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Underwriting, finance and technology veteran Shaun Shenouda will oversee continued growth and expansion of the real-estate-focused MGU. -
The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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Sources said that the New York-based underwriter lined up JP Morgan and Morgan Stanley as lead bookrunners for the process.
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The capacity expansion addresses a gap in current limit options, the MGA noted in its Tuesday announcement.
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The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The subsidiary will offer clients and capital providers a wide-ranging, single platform of financial lines products, with operations across the US, Europe, LatAm and London.
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InsurTech Nirvana plans to expand its offerings with a program designed for fleets with fewer than 10 units.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The CEO said the strong performance of MGAs during market dislocation has made it more challenging to accurately value future growth potential of M&A targets.
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Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.
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Convergence Point Solutions, the new JV, includes identifying the collateral as credit risk on a portfolio basis and recognizing the regulatory protections for the true risk of default as part of its approach.
