Operations/tech
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A “change of control” clause also gives hosted MGAs the opportunity to find new platforms if they wish. -
The scheme will be expanded to six new US cities, including Houston, Minneapolis and Philadelphia.
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The market chairman says the new entry point for submissions will radically improve data quality for placements.
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The broker is continuing its push into insurance-backed IP financing.
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The broker had already reversed the 20% pay cut that was introduced for the majority of employees.
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Inside P&C looks ahead to the insurer’s results/call, with both comp and capital under scrutiny.
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The review comes amid a third-quarter net loss of $20.7mn driven by increased catastrophe losses.
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The company provided confirmation of its work to break up international and a $100mn expense reduction target.
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Former Pembroke CEO Mark Wheeler is widely expected to join the business after his restrictions end.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The risk modeller has been fending off Senator Investment and Cannae Holdings since their initial $5.2bn takeover proposal in June.
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The broker and MGA will give the acquirer a Californian toehold and boost its binding operations.
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