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The reductions reflect a mix of programs being handed off and MGAs proactively switching. -
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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