MGAs

Falvey adds Southern Marine’s Shaikh to marine cargo team

Falvey Insurance Group has added to its growing marine cargo business with the hire of Juanita Shaikh from CRC-owned MGA Southern Marine as vice president, marine cargo.

MGAA flags growing influence as Signature becomes 200th member

Specialist commercial auto MGA Signature Underwriting has joined the Managing General Agents’ Association, becoming its 200th member, a milestone the body says underlines its growing influence in the UK MGA market.

Clear Blue to launch recap process with Piper Sandler this week

Clear Blue is set to officially launch a recapitalization process as soon as Monday amid significant inbound interest from private equity and strategics following strong top and bottom line growth in the two years since its previous attempt to find an exit for majority owner Pine Brook, The Insurer can reveal.

Victor launches Gallatin Point-backed reciprocal exchange to support Icat business

Marsh-owned Victor is launching a new platform backed by private equity firm Gallatin Point to bring additional property cat capacity to SME commercial risks as well as coastal residential business with products distributed through exclusive MGA Icat’s network of wholesale and retail brokers.

GTCR among frontrunners in Doxa stake sale process

Chicago-based private equity firm GTCR is among the frontrunners in the Waller Helms-run process to sell a stake in MGA platform Doxa Insurance Holdings, The Insurer understands.

AM Best: focus on account quality key for fronting carriers as they address hybrid opportunities

The market is “ripe” with opportunities for hybrid fronting carriers, but management must apply the “proper scrutiny” to accounts they write to ward off threats to the viability of the model, with underperforming players potentially subject to consolidation, according to AM Best.

AIG cuts around 10% of Private Client Group staff as part of transition to MGA

Around 10 percent of staff at AIG’s Private Client Group (PCG) are being laid off as part of the transition of the unit to the new MGA set up with backing from private equity firm Stone Point Capital, The Insurer understands.

Axa XL capacity-backed Zillion forms new partnership with jewellery chain Shane Co

US jewellery chain Shane Co has teamed up with embedded insurance specialist Zillion to provide Axa XL-backed coverage to customers who make in-store purchases.

SageSure passes $1bn of in-force premium and reveals new brand

Catastrophe-focused MGU SageSure has surpassed $1bn of in-force premium and launched a new corporate brand to signal its ambitions for the future.

TransRe’s Brandt: “Substandard” business will “kill off” some fronting carriers, MGAs and reinsurers

TransRe president and CEO Ken Brandt has warned that some “substandard business” in the fast-growing programs space has been written at terms that will ultimately “kill off” MGAs and fronting carriers as well as reinsurers supporting it.

MGAs – the coming wave

MGAs have been reshaping the US property casualty insurance market in recent years. The rest of the world may soon follow suit.

Vortex launches supplemental hurricane parametric product with Mitsui capacity

Parametric weather coverage specialist Vortex Insurance has unveiled a new supplemental hurricane coverage for the Atlantic coastline from Texas to Maine that is underwritten on the paper of Mitsui Sumitomo Insurance USA.

CargoCorp promotes Mexico City-based Gomez to CCO

CargoCorp Underwriters has tasked Sebastian Gomez Gomez with filling its newly created chief commercial officer position, a role he will assume alongside his existing responsibilities as director of the MGA’s Mexico office.

Century-backed MGA Doxa Insurance Holdings exploring Waller Helms-led stake sale

Fort Wayne, Indiana-based MGA platform Doxa Insurance Holdings has hired investment bank Waller Helms to explore a sale of a stake in the firm, in a move that would further test investor appetite for distribution businesses, The Insurer can reveal.

Insurtech Insights panel: MGAs facing significant challenges in securing capacity and capital

MGAs now need to show much more than strong growth to attract capacity and capital, speakers at the Insurtech Insights conference in New York said, with the hard market conditions posing significant challenges while funding is now also tougher to secure.

Tuckerman unveils trio of new Lloyd’s capacity-backed PL programs

Tuckerman Underwriting has brought three new Lloyd’s capacity-backed professional liability (PL)-focused surplus lines programs to market, with the coverages including an excess offering, and products targeted at architects and engineers (A&E), along with small insurance agents and brokers.

Cover Whale hits $500mn premium milestone

Trucking-focused insurtech Cover Whale has hit the milestone $500mn premium written mark just over three years since writing its first policy, with the start-up continuing to grow and having already got $160mn of premium on its books in 2023.

Insuramore: MGA, MGU and coverholder revenues up 19% in 2022

The value of revenues earned worldwide by MGA, MGU and coverholder groups increased by 19 percent adjusting for inflation to $17.3bn in 2022, according to an analysis from Insuramore.

Velocity HO exit driven by strategy of allocating capital to best-priced segments: sources

Velocity Risk Underwriters’ move to permanently exit the homeowners market was motivated by a strategy of shifting capital from a marginal segment of its portfolio to areas where it can find the best pricing as it continues its pivot to focus on E&S commercial property risks, The Insurer understands.

SageSure and SURE close upsized $100mn second event cat bond

Coastal property cat-focused MGU SageSure has continued to tap the capital markets for capacity to support its growth and that of its affiliated carriers with its second Gateway Re issue of the year, a $100mn second event cat bond.

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