MGAs

CFC lines up Axis cyber head Trueman for CUO role

Cyber insurer CFC Underwriting has recruited Axis Insurance’s global cyber head Dan Trueman as chief underwriting officer, The Insurer has learned.

Vesttoo confirms investigation and exits after report of alleged billion-dollar fraud

Vesttoo has confirmed an internal investigation has uncovered “inconsistencies between an investor and a cedant” in transactions it was involved in and acknowledged there have been a number of management exits as it responded to a report claiming the insurtech is facing an alleged billion-dollar fraud.

Carbon Underwriting receives strategic investment from Apiary Capital

London-based MGU Carbon Underwriting has received a significant strategic investment from UK private equity firm Apiary Capital.

Germano re-emerges as chief casualty officer at Dual NA

Former Ace and Everest underwriting executive Connie Germano has joined expansive MGA platform Dual North America as chief casualty officer, The Insurer understands.

Goldmans, Golden Gate and AmTrust among second round bidders for Accredited

Goldman Sachs’ private equity arm, PE firm Golden Gate Capital and AmTrust are among the interested parties in the second round of the bidding process for R&Q-owned fronting carrier platform Accredited, Program Manager understands.

Accredited A- rating reaffirmed by AM Best as R&Q long-term ICR is withdrawn

R&Q has notified AM Best of its decision to withdraw its group long-term issuer credit rating after its Accredited subsidiaries recently became an independent rating unit holding a crucial A- financial strength rating, which is currently under review pending a sale of the program fronting platform.

MGA NBS acquires Lloyd’s coverholder Capital Markets Underwriting

Specialty MGA NBS Underwriting has acquired Capital Markets Underwriting, an independent underwriting agency and Lloyd’s coverholder.

Victor names Cashman Icat president

Marsh’s managing general underwriter arm Victor has appointed Ashleigh Cashman as president of Icat, its US property catastrophe managing general agency.

Nexus acquires US cyber MGA Evolve

Kentro Capital-owned Nexus Underwriting has acquired California-headquartered cyber MGA Evolve Cyber Insurance Services, marking the firm’s expansion into the specialist cyber class of business.

Amwins secures strategic capacity from MSIG across 20 UW programs

Amwins has entered into a strategic partnership with the US subsidiary of MS&AD which will see the insurer provide meaningful capacity and its A+ AM Best rated paper across more than 20 of the wholesale giant’s underwriting programs, Program Manager can reveal.

Helix gets minority investment from long-term partner Arch

Helix Underwriting Partners Ltd’s relationship with Arch Capital has strengthened after the (re)insurer made an equity investment and became a minority shareholder in the Bermuda-based MGA business.

Clear Group continues MGA build with One Commercial Specialty acquisition

UK broker consolidator Clear Group has acquired speciality lines MGA One Commercial Specialty Limited, marking the group’s second MGA deal in as many weeks.

Victor Insurance Exchange appoints Horgan president and Camerino COO

Victor’s start-up insurance exchange has appointed Zurich veteran Paul Horgan as president, and former Everest and Buckle executive James Camerino as chief operating officer and chief claims officer.

Builders launches BOP program with Accelerant and Volta

Builders is providing its AM Best A rated paper to a new program offering business owners policies in a move that partners the specialty insurer and hybrid fronting carrier with insurtech platform Accelerant and MGA Volta Underwriters Services, Program Manager can reveal.

Obsidian hires Swiss Re US MGA practice head Wittlich as CUO

Hybrid fronting carrier Obsidian Insurance Group has appointed Jeff Wittlich as its new CUO, with the executive leaving his most recent position as head of Swiss Re’s US regional and national MGA practice, Program Manager can reveal.

Hourly adds Nationwide to workers’ comp capacity panel

Workers’ compensation-focused insurtech MGA Hourly has broadened its panel of capacity providers with the addition of Nationwide E&S/Specialty.

Rowley: Insurance product fragmentation to boost MGA growth trajectory

The systemic fragmentation of insurance products, as well as varying appetites among carriers, will ensure the strategic and economic growth trajectory of MGAs as more people in the market look to delegated underwriting for niche lines, according to DA Strategy CEO Charles Rowley.

Medical stop loss MGU MSL agrees Everest capacity deal

Medical stop loss-focused managing general underwriter MSL Captive Solutions has added Everest to its panel of AM Best A rated capacity providers.

Conning: Fronting sector at inflection point amid reinsurance and capital markets reset

The US fronting market has trebled in size to more than $12bn of premium since 2018 but is now facing more muted growth prospects and greater consolidation pressures amid higher reinsurance costs, reduced access to capital and fallout from the Trisura reinsurance recoverables write-off, according to Conning.

Nardac unveils US solar PV program supported by Canopius-led capacity panel

Energy and infrastructure-focused wholesaler Nardac has launched a US commercial and industrial-scale solar photovoltaic program underwritten by capacity from a panel of Lloyd’s and company market players led by Canopius Syndicate 4444, The Insurer can reveal.

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