MGAs

Atlas lines up new capacity after James River pulls $100mn+ participation on WC program

James River has non-renewed its participation on a large California workers’ compensation program, which multiple sources have confirmed to be that written by Gallagher-owned MGA Atlas General Insurance Services, which is in the process of lining up replacement capacity, The Insurer can reveal.

Euclid launches lawyers PL program with Hudson capacity

Euclid Program Managers has launched a new US-focused legal professional liability offering led by David Ruple which will be underwritten on capacity provided by Odyssey Group’s Hudson Insurance Group.

Clear Blue: 90% of Vesttoo capacity replaced, signed lines expected in 14 to 30 days

Clear Blue told trading partners on Monday (7 August) that it has commitments from existing reinsurers on its panels, as well as from new partners, to replace more than 90 percent of the in-force reinsurance related to Vesttoo, Corinthian and Osprey reinsurance vehicles, The Insurer can reveal.

Optio appoints Mugge as CFO

Specialty MGA Optio Group has appointed Mark Mugge as its chief financial officer, effective immediately.

Ambac P&C and distribution units see premium production soar 45% in Q2 to $94mn

Ambac’s specialty P&C and distribution platform made “great strides” in its expansion bid during Q2 2023 as premium production across its Everspan and Cirrata operations jumped 45 percent year on year to $94.1mn.

Yachtinsure agrees new US capacity deal with ASIC

Yachtinsure has agreed a new carrier for its in-house binder for US-registered yachts with E&S start-up AM Specialty Insurance Company (ASIC) now providing capacity for the marine-focused MGA’s underwriting of vessels with hull values between $150,000 and $700,000.

FloodFlash adds Hiscox to panel of US capacity providers

Parametric insurtech FloodFlash has added Hiscox to its roster of US capacity providers with the London-listed carrier boosting its own existing capabilities in the expansive sector through the tie-up.

Tradesman: Vesttoo and Corinthian replaced on Clear Blue-fronted panel

Tradesman Program Managers (TPM) has told trading partners that Vesttoo and Corinthian’s participation has been replaced on the reinsurance panel behind Clear Blue paper backing the New York construction-focused MGA program, The Insurer can reveal.

Ambac acquires New Jersey MGA and retail agency Riverton

Ambac Financial Group has acquired a majority stake in Riverton Insurance Agency Corp, a New Jersey-based insurance services business consisting of an MGA and a retail agency.

SiriusPoint to provide Eaton Gate capacity in new MGA partnership

SiriusPoint has partnered with London-based MGU Eaton Gate as part of a wider strategy to develop targeted MGA partnerships based on income and risk appetite alignment.

Rokstone goes live with Heaton-led D&O offering

Rokstone’s new D&O offering has officially gone live, with the Jimmy Heaton-led unit targeting complex SME and mid-market risks in the UK, European Economic Area, Switzerland and Bermuda, among other regions.

Victor’s Gallatin Point-backed reciprocal exchange formally assigned A- FSR by AM Best

Marsh-owned Victor’s newly launched reciprocal exchange has been officially assigned a financial strength rating (FSR) of A- (Excellent) and a long-term issuer credit rating (ICR) of “a-“ by AM Best, with the outlook on both set at stable.

Amynta Surety Solutions recruits Mattioli to lead Canadian operation

MGA platform Amynta has brought in John Mattioli from NovaRisk to head up its newly launched Canadian Surety Solutions business.

Ledgebrook makes excess casualty and PL plays with Kessler and Lassiter hires

Ledgebrook has hired Nicole Kessler from Core Specialty to head up its excess casualty business while James Lassiter has joined from RSUI Group to lead the E&S-focused insurtech MGA’s professional liability operation.

Cyber insurtech Converge raises $15mn in Series A funding from Forgepoint

Converge Insurance has secured $15mn in Series A funding from Forgepoint Capital, with the cyber MGA also confirming The Insurer’s reporting last week that Tom Kang has been appointed CEO following the departure of Anthony Dagostino.

Alchemy build-out continues with market veteran Isachsen named claims head

Alchemy Underwriting, the new MGA from former Sompo International executives Richard Housley and Rupert Cousins, has continued its build-out with the hire of market veteran John Isachsen as head of claims, The Insurer can reveal.

Coalition hires Kyle Bryant from Resilience as head of international

Coalition has hired cyber executive Kyle Bryant from rival insurtech MGA Resilience as its new head of international, as the Joshua Motta-led firm plots further international expansion, The Insurer can reveal.

Prestige Underwriting appoints Skinn as non-executive director

Prestige Underwriting Services has appointed David Skinn as a non-executive director.

Clear Group grows FY revenue by 26% to £56.7mn

Clear Group has reported revenue growth of 26 percent for the year to 31 October 2022, with Ebitda increasing by 37 percent to £14.3mn.

Clear Group continues MGA drive with Profile Underwriting acquisition

UK broker consolidator Clear Group has continued its expansion into the MGA market with the acquisition of leading specialist commercial lines MGA, Profile Risk Solutions (Profile Underwriting).

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