MGAs

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).

Clear Blue: Replacements secured for “more than 50%” of Vesttoo-impacted reinsurance

Clear Blue said Thursday it has secured replacement for “more than 50 percent” of reinsurance programs backed by Vesttoo and has received assurances from AM Best to immediately review the status of its A- financial strength rating as soon as all the reinsurance is replaced.

Marsh appoints Vault’s Williamson as Victor CEO and Hanuschak as chair

Marsh has appointed Charles Williamson as CEO of its global MGU business Victor, succeeding Brian Hanuschak, who has been named chairman of the unit.

Marsh appoints Vault’s Williamson as Victor CEO and Hanuschak as chair

Marsh has appointed Charles Williamson as CEO of its global managing general underwriting business Victor, succeeding Brian Hanuschak, who has been named chairman of the unit.

Arch places London MGA platform Castel up for sale

Arch Capital Group has placed its London-headquartered MGA platform Castel Underwriting Agencies up for sale, The Insurer can reveal.

AM Best puts Clear Blue A- FSR under review with negative implications

AM Best has put Clear Blue Insurance Group’s A- financial strength rating under review with negative implications, as it says the fronting company is “aggressively” working to address the “uncertainty” tied to letters of credit associated with Vesttoo-related reinsurance it has placed.

Arden launches E&S wildfire commercial property program with Accelerant

Tech-enabled specialty MGA Arden Insurance Services has launched a wildfire commercial property program on the A- paper of Accelerant that utilizes a range of modelling tools and AI to identify and underwrite benign risks that have been misclassified as heavily exposed to the peril, E&S Insurer can reveal.

Slice offering PHLY-backed E&S contractors GL coverage in nine new states

Small business focused insurtech Slice has extended the reach of its Philadelphia Insurance-supported excess and surplus lines contractors general liability coverage into Alabama, Arizona, Maine, Michigan, North Carolina, Oklahoma, Virginia, Vermont, and Wisconsin.

Cyber insurtech MGA Converge names Kang CEO as Dagostino exits for Axa XL

Start-up cyber MGA Converge’s founding CEO Anthony Dagostino has left the company to take up a senior cyber post with Axa XL, with the Forgepoint Capital-backed insurtech promoting chief insurance officer Tom Kang to be its new chief executive, The Insurer can reveal.

Brown & Brown’s Bridge acquires MGA New England Excess Exchange

Bridge Specialty Group, the wholesale operations of Brown & Brown, has entered into an agreement to acquire the assets of New England Excess Exchange, a Vermont-based wholesale MGA providing commercial and personal lines insurance solutions.

Wildfire Defense Systems approved for Polo-managed SIAB

Wildfire Defense Systems has received approval from Lloyd’s to launch a syndicate in a box which began underwriting California wildfire-exposed risks from 1 July 2023.

Obsidian names Rappaport president and Dagenais CFO

Hybrid fronting carrier Obsidian Insurance Group has promoted its current COO and CFO Craig Rappaport to president, with Nick Dagenais stepping into the CFO role.

Fronting carriers Clear Blue and Transverse clarify Vesttoo position

Clear Blue has said it is operating in a “business-as-usual” environment and doesn’t expect a material impact to its AM Best rating, while rival MS Transverse has stated that any direct impact from the Vesttoo fallout and potential letter of credit (LOC) collateral impairments should be “immaterial” to its business, as both companies continue to conduct investigations.

First Insurance begins writing GL business backed by Accelerant capacity

First Insurance & Risk Management is the latest addition to the Mission Underwriters turnkey platform, with the new small business-focused insurtech MGA offering GL coverage written on Accelerant National Insurance Company paper in eight US states, Program Manager can reveal.

Fronting carriers lining up replacement collateral amid Vesttoo fallout

Vesttoo’s move to bring collateralised quota share and stop loss solutions to the programs and MGA space has led to relationships with several fronting carriers that are now assessing potential exposures after the ILS-focused insurtech confirmed collateral issues on at least two of its deals.

Evertas acquires crypto mining insurer Bitsure

Crypto insurance company Evertas has acquired Bitsure, which describes itself as the world’s first insurer dedicated to coverage for crypto mining operations.

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MGAs

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

Coalition hires Kyle Bryant from Resilience as head of international

Prestige Underwriting appoints Skinn as non-executive director

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

Clear Group continues MGA drive with Profile Underwriting acquisition

Clear Blue: Replacements secured for “more than 50%” of Vesttoo-impacted reinsurance

Marsh appoints Vault’s Williamson as Victor CEO and Hanuschak as chair

Marsh appoints Vault’s Williamson as Victor CEO and Hanuschak as chair

Arch places London MGA platform Castel up for sale

AM Best puts Clear Blue A- FSR under review with negative implications

Arden launches E&S wildfire commercial property program with Accelerant

Slice offering PHLY-backed E&S contractors GL coverage in nine new states

Cyber insurtech MGA Converge names Kang CEO as Dagostino exits for Axa XL

Brown & Brown’s Bridge acquires MGA New England Excess Exchange

Wildfire Defense Systems approved for Polo-managed SIAB

Obsidian names Rappaport president and Dagenais CFO

Fronting carriers Clear Blue and Transverse clarify Vesttoo position

First Insurance begins writing GL business backed by Accelerant capacity

Fronting carriers lining up replacement collateral amid Vesttoo fallout

Evertas acquires crypto mining insurer Bitsure