MGAs

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.

McGowan PA unveils new youth sports event cancellation program

McGowan Program Administrators has brought a new youth sports event cancellation insurance offering to market, with the coverage providing coverage of up to $1mn.

LeaseLock names Steiner Jovanovic new CEO

Insurtech LeaseLock has named Janine Steiner Jovanovic as its new CEO, with the executive succeeding founder Derek Merrill who stepped away from the lease insurance specialist’s helm late last year.

Else Group combines with Harrell’s Mercutio to create Peloton MGA platform

MGA incubation and risk-sharing platform Mercutio Risk Partners is to be merged into Peloton Underwriting, the new MGA platform established by holding company Else Group.

MGAA adds HDI’s Wilcox as board member

The Managing General Agents’ Association has appointed HDI’s Jade Wilcox to its board.

Falvey hires Ascot US marine head Nasso to fill vacant CUO role

Marine-focused MGA Falvey Insurance Group has brought in Ascot Group’s Thomas Nasso to fill the chief underwriting officer position that was recently vacated following Mike McKenna’s move to Axis Capital, The Insurer can reveal.

Rokstone bolsters farm and agriculture unit with Ellis promotion

International specialty MGA Rokstone has promoted Lee Ellis to head of its specialist farm and agriculture arm iFarm Underwriting and added a number of underwriters to bolster the unit.

MGA Alchemy plots rapid expansion in debut year

Alchemy Underwriting is on course to exceed its premium targets in its first year following further hardening in the US property market, CEO and co-founder Richard Housley has said, with the London-based MGA already plotting expansion into various specialty lines and a pipeline of “underwriting excellence” poised to join in the coming months.

XS Global hires Apollo D&F specialist Andrew Rowland for London launch

Miami-based MGA XS Global has hired D&F specialist and Apollo co-founder Andrew Rowland to take a senior underwriting role at its soon-to-be-launched London unit, The Insurer can reveal.

Cowbell gets Skyward backing to launch tech E&O offering and expand Prime 250 program

Cyber insurtech Cowbell has struck a capacity deal with Skyward Specialty that marks the insurtech’s expansion into tech E&O and expands its Prime 250 program to businesses with up to $500mn in revenues

Fidelis MGU expects 100+ hires in 2023 with headcount to reach 350 as it leans further into hard market

The newly-separated Fidelis MGU will hire an additional 100 underwriters, analysts, finance and technology staff this year taking its global headcount to over 350 as it embarks on a rapid expansion.

USQRisk hires Axis’ Chen as head of US pricing and senior underwriter

USQRisk has added Axis Capital’s Alex Chen to its ranks with the new hire appointed head of US pricing and senior underwriter.

US Cannabis MGU CannGen Insurance launches in Europe

The North American MGU, CannGen Insurance Services (CannGen) has launched a European operation amidst expectations that the continent’s legal cannabis market will mushroom in size, The Insurer can reveal.

Housley and Cousins’ new multi-line MGA Alchemy officially launches

Alchemy Underwriting Limited, the new MGA from former Sompo International executives Richard Housley and Rupert Cousins, has formally launched with the platform announcing plans to “build an underwriting platform to service a specialty driven multi-line offering” supported by Fortegra Specialty Insurance Company capacity, The Insurer can reveal.

Acrisure targets larger M&A including wholesale and MGAs as number of deals moderates

Acrisure has so far done around 30 deals this year but expects the number of transactions to potentially fall as it looks to larger acquisitions including targeting the build out of its wholesale and MGA platforms as well as its international presence, The Insurer can reveal.

Intangic: Focus on cyber cat events may lead to insurance “blind spots”

The insurance industry’s focus on the potential of a “cyber armageddon” is fuelling misperceptions of state-sponsored tactics and activities, leading to a “dangerous complacency” of cyber as an unmanageable and undefendable risk, according to Intangic MGA.

Brace for impact

Brace USA is a new player in the program market. It brings a fresh approach, working closely with MGAs to deliver long-term success. Its leaders Charlie Rawlins and Glenn Dorr explain what makes Brace so different.

AM Best raises concerns over pullback of DUAE capacity

A pullback of delegated underwriting authority enterprise capacity in areas such as cat-exposed property and cyber is a cause for concern, while higher reinsurance pricing is making some programs economically unviable, AM Best has warned.

Retention key to MGAs accessing cat capacity as warning also sounded over casualty

MGAs seeking property cat capacity need a track record and a willingness to retain risk, while even in the less constrained casualty segment delegated authority underwriters must be wary of loss costs getting ahead of pricing if they are to continue delivering for their carrier partners, according to panellists at the Program Manager 2023 conference.

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