point-owned MGU will also look to move up-market, increase its weighting to E&S and add third-party paper.
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Castel founder Mark Birrell will take the role of executive chairman.
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The hybrid fronting carrier was launched last year and is led by Talbot alumnus Sam Reeder.
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The deal follows Bishop Street’s acquisition of Ethos’ TL operations from Ascot.
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The distribution channel has sustained growth and resilience globally.
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Sources said that the underwriter has been working with Houlihan Lokey to find a potential backer.
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The executive will focus on securing reinsurance capacity for new programs.
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The partnership is Fidelis Insurance Group’s first third-party capacity deal.
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The deal is the latest in a string of investments by the MGA platform.
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Multiple reinsurance brokers have pitched the firm for sidecars.
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The business will trade via London, the US and Canada.
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Sources said that the AmTrust-backed fronting carrier has retained Evercore to run the process.
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The MGA platform will become part of Ryan Specialty Underwriting Managers.
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Management is showcasing its ambition, but it’s also dialing up risk.
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The wholesaler also paid $11.7mn in cash to Alera for the acquisition of Greenhill Underwriting.
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It is understood that the business-to-consumer programs are not included in the potential transaction.
-
It is understood that the company has retained the services of Dowling Hales as adviser.
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The binding authority facility targets smaller commercial property and general liability E&S risks.
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Capacity conversations centered around comp, trucking and cat, while new names emerged in collateralized re.
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It is understood that the cut programs include Yachtinsure, Rhino, Paramount, Pinpoint and NTA.
-
Backers and CEOs may be wary of falling into the same trap as larger PE-backed retail brokers.
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Sources said that Piper Sandler is running the sale process for the ~$50mn Ebitda business.
-
Sources said that a deal between the two sides could be reached in the next couple of weeks.
-
Milton and Helene, casualty reserves and growth will be some of this year’s topics.
-
Current rates at 2% to 2.5% translate to an 86% incurred loss ratio.
-
Nationwide vet Mike Miller is launching the MGA, which focuses on the E&S market.
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The raise includes minority investments from Nationwide, Enstar and others.
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He replaces Richard Goldfarb, who will remain as head of strategy.
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Interest in these vehicles has increased recently, but market softening could throw a curve ball at growth.
-
The executive has over 20 years’ worth of actuarial and analytics experience.
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This follows a spate of program manager deals Ryan Specialty has made.
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The change comes after the firm hit $1bn of in-force written premium.
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He was most recently head of excess casualty, east zone, at Axa XL.
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Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
-
A large number of new entrants and the growth of litigation finance challenge E&S enthusiasm.
-
Bishop Street acquired Conifer Insurance earlier this month.
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Casualty will likely fuel some of the E&S growth, the executive said.
-
Andrew Rowland will oversee the portfolio, offering up to $7mn per risk.
-
The firm will specialize in professional liability insurance for SMEs.
-
Howard Siegel remains CEO of the MGU.
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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.
-
Ethos’ transactional liability MGU is not included in the deal.
-
The acquisition marks Bishop Street’s entry into commercial lines.
-
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
-
The underwriting units produced revenue of $11mn in the year to June 30.
-
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.
-
Deal sizes also remain high, with EVs in July averaging over $440mn.
-
The company still has ambitions to sell the business.
-
Mexico City-based Ant was founded in 2019 by Alejandro Cabrera.
-
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.
-
Previously, Fishl held underwriting roles with Munich Re and Chubb.
-
The consortium backing the MGA is led by Axa XL Syndicate 2003.
-
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.
-
This expansion will protect against risks faced by transportation and logistics businesses.
-
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.
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The arrangement enables PCS to expedite growth.
-
The investment will be used to scale operations and extend Cowbell's 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.
-
Markel executive Alan Rodrigues will lead the unit.
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The Irish MGA will be able to underwrite commercial property risk up to EUR10mn.
-
She will oversee Vantage's specialty insurance distribution strategy.
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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.
-
SiriusPoint becomes sole carrier partner for Euclid’s liability program.
-
It is understood that the goal is to use a capital injection to form a reciprocal.
-
The transaction with Enstar covers $234mn of net Accredited reserves.
-
Launched in 2021, Axis is both an investor and capacity provider.
-
The lineslip will focus on coverage for the energy transition space.
-
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.
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Scale, diversity and specialization are three main reasons brokers consolidate.
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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 deal adds capacity to Fusion’s R&W, tax and contingency insurance businesses.
-
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.
-
Ex-PartnerRe executive Joe Hissong will serve as the underwriter’s COO.
-
CNA has been part of Euclid’s panel in EMEA since early 2022.
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It will offer over $250mn in capacity targeting clients in California and the Pacific Northwest.
-
The company writes roughly $300mn with Ebitda of roughly $30mn.
-
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.
-
The move comes as the wait for a deal for the whole group passes the six-month mark.
-
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.
-
Hallmark’s commercial business will be fronted by HDI subsidiaries.
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The K2 subsidiary will be Atain's first non-affiliated MGA partner in a program across seven states.
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The distribution model itself prioritizes the need for due diligence.
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She brings 19 years of industry experience to the newly created role.