MGAs

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.

Primary Group restarts process to sell MGA QMetric

Primary Group has reopened the prospect of the sale of QMetric, the largest shareholder in UK home and motor insurance MGA Policy Expert.

GC’s Vicky Carter: Strong UW record is key for attracting capital in disrupted reinsurance market

Capital providers are increasingly targeting executive teams and underwriters with strong track records amid a hard market that is expected to continue well into next year, according to Vicky Carter.

Corvus working on investment and risk capital deal: sources

Cyber MGA Corvus is working on a transaction that is expected to inject fresh investment and risk capital into the firm, with sources indicating that any deal is unlikely to involve a full sale of the company, The Insurer can reveal.

MGA panel: Post-Covid insurer appetite reduction set stage for MGA boom

The post-Covid restriction of insurer appetite has seen MGAs rise in prominence owing to the acute need for capacity and specialised underwriting knowledge, according to Clear Group’s director of London/head office Nick Smallcorn.

Brewis: UK insurance sector ahead in Consumer Duty preparations

The innovative nature of MGAs and their ability to set up quickly to respond to the needs of customers positions them well to fulfil the product design component of upcoming Consumer Duty regulation, according to the Financial Conduct Authority’s director of insurance Matt Brewis.

Velocity Risk hails MGA-hybrid model after securing A- rating for E&S carrier

Velocity Risk Underwriters’ launch of a rated E&S insurance carrier will give it greater control over its underwriting, policy forms, pricing and claims management, while also granting it increased flexibility, speed and customisation, the company has said.

Distinguished fine art and collectibles program launches with Core Specialty paper

Aquiline-backed Distinguished Programs has officially launched its fine art and collectibles offering on the AM Best A- paper of Core Specialty, supported by major insurers in the US and London, with a team led by former Axa XL executive Patrick Drummond.

Flexpoint Ford-backed Bridgehaven confirms launch

Bridgehaven Insurance, the new hybrid-fronting carrier with backing from Flexpoint Ford, has confirmed it has officially launched following approval from the UK’s Prudential Regulation Authority.

MGA Banyan Risk appoints Munro as first CUO

Specialist D&O MGA Banyan Risk has named Ben Munro to the newly created role of chief underwriting officer.

MGAs exploring wider range of capital sources as sector matures: Clyde & Co

More than one-third of MGAs are planning to explore opportunities to use their own capital to support growth, according to a new survey by Clyde & Co.

Dual Asset pens £100mn capacity deal with Chaucer

MGA Dual Asset has obtained £100mn ($127.9mn) in quota share capacity through a new long-term collaboration with Lloyd’s (re)insurer Chaucer.

Pen grows marine specialism with swoop for Norway’s Fender Marine

Gallagher’s UK-based specialist underwriting subsidiary Pen Underwriting has acquired Norwegian MGA Fender Marine, for an undisclosed sum.

SiriusPoint sets bidding deadline of next week for insurtech stakes

SiriusPoint is giving potential bidders for stakes in its portfolio of insurtech businesses until the middle of next week to submit proposals, with offers expected to come from VC firms and (re)insurers, The Insurer can reveal.

Clear Group completes first MGA deal with Thomond Underwriting acquisition

UK broker consolidator Clear Group has acquired a 50 percent shareholding in Thomond Underwriting, a commercial MGA and Lloyd’s coverholder.

AIG and Stone Point close deal to form new HNW MGA

AIG has announced the successful completion of the transaction to transition its HNW business to a new MGA, Private Client Select Insurance Services, set up in partnership with Stone Point Capital.

Insurtech Vertical Insure acquires program administrator and MGU Next Wave

Vertical Insure has merged with program administrator, MGU and wholesale broker Next Wave Insurance Services in a deal the embedded insurtech’s CEO Brock Noland said represents “a significant milestone in the growth and expansion” of the business.

Pen names Anderson to lead operations of marine war MGA Vessel Protect

Gallagher-backed UK MGA Pen Underwriting has appointed Munro Anderson as head of operations at Vessel Protect, one of the Tay River Holdings subsidiaries it acquired earlier this year.

Falvey promotes Therrien to head of cargo

Falvey Insurance Group has made another senior appointment after Isabelle Therrien was promoted to the newly created role of executive vice president, head of cargo.

Buckle pivots to non-standard auto fronting after halting gig insurance underwriting

Insurtech Buckle has pivoted from its historic focus on providing coverage to rideshare and delivery drivers and is instead now looking to establish itself as a streamlined, low cost fronting carrier supporting MGAs in the non-standard auto space, The Insurer has learned.

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