MGAs

Amwins in talks over strategic carrier relationships across underwriting platforms

Wholesale giant Amwins is engaging with carrier partners to explore different ways to bring strategic capacity to bear across its various underwriting platforms supported by data and analytics in what is a growing trend in the sector, Program Manager understands.

Panel: Cost of capital impacting specialty M&A on both demand and supply side

The M&A environment in the specialty space has changed since the “golden age” of 2021 and 2022 with the increased cost of capital leading to fewer active buyers as well as fewer sellers, although valuations remain strong for best-in-class operations, according to speakers at the Program Manager 2023 conference.

Flight to quality

Among the many takeaways from the Program Manager 2023 Conference & Awards event in New York City last week there were arguably two that resonated and could be applied across all the topics for discussion on the day.

Kentro’s Thompson: Brown & Brown deal will “accelerate and amplify” growth trajectory

Kentro Capital’s £380mn ($472mn) acquisition by US broker Brown & Brown will accelerate the London MGA/intermediary’s growth targets in the short to medium term while providing the firepower for future transformational M&A, founding CEO Colin Thompson has said.

HSCM puts London MGA Occam up for sale

Hudson Structured Capital Management has appointed bankers and is exploring a sale of its majority stake in London-headquartered MGA Occam Underwriting, The Insurer can reveal.

Brown & Brown confirms Kentro-Nexus acquisition

US intermediary Brown & Brown has confirmed it has agreed to buy Kentro Capital, the London-based company that trades through its Nexus Underwriting MGA platform as well as its other branded businesses Xenia, Millstream, Capstone Brokers and Spectrum Risk Management in a deal first revealed by this publication.

Brown & Brown acquires London MGA Kentro in £380mn+ deal

Florida-based retail broker Brown & Brown has acquired Kentro Capital in an agreed deal which hands the London MGA/intermediary an enterprise value of £380mn ($472mn) and which brings an end to the accelerated Morgan Stanley-led sale process, The Insurer can reveal.

Ex-Everest Re exec Diaz joins Miami’s BUA Holdings as managing director

Everest Re’s former head of international operations Ron Diaz has returned to the industry after joining BUA Holdings – the parent of Miami-based MGA Brickell Underwriting Agency and SBrickell Specialty Brokers – as a partner and managing director.

Castel appoints Williams as its chief risk officer

Arch-owned Castel Underwriting Agencies has appointed IQUW’s Anthony Williams as its chief risk officer.

E&S MGA Ledgebrook hires former Axa XL exec Copland as COO

Ledgebrook, a tech-enabled E&S MGA set up last year, has appointed Adrian Copland as chief operating officer, with the executive previously serving as COO at insurtech Fairmatic and working at Axa XL before that.

Program Manager 2023: Growth of MGA platforms does not signal end of independents

The growth of large platforms housing numerous delegated authority underwriting entities will not sound the death knell for independent MGAs and MGUs with specialist players expected to remain a key constituent of the specialist sector, attendees at the Program Manager 2023 Conference were told.

Neptune’s new investment supports push for 10% US flood market share in five years

Neptune Flood’s new backing from private equity firms Bregal Sagemount and FTV Capital will provide further fuel for the MGA as it targets getting around 10 percent of the US flood insurance market on its books within the next five years, CEO Trevor Burgess has told Program Manager.

BMS Re’s Chandler: Hard market presents opportunity to “practice our craft”

In a keynote speech at the Program Manager 2023 Conference, BMS Re’s Pete Chandler said the hard market is an opportunity for brokers and underwriters to show what they can do, and also suggested the future is bright for the program space despite potential economic headwinds.

PM panel: Execs still bullish on future prospects of fast-growing program and MGA space

The future remains bright for the burgeoning programs and MGA space with the segment expected to sidestep any headwinds and continue outpacing the traditional insurance market’s growth for at least the foreseeable future, a panel of leading sector figures has predicted.

Program Manager Conference: Stewardship of capital needs to be top priority

Providing keynote speeches at the Program Manager 2023 Conference, K2’s Bob Kimmel and BMS Re’s Pete Chandler both stressed that stewardship of capital is a top priority, with Kimmel also suggesting brokers should lower their commissions given the current market conditions.

SageSure gets $250mn equity financing from Amwins, Flexpoint Ford and Ares

Coastal property catastrophe-focused MGU SageSure has closed a $250mn recapitalisation to support its continued growth trajectory, with the transaction led by existing long-term minority investor Amwins and new backer Flexpoint Ford along with participation from Ares Management Corporation.

Long-awaited Transverse-initiated UK platform close to launch

The long-planned London-based platform initiated by hybrid fronting carrier Transverse has finalised its management team and is understood to have made significant progress as it makes its way through the final regulatory approvals ahead of a targeted summer launch, The Insurer can reveal.

K2 president Smith retires from MGA platform following Warburg recap

K2 Insurance Services president Mark Smith has retired from the San Diego-based MGA consolidator following its December recap with Warburg Pincus backing with COO Matt Lubien promoted to succeed him in the role.

Miller working with Topsail Capital Partners and PE on MGA platform

Chris Miller has left McGill and Partners to launch MGA platform Pier Specialty Holdings with backing from Topsail Capital Partners and private equity investors, with the vehicle set to target team lifts of entrepreneurial underwriters from carriers as well as potential acquisitions, The Insurer can reveal.

MarshBerry’s Vecchio: E&S underperformance vs admitted channel “unsustainable”

MarshBerry’s Gerard Vecchio has said the E&S segment is in the midst of a “double spike” hard market, with continued rate increases needed over the next 18 months to reverse a period of underperformance in the E&S channel that he called “unsustainable”.

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